The U.S. Department of Housing and Urban Development (HUD) has announced a $37 million Rental Assistance Demonstration (RAD) transaction with the Reno Housing Authority to enhance affordable housing in Reno, Nevada. This initiative aims to construct 150 new affordable rental homes and rehabilitate existing public housing for low-income individuals and families.

Adrianne Todman, HUD Agency Head, stated, "Here at HUD, we work every day to ensure that the homes of the families we serve are not just affordable, but safe, resilient, and quality places where people can thrive." She emphasized the commitment to supporting communities historically disadvantaged.

Silverado Manor, built in 1963, will undergo significant rehabilitation with modern amenities such as a picnic area, playground, dog park, clubhouse, computer lab, exercise room, on-site management, and community room with a communal kitchen. Deputy Assistant Secretary for Multifamily Housing Programs Ethan Handelman remarked on the transformation of Silverado Manor through RAD funds: “Through RAD, we are delivering funds that will transform Silverado Manor and the surrounding community into a place where residents can thrive and enjoy for many years to come.”

The project involves a $207,000 investment per home. Financing includes a commercial first mortgage and contributions from the Nevada Housing Division alongside equity from Low-Income Housing Tax Credits syndication.

RAD addresses deferred maintenance in public housing by converting assistance to project-based Section 8 rental assistance. Residents pay 30% of their income towards rent while maintaining rights post-construction. Since its inception, RAD has facilitated over $20 billion in capital investment nationwide.

Further information about RAD is available on its website along with photo essays and case studies demonstrating successful preservation efforts.