HumanGood completes $35M redevelopment at The Gardens

March 8, 2024—HumanGood affordable housing community The Gardens, located in Glendale, CA, recently completed its $35 million redevelopment through the Rental Assistance Demonstration for Project Rental Assistance Contracts (RAD for PRAC) program. The community’s 75 apartment homes, common spaces, and electrical and plumbing systems were upgraded in the recent $8 million rehabilitation project. RAD for PRAC was implemented by HUD in 2019 to provide instructions to owners of Section 202 PRAC properties seeking to convert their PRACs to either Section 8 Project Based Rental Assistance (PBRA) or Project Based Vouchers (PBVs). The program enables owners to leverage private equity through the Low Income Housing Tax Credit (LIHTC) program and other private financing to preserve their properties.

“We believe this is one of HUD’s most impactful programs from the perspective of preservation of aging HUD communities,” said Cindy Proctor, vice president, Beacon Development Group, a HumanGood company.

DSC09953ccA ribbon-cutting ceremony and community tours were held on March 6 with leadership from HumanGood, Beacon Development Group and Walton Construction, as they welcomed residents back to The Gardens. This is HumanGood’s third RAD for PRAC project with more down the pipeline to improve the quality of life for its residents from coast to coast.

Topics: Affordable Housing

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