HUD’s Office of Multifamily Housing announced the award of $51.6 million in grants through its Section 202 Capital Advance NOFA.
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 18 awards will impact the development or rehabilitation of almost 600 affordable rental housing units that will help to accommodate independent “aging-in-place,” in safe housing with supportive services for residents, including access to healthcare.
In addition to the $51.6 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. More information is available in HUD’s press release here.