Gill Group and Greystone have formed a joint venture to provide a full line of consulting and development services for Rental Assistance Demonstration (RAD) transactions.
RAD is the centerpiece of HUD’s strategy to preserve at-risk public and assisted-housing developments.
“Housing authorities across the nation are at a critical crossroads in that their properties are rapidly deteriorating and available capital for improvements is at a minimum,” said Jerry Anderson, executive vice president of Gill Group. “The RAD conversion is an ideal solution for this, but it can be an incredibly complex process to navigate, so we want to educate local housing authorities on their options.”
Anderson is the former associate deputy assistant secretary of the Office of Affordable Housing Preservation at HUD and was instrumental in the development of RAD.
Gill Group provides nationwide commercial and multifamily consulting services and third-party due diligence pieces such as valuations, market feasibility analyses, capital needs assessments, environmental assessments, and title insurance on a nationwide platform.
Greystone’s experienced team has preserved more than 6,000 affordable housing units as both financial adviser and developer. The firm is a financial services and private investment group. It is active in three major business segments: mortgage finance, health care, and real estate.
“We are incredibly excited to embark on this RAD advisory service and believe Greystone’s unique position in the market as a leading developer, advisor, and lender will prove to be invaluable to the many housing authorities that are on the cusp of a RAD conversion,” said Tanya Eastwood, head of Greystone’s affordable housing preservation group. “It’s a positive step for the authorities but more importantly the residents of these affordable housing communities, who will most certainly benefit from the financial and physical improvements for years to come.”