By Eric Oberdorfer, Director of Policy and Legislative Affairs

June 18, 2026 — Today, NAHRO, along with 80 organizations including CLPHA, PHADA, the MTW Collaborative sent a letter to HUD opposing the agency’s May 12, 2026, memorandum, “Updates to the Restore-Rebuild Initiative.”

Restore-Rebuild is a proven tool for creating deeply affordable housing by leveraging public-private partnerships and existing authorities without requiring additional upfront federal capital investment.

The letter expresses concern about HUD’s decision to stop issuing Notices of Anticipated RAD Rents (NARRs) and invalidate existing NARRs which undermines active transactions.

The letter also calls for modifications to the memorandum’s limited exceptions, including extending deadlines to at least 180 days, clarifying the definition of “substantially complete,” and expanding financing eligibility beyond LIHTC-funded developments.

Finally, the letter expresses the coalition’s objections to HUD’s implementation of a proposed Faircloth cap reset that Administration has proposed, but Congress has not enacted.

NAHRO and our industry partners urge the agency to rescind the memorandum, resume processing NARRs, and engage with stakeholders on the future of the initiative. The letter can be found here.

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