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National Mortgage Professional
Jan 15, 2009

Bush administration announces more than $650 million to assist very low-income elderly and people with diabilitiesMortgagePress.comBush administration, HUD, Steve Preston, non-profit developers, Section 202, Section 811 Thousands of very low-income senior citizens and persons with disabilities will be able to find affordable housing thanks to more than $650 million in grants announced today by the U.S. Department of Housing and Urban Development. The funding will provide non-profit developers interest-free capital advances to produce accessible housing, offer rental assistance, and provide supportive services for the elderly and persons with disabilities through HUD's Section 202 and Section 811 grant programs. "These grants will help thousands of our nation's very low-income elderly and persons with disabilities find decent housing that they can afford," said HUD Secretary Steve Preston. "Neither group should ever have to worry about being able to find a safe place to live." Section 202 Capital Advance: $525.9 million nationwide to assist very low-income elderly HUD's Section 202 Capital Advance Program expands the supply of affordable housing with supportive services for the elderly. It provides very low-income persons 62-years and older with the opportunity to live independently in an environment that provides the services they need. In addition to funding the construction, acquisition, and rehabilitation of multifamily developments, HUD's Section 202 program subsidizes the rents of senior citizens so they can limit their housing costs to only pay 30 percent of their incomes. Section 811 Capital Advance: $124.5 million nationwide to assist very low-income people with disabilities Housing constructed using interest-free capital advances under HUD's Section 811 Program are primarily used in smaller newly constructed buildings, typically group homes for three to four people, or condominium units. Eligible residents pay 30 percent of their income for rent and the federal government will pay the rest. Households must have one or more very low-income adult with physical or developmental disability or living with chronic mental illness. The term "person with disabilities" may also include two or more people with disabilities living together, or one or more persons with disabilities living with one or more live-in attendants. The program provides persons with disabilities the opportunity to live independently in their communities by increasing the supply of rental housing with the availability of supportive services. HUD provides the Section 202 and Section 811 funds to non-profit organizations in two forms: Capital Advances This is funding that covers the cost of developing, acquiring, or rehabilitating the development. Project Rental Assistance Contract (PRAC) This is funding that goes to each development to cover the difference between the residents' contributions toward rent and the HUD-approved cost of operating the project. For more information, visit www.hud.gov.
Published
Jan 15, 2009
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