RRHA receives new, competitive HUD award to redevelop Fay Towers
Richmond Redevelopment and Housing Authority (RRHA), along with U.S. Congressman Robert C. “Bobby” Scott, Richmond Mayor Dwight C. Jones, and the U.S. Department of Housing and Urban Development’s (HUD) Richmond Field Office today jointly announced RRHA’s receipt of HUD’s new and competitive Rental Assistance Demonstration (RAD) to redevelop RRHA’s 42-year-old Frederic A. Fay Towers senior housing building, located in North Jackson Ward. RAD will allow RRHA and other recipients the opportunity to leverage private debt and equity to make necessary improvements to distressed affordable housing stock by converting properties to either project-based Section 8 rental assistance or project-based vouchers. RRHA is one of only two public housing authorities in the Commonwealth of Virginia to be awarded by HUD. “RRHA is excited about the opportunities that will stem from this unique grant, including the ability to leverage funding resources to create greater quality, af...