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HUD’s Office of Multifamily Housing announced the award of $143 million for 30 grantees under the Section 202 Supportive Housing for the Elderly program. The awards will help fund the construction and operation of 1,484 new deeply rent-assisted units for low- and very low-income seniors who will pay rent based on their income. Several of the grantees will be creating mixed-income communities, building 701 additional affordable and market-rate units as part of these funded projects, for a total of 2,185 homes.
“Today we have awarded much needed funds to non-profit organizations that will put them to immediate use in developing properties for seniors within communities that provide easy access to the supportive services this population requires to continue to live independently,” said Office of Multifamily Housing Programs Deputy Assistant Secretary Ethan Handelman.
Under the Section 202 Supportive Housing for the Elderly program, the Office of Multifamily Housing provides upfront capital advances to nonprofit sponsors to finance the development of housing for elderly low-income residents, as well as a Project Rental Assistance Contract (PRAC) to keep rents affordable.
These awards will impact the development or rehabilitation of PRAC units that will provide deeply affordable rental to low-income elderly residents. The units will help accommodate independent “aging-in-place,” in safe housing with supportive services for residents, including access to healthcare.
In addition to the $143 million that has been awarded, sponsors will leverage other funds to support the cost of development for these units, which are geographically dispersed in both urban and rural areas.
See the list of awardees in today’s press release.
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