The U.S. Department of Housing and Urban Development’s (HUD) Office of Multifamily Housing Programs announced today that it has awarded $160.1 million in grants to non-profit organizations across the country to support the development of new or redeveloped affordable multifamily rental housing and ongoing project-based rental assistance for low-income seniors.
“HUD is committed to addressing homelessness with urgency and ensuring everyone, including our nation’s seniors, has access to quality affordable housing,” said HUD Secretary Marcia L. Fudge. “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 support the Biden-Harris Administration’s commitment to one of the nation’s most vulnerable populations and are offered under HUD’s Section 202 Supportive Housing for the Elderly program. Funds will help to facilitate the construction and operation of 1,262 new deeply rent-assisted units for low- and very low-income seniors. Several grantees will create mixed-income communities, building 526 additional affordable and market-rate units as part of these funded projects for a total of 1,788 homes.
“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,” said Assistant Secretary for Housing and Federal Housing Commissioner Julia Gordon.
Section 202 grants provide low-income elderly persons 62 years of age or older with the opportunity to live independently in an environment that provides necessary services to meet their unique needs.
HUD provides these funds to non-profit organizations in two forms:
- Capital Advances: This funding covers the cost of developing, acquiring, or rehabilitating the housing. Repayment is not required as long as the housing remains available for occupancy by very low-income elderly persons for at least 40 years.
- Project Rental Assistance Contracts (PRAC): This renewable project-based funding covers the difference between residents’ contributions toward rent and the cost of operating the project.
The following grantees are the recipients of the awards:
Section 202 Supportive Housing for the Elderly Awards
