HUD To Give $160.1 Million To Create And Preserve Affordable Housing For Low-Income Seniors
The funding aids the development and rehabilitation of affordable multifamily rental housing, along with project-based rental assistance.
An announcement was made by the Department of Housing and Urban Development’s Office of Multifamily Housing Programs to award $160.1 Million in grants to non-profit organizations across the country to support the development of affordable multifamily rental housing and rental assistance for low-income seniors.
HUD’s Secretary Marcia L. Fudge said, “HUD is committed to addressing homelessness with urgency and ensuring everyone, including our nation’s seniors, has access to quality affordable housing. The funding announced today shows the Biden-Harris Administration is investing in Americans at every stage in life, working tirelessly to do everything we can to make sure older adults have the resources they need to stay housed and safe, especially as we witness a troubling rise in homelessness among seniors.”
The grants, part of HUD’s Section 202 Supportive Housing for the Elderly program, reflect the Biden-Harris Administration’s commitment to aiding vulnerable populations. These funds will support the development and operation of 1,262 new units with deep rent assistance for low-income seniors. With some grantees developing mixed-income communities, an additional 526 affordable and market-rate units will be constructed, resulting in a total of 1,788 homes for seniors.
HUD’s Assistant Secretary Julia Gordon said, “These awards increase housing affordability and stability for seniors who are cost-burdened and need supportive services to live independently and to thrive in their communities.
Section 202 grants provide the opportunity to low-income elderly people aged 62 years or above to live independently in an environment that provides desired services to meet their unique needs.
HUD grants funds in two forms to non-profit organizations: One is capital advances and the other is Project Rental Assistance Contracts (PRAC). Capital advances cover the cost of developing, acquiring, or rehabilitating housing.
Besides this, the Project Rental Assistance Contracts (PRAC) cover the difference between residents’ contribution towards rent and the cost of operating the project.
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Department of Housing and Urban Development. “HUD Awards $160.1 Million in Grants to Create and Preserve Affordable Housing for Low-Income Seniors”. Department of Housing and Urban Development, October 3, 2023,
Last Updated: September 20, 2021