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SHAMROCK DEVELOPMENT
RAD Conversion Consulting
End-to-end RAD consulting for public housing authorities, from portfolio assessment to closing. We reposition public housing onto a platform that attracts private capital, without sacrificing affordability or control.
Overview
What Is RAD Conversion Consulting?
RAD conversion consulting guides public housing authorities through the Rental Assistance Demonstration (RAD) program, converting aging public housing to long-term, project-based Section 8 contracts that unlock private capital for rehabilitation and preservation.
At Shamrock Development, we manage the full RAD conversion: RAD portfolio assessment, RAD feasibility analysis, the RAD financing plan, the RAD application, and closing. With 27+ years across more than 20 states, we help PHAs reposition public housing the right way, protecting residents and keeping units affordable for the long term.
RAD Consulting
RAD Consulting From Assessment to Closing
RAD Portfolio Assessment
Evaluate your public housing portfolio and identify which properties are RAD-ready and which fit the Section 18 Disposition Program.
RAD Feasibility Analysis
Run the numbers: RAD rents, Capital Needs Assessment, and pro forma, to confirm a conversion pencils before you file.
RAD Financing Plan & App
Build the capital stack and prepare the RAD application package HUD will approve, from CHAP through RCC.
RAD Compliance & Closing
Manage HUD milestones, resident notifications, and closing through to conversion and post-closing asset management.
HUD Initiative
Understanding the Rental Assistance Demonstration (RAD)
RAD lets a Public Housing Authority convert Public Housing and other HUD-assisted properties to Section 8 Project-Based Rental Assistance (PBRA) or Project-Based Vouchers (PBV) under long-term contracts. That shift, public housing repositioning, moves properties off the shrinking Public Housing Program and onto a platform that can attract debt financing, equity financing, and tax credits to fund rehabilitation.
Where it strengthens a deal, we blend RAD with the Section 18 Disposition Program to maximize feasibility and capital. The result: aging public housing preserved as quality affordable housing for decades to come.
Services Scope
Full-Scope RAD Conversion Support
We act as your development advisory partner across the entire RAD transaction:
- •RAD portfolio assessment and public housing repositioning strategy.
- •RAD feasibility analysis and rent comparability review.
- •Capital Needs Assessment (CNA) and Physical Needs Assessment coordination.
- •RAD financing plan and capital stack design.
- •RAD application preparation and HUD submission.
- •Resident relocation plan, engagement, and right-to-return protections.
- •RAD compliance, closing, and post-conversion asset management.
Resident Protections
HUD mandates extensive resident engagement and clear protection structures under RAD. Residents cannot be rescreened, have a guaranteed right to return, and receive relocation planning support.
We help PHAs design compliant engagement frameworks that respect tenant rights and satisfy HUD requirements.
Capital Structuring
Affordable Housing Financial Structuring Behind Every RAD Deal
RAD only works when the financing works. We structure the full capital stack behind each conversion, layering every source into a Sources and Uses statement that balances and closes:
- •Low-Income Housing Tax Credit: 9% LIHTC and 4% LIHTC, with tax credit equity raised through syndication.
- •Tax-exempt bonds and FHA multifamily financing.
- •Construction financing and permanent financing.
- •Gap financing: HOME, CDBG, Housing Trust Fund, and Federal Home Loan Bank Affordable Housing Program.
- •A RAD financing plan aligned to your state agency’s Qualified Allocation Plan and IRS requirements.
Rigor
Underwriting HUD and Your Funders Will Accept
Conversions live or die on the numbers. Our affordable housing underwriting puts every assumption to the test:
Needs Assessments
Capital Needs Assessment and Physical Needs Assessment tied to the rehabilitation scope.
Cash Flow Modeling
Pro pro forma analysis and cash flow modeling across the full Section 8 contract term.
Debt sizing
Debt Service Coverage Ratio (DSCR) and Loan-to-Value (LTV) sizing verification.
NOI vs Rents
Net Operating Income (NOI) modeling against RAD contract rents.
Feasibility Studies
Comprehensive financial feasibility study that confirms the conversion pencils before you file.
Partners
Built for Public Housing Authorities
We work with the decision-makers responsible for preserving public housing at scale:
Public Housing Authorities
PHAs of every size—urban and rural—seeking to reposition aging properties.
Executive Directors
Directors and development heads leading public housing repositioning initiatives.
Nonprofits & CDCs
Nonprofit developers partnering with housing authorities on RAD conversions.
Lenders & Investors
Financial institutions and tax credit syndicators on RAD housing transactions.
Process Timeline
From Public Housing to Preserved Affordable Housing
Our end-to-end RAD consulting process delivers results:
1
1. Portfolio Assessment
Review the portfolio, RAD rents, and physical condition to set a repositioning strategy.
2
2. Feasibility Analysis
Confirm the conversion pencils with a full pro forma and Capital Needs Assessment.
3
3. Financing Plan
Design the capital stack: LIHTC, debt, bonds, and gap funds, into a fundable RAD financing plan.
4
4. Application & Approval
Prepare and submit the RAD application; manage HUD from CHAP through RAD Conversion Commitment.
5
5. Closing & Conversion
Close financing, execute the HAP contract, and begin rehabilitation with residents protected.
Why Shamrock
Why Housing Authorities Trust Shamrock With RAD
Housing authorities trust Shamrock Development because of our specialized transactional depth and long HUD advisory history:
- •27+ years in affordable housing and HUD programs across more than 20 states.
- •End-to-end RAD consulting, portfolio assessment through post-closing asset management.
- •Deep LIHTC, tax-exempt bond, and FHA structuring expertise built into every conversion.
- •A partner who protects affordability, residents, and your authority’s control.
Portfolio
Where Happiness Lives
Explore a selection of affordable housing developments engineered and structured by our advisory team.
Multi-family tax credit properties featuring complex capital stacks structured with 9% LIHTC equity, FHA debt, and local soft funding layers to ensure 30+ years of affordability.
Centrally located municipal assets transformed into thriving communities combining ground-floor commercial space with high-density affordable housing units.
State-of-the-art office spaces and business facilities engineered with green technology, energy conservation systems, and optimal structural value.
Testimonials
Our Biggest Award Is Developing Thriving Communities
FAQ
Frequently Asked Questions
What is RAD conversion?
RAD (Rental Assistance Demonstration) lets a public housing authority convert public housing to long-term, project-based Section 8 contracts (PBRA or PBV) unlocking private financing to rehabilitate and preserve the properties.
Why convert public housing under RAD?
Public housing capital funding has fallen for decades. RAD repositions properties onto a Section 8 platform that can raise debt, LIHTC equity, and other capital to fund deferred maintenance and long-term preservation.
What does a RAD consultant do?
A RAD consultant manages the conversion end to end, portfolio assessment, feasibility analysis, the RAD financing plan, the RAD application, HUD coordination, and closing.
Can RAD be combined with LIHTC?
Yes, Most RAD conversions of any scale pair the project-based Section 8 contract with 9% or 4% LIHTC equity, often alongside tax-exempt bonds and soft funding, to fund rehabilitation.
What’s the difference between RAD and Section 18?
RAD converts public housing to project-based Section 8 with program-set rents; the Section 18 Disposition Program removes units from the public housing program and typically yields tenant-protection vouchers. Many deals blend both to maximize feasibility.
Do residents keep their housing during a RAD conversion?
Yes, RAD includes strong resident protections: the right to return, continued assistance, and a resident relocation plan when rehabilitation requires temporary moves.
Resources
Recommended Supporting Resources
Read our recent analyses and guides on HUD RAD conversions for housing authorities:
Get Started
Ready to Reposition Your Portfolio?
Bring us your portfolio, a single property to convert or a system-wide repositioning plan. We’ll assess feasibility, structure the financing, and guide your authority through RAD closing.