On June 20th, IRHP hosted its 2018 Mid-Year Meeting at the Offices of Nixon Peabody in Washington, DC. The day began with an update on recent events at the Federal level, as well as a discussion on the state of HUD's Mark to Market Portfolio over the next 3 to 5 years and the need for rent increases other than the OCAF.
The bulk of the Meeting was centered around a discussion with the Director of HUD's Office of Recapitalization, Thomas R. Davis. The discussion focused primarily on recent events surrounding the RAD program, such as the implementation of key provisions from the FY 2018 Omnibus. It is important to mention that Mr. Davis made clear that the Federal Register notice for the increase to the RAD unit cap will hopefully be published in the coming weeks, as will a Supplemental Notice making some slight adjustments to RAD 1 and Revision 4. Additionally, the Federal Register will also address the amendment in the FY 2018 Omnibus by Senator Susan Collins (R-ME), which sets initial rents for RAD2 and RAP/Rent Supp properties at a comparable market rent in high-cost areas.