State HFAs and their partners provide affordable housing for elderly persons through the Section 202 Supportive Housing for the Elderly program, the Section 8 program, and other affordable housing programs.
Under the Section 202 program, HUD provides capital advances to finance the construction, rehabilitation, or acquisition with or without rehabilitation of structures that will serve as supportive housing for very low-income elderly persons, including the frail elderly, and provides rent subsidies for the projects to help make them affordable. In addition, HFAs provide home equity conversion mortgages (HECM), an FHA-insured reverse mortgage, allowing seniors (62 and over) to access the equity in their home.
NCSHA Blog Posts
- January 17, 2014
Late yesterday, the Senate passed by a vote of 72 to 26 the FY 2014 omnibus appropriations bill, H.R. 3547. The House approved the same bill the day before, 359 to 67. The President is expected to sign the bill soon. The omnibus, which includes all 12 appropriations bills, sets final FY 2014 appropriations levels and funds all federally funded agencies, including HUD and the Department of Agriculture (USDA), through the end of FY 2014.
- July 23, 2013
Today, the Senate voted 73 to 26 to proceed to consideration of the FY 2014 Transportation-HUD (T-HUD) appropriations bill, S. 1243. The Senate is now considering amendments to the bill. S. 1243 is the first FY 2014 appropriations bill to be considered by the Senate.
- Harvard University Joint Center for Housing Studies
- MassHousing Announces Loan Closing of $7.1 Million to Preserve Affordable Housing for Senior Citizens in Fall RiverJanuary 27, 2014
As a condition of the MassHousing financing, Tecumseh Holdings LLC, the property owner, will extended the HUD Section 8 Housing Assistance Payment (HAP) contract and the affordability on 124 apartments for 20 years when the current HAP contract expires March 1.
- December 4, 2013
Bremer Bank has contributed $750,000 to the North Dakota Housing Incentive Fund (HIF), supporting projects that will provide affordable housing for the state's workforce, homeless individuals and families, and households age 55 and older.
Elderly Housing - Resources
- March 7, 2013
These documents and links provide implementation information on the FY 2013 sequestration.
- September 17, 2012
NCSHA along with other members of the Campaign for Housing and Community Development Funding (CHCDF) calculated the estimated impacts of sequestration on HUD programs. The calculations use FY 2012 funding levels and assume an 8.4 percent across-the-board cut. CHCDF is a coalition of diverse organizations concerned with the housing needs of low- and moderate-income households and the community development needs of our nation.