Last week, HUD Secretary Carson granted more than $51 million of housing assistance to organizations across the country to fund more affordable housing construction, rental assistance, and supportive services delivery for very low-income seniors.

“Expanding affordable housing opportunities is a priority, especially for our nation’s most vulnerable populations. These awards will facilitate capital investment in senior housing developments and create roughly 1,100 new homes, the majority for very low-income seniors.”

HUD Secretary Ben Carson.

Section 202 grants provide very low-income elderly persons 62 years of age or older with the opportunity to live independently in an environment that provides support services to meet their unique needs. HUD provides these funds to non-profit organizations in two forms:

• Capital Advances. This is funding that covers the cost of developing, acquiring, or rehabilitating the development. 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 is project-based funding which covers the difference between residents’ contributions toward rent and the cost of operating the project.

Read the HUD Press Release here.