Is contract renewal mandatory in RAD PBRA?

In the context of the Rental Assistance Demonstration (RAD) program, the concept of contract renewal is indeed mandatory for Project-Based Rental Assistance (PBRA). This requirement ensures that the participating properties continue to have the necessary rental assistance contracts in place to provide subsidized housing to eligible tenants.

Under RAD PBRA, properties convert their existing rental assistance to a long-term, project-based rental assistance contract, which typically lasts for a minimum of 15 years. Renewal of these contracts is required to maintain the affordability and availability of these units for low-income tenants. Ensuring that contracts are renewed is critical to supporting ongoing housing stability and compliance with federal regulations, which govern how these rental assistance programs operate.

The requirement for contract renewal aligns with the goals of maintaining the availability of affordable housing and ensuring that residents continue to receive necessary assistance over the life of the property.