Rental Assistance Demonstration Program
HUD developed the RAD program in response to the long-term shrinking of Federal appropriations. It is estimated that there is a $25.6 billion-dollar backlog of public housing capital improvements nationwide. RAD shifts the funding to a more stable platform and facilitates the financing for modernization and redevelopment of public housing sites.
Miami-Dade Public Housing and Community Development (PHCD) is embarking on a comprehensive redevelopment initiative to preserve our approximately 9,000 public housing units, which serve nearly 18,000 of the County’s lowest-income residents. Miami-Dade County has an estimated need of approximately $2 billion dollars to address deteriorating conditions to a housing stock which, on average, is over 40 years old.
Miami-Dade County will maintain ownership of the land. Private sector companies will have a 75-year lease and the properties will be co-managed by private sector property management firms and PHCD.