The funds will help non-profit organizations create new, or rehabilitate existing homes that are strong, healthy, and energy efficient for low- and very low-income individuals 62 years of age or older. Funds can also be used to subsidize rental payments to make these homes more affordable for residents through Project Rental Assistance Contracts (PRAC), which covers the difference between residents’ contributions toward rents and costs of operating the Section 202 housing units within the project/property.

 

In addition, up to $35 million will be allocated to support the development of intergenerational units for households where seniors are raising children under the age of 18. The intergenerational housing projects will also include unique building design features and supportive services to assist these families.

 

The funding also enables seniors to live independently and access resources to meet their needs ranging from health and wellness, finances, fraud prevention, to transportation services.

 

See the press release for additional detail.