The Department of Housing and Urban Development (HUD) is implementing a new Fast Track component to itsRental Assistance Demonstration program (better known by its catchyacronym: RAD), which provides access to viable financingtools for at risk public and assisted housing. RAD Fast Track aimsto address the overwhelming popularity of the RAD program bystreamlining the process. HUD estimates that roughly 10,000 publichousing units are lost to deterioration annually, while the needfor affordable housing for low-income renters continues toskyrocket. The RAD programis a central part of HUD's efforts toclose this gap by preserving the country's affordable rentalhousing, while at the same time adding value to it throughprivately-funded energy efficiencyimprovements.

On their website, HUD states that "RAD isa central part of the Department's rental housingpreservation strategy, which works to preserve the nation's stockof deeply affordable rental housing, promote efficiency within andamong HUD programs, and build strong, stablecommunities.” Simply put, the RAD program makes iteasier for public housing authorities to refinance and rehabilitatetheir aging facilities, by way of converting these properties tolong-term Section 8 rental assistance contracts.

HUD was granted the authority to award only 60,000 units theability to submit applications for conversion under the RADprogram. As of December 31, 2013, HUD had received applications forover 176,000 units to be converted to long term Section 8 contracts. HUD is working withcongress to lift the cap on the number of units that can beconverted under this program. In light of the inherent popularityof the program, as evidenced by the number of applicationsreceived, HUD anticipates the cap to be lifted. In anticipation ofthe cap being lifted, HUD continues to review pending applications,and has begun revising procedures in order to streamline theconversion process. In the interim, HUD hopes to be able to quicklyand efficiently process the pending applications once the cap islifted.