1 RAD P ROGRAM U PDATE – J UNE 2014 No. ProjectsNo. Units Total Active Public Housing CHAPs29038,173 Total Active Mod Rehab CHAPs7878 Closed Public Housing353,184 Closed Mod Rehab1175 Portfolio Awards2115,034 Multiphase Awards8934 CNI Applicant Reservations71,887 Pending CHAP Revocations (265) Total60,000 Completed CHAP Revocations & Withdrawals252,507* Pending RAD Applications705117,104 *Withdrawn/revoked units represent approximately 4% of 60,000 reserved units

What will HUD do for waiting list applicants? Continue to work with Congress to lift the unit cap Complete reviews of RAD applications – expect most reviews will be completed within 30 days, the rest in 60 days Issue conditional approvals pending the lifting of the unit cap Provide technical assistance for applicants to help prepare to make transactions go smoothly If and when CHAPs are withdrawn/revoked, pull projects from wait list – small number to date W AITING L IST – T HE “O VER 60K” C LUB 2

Submit more applications! Study PIH Notice REV 1 Training Materials Talk with your peers Communicate with residents Procure a RAD PCA Refine your proposal Compile your development team Amend your Annual Plan W HAT W AITING L IST PHA S CAN D O 3

RAD C LOSINGS T O D ATE RAD Closings as of 6/4/14

C UMULATIVE RAD C LOSINGS IN N EXT 45 D AYS RAD Closings as of 6/4/14 and Active RCCs

C UMULATIVE RAD C LOSINGS 6 *Projections based on current RAD pipeline estimated closing dates

7 LIHTC Fast Tracking Fast Track checklist and instructions just posted on RAD Resource Desk Streamlined submission requirements Compresses milestones to one deadline 60 days after award/approval Ability to extend the 60 day deadline as requested by PHA Risk-based processing – accounts for extensive review of lender/investor Focuses HUD review on areas where we add value Helps PHA & development team meet LIHTC time frames D ELIVERING R ESULTS : K EY P ROGRAM I MPROVEMENTS

8 FHA/RAD Fast Tracking 5 FHA closings to date; several in processing Centralized processing Contract support for Section 223(f)/RAD underwriting Special centralized team in Chicago for Section 221(d)(4)s Streamlined approval processes One approval committee replaces RAD/FHA loan committees Waivers of PCAs and most market studies for Section 221(d)(4)s K EY P ROGRAM I MPROVEMENTS

9 Updated Guidance Relocation Notice Clarifies process for resident relocation in RAD conversions Demystifies program requirements to shorten approval process Closing Documents Clarifying lender rights and responsibilities in event of foreclosure Clarifying HAP contract language with regard to future changes in policy Conversion Guides Written protocols on PBRA and PBV conversion Public Housing close-out guide K EY P ROGRAM I MPROVEMENTS

10 Updated Guidance, Continued… Energy Efficiency New guidance on Utility Baselines (requirement of PCAs) – may be provided after closing FAQ document on EPCs forthcoming – will address treatment of EPCs for RAD projects 2014 Rent Levels FY14 Rents just posted on RAD Resource Desk FAQs New FAQs on Resource Desk on key topics - utility allowances, rehab assistance payments, and removing units from PIC. K EY P ROGRAM I MPROVEMENTS