HUD awards more than $17 million to help develop housing for low-income elderlyMortgagePress.comHUD, funding, seniors, housing, Steve Preston, Section 202 Demonstration Planning Grants, Section 202 Supportive Housing for the Elderly Program
Senior housing developments in 30 states will receive critically
needed funding to get their projects off the ground thanks to more
than $17 million in "pre-development" grants announced today by
U.S. Housing and Urban Development Secretary Steve Preston. The
grants are awarded to 63 project sponsors under HUD's Section 202
Supportive Housing for the Elderly Program.
"This funding will help these organizations cope with the
complexities of developing vitally important elderly housing
projects in their communities," said Preston. "These funds can make
all the difference between these senior housing developments
getting built or not. In many respects, it's our way of investing
in our elderly just as they devoted so much of themselves to
Section 202 Demonstration Planning Grants (DPG) provide upfront
funds for such predevelopment activities as architectural and
engineering work, site control, and other expenses related to the
development of the projects prior to initial closing. Without the
grant funding, such costs would not be reimbursable until closing
or would have to come from other funding sources.
To be eligible for the grants, the activities must otherwise be
eligible for funding under the Section 202 Supportive Housing for
the Elderly Program. The maximum individual grant amount is
$400,000 while no more than $800,000 can be awarded to a single
sponsor or its affiliated organizations.
Project sponsors awarded "pre-development" grants are required
to complete the processing of their elderly housing developments
within 18 months. Subsequent to awarding these grants, HUD will
assess the impact of the availability of such funding on the
ability of sponsors to expedite the development processing of
Section 202 projects.
To view a state-by-state breakdown of individual grant
recipients, click here.
For more information, visit www.hud.gov.