On January 12 HUD released its third set of revisions for implementing the Rental Assistance Demonstration (RAD) program. Since its creation, nearly 60,000 public housing units have completed conversion to Section 8 assistance under RAD, leveraging over $3.8 billion for construction and rehab. This third revision builds on the program’s success and lessons learned in order to ensure that more properties can be preserved and transformed. The revisions related to RAD’s First Component aim to simplify program requirements, create new flexibility for public housing agencies and strengthen tenant rights; the revisions related to RAD’s Second Component are intended to improve the rent-setting options available to owners. Additionally, HUD has published a list of key changes to RAD as well as a blackline version showing the changes made in Revision 3 compared to Revision 2.