On June 25, 2026 – HUD’s Office of Multifamily Housing Programs send out the following information:
Dear Section 202/Project Rental Assistance Contract (PRAC) Owners and Stakeholders,
Earlier this year, the Office of Recapitalization advised 202/PRAC owners of the conversion plan submission deadline of May 29, 2026, for prospective Rental Assistance Demonstration (RAD) conversions where the owner intended to use a Preservation Rent Increase (PRI) to support the transaction.
The volume of RAD for PRAC conversion plans that have been submitted this calendar year has utilized all PRI funding available for this program.
As a result, any new RAD for PRAC conversion plan submissions with PRI after May 29, 2026, will be wait-listed and will be evaluated on a first-come-first-serve basis.
At this time, the Department’s priority is to assess available funding resources and obligations associated with existing conversion plan submissions as of the date of this message.
We appreciate your understanding and will provide further updates as information becomes available.
Join us for upcoming RAD Office Hours for 202 PRAC Office Hours on June 30, 2026, at 3pm ET. All RAD Office Hours for 202 PRAC Owners and Partners can be joined via this Teams link.
Sincerely,
The RAD Team