The Housing Authority of the City of Deerfield Beach, Florida (DBHA) is redeveloping Stanley Terrace Apartments. The low income housing complex was built in 1969. The United States Department of Housing and Urban Development (HUD) is providing assistance through its Rental Assistance Demonstration (RAD) program.
Through the RAD program, public housing units can be converted to a Section 8 platform, with long term contracts. RAD allows public housing agencies to leverage public and private debt and equity in order to assist in the financing of rehabilitation projects.
Saxon|Gilmore provided legal services to DBHA for the rehabilitation and the conversion of 96 multi-family public housing units to 96 project-based RAD units. The rehabilitation of Stanley Terrace Apartments is financed with a construction loan, bond loan, HUD 221(d)(4) loan, DBHA loan, and 4% low income housing tax credit equity, and closed in September, 2016.
Since the implementation of the RAD program in 2012, Saxon|Gilmore has provided legal services to various housing authorities related to the RAD program, including closing the first RAD deal in Florida.
For more information about the DBHA redevelopment, go to http://www.housingfinance.com/finance/florida-development-to-be-rehabbed-using-rad_o.
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