Many housing authorities own properties which require extensive renovations, repairs and repairs. HUD’s 221d4 program can provide long term, low rate financing to improve and build new properties. The loan term is typically 40 years and LTC is around 90%. Transactions can be combined with grants, LIHTC, historic credits and a host of subsidies available to non-profits. Additionally, many housing authorities can convert units from public housing to section 8 using the RAD program. Many housing authorities are all ready familiar with HUD’s regulatory requirements so the program provides the perfect financing structure for housing authorities with limited equity. Improving a property is a process, HUD’s 221d4 program allows housing authorities to take the first step, to improve affordable properties, reduce capital expenses and increase stability in a changing business environment.