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.
Useful Link: HUD's Section 202 Supportive Housing for the Elderly Program Webpage
Printer-friendly versionNCSHA Blog Posts
- September 9, 2011
On September 8, the Transportation-HUD Appropriations Subcommittee marked up and passed its FY 2012 appropriations bill. The bill slashes the HOME program by 25 percent compared with FY 2011, funding it at $1.2 billion, and Housing Choice Voucher administrative fees by 24 percent compared with FY 2011, funding it at $1.1 billion. The bill funds HUD at $38 billion, 7 percent or $3 billion less than FY 2011 and 9 percent or $3.7 billion less than the President’s request. - July 19, 2011
On July 18, Senator Tom Coburn (R-OK) released a plan, Back in Black, which he says would achieve $9 trillion in savings over the next ten years. According to a summary of the savings, $1 trillion would come from reforming tax expenditures; $4 trillion would be cut from discretionary spending, including $1 trillion from the Department of Defense; over $2.6 trillion would come from entitlement program savings; and $1.4 trillion in savings would come through interest payment reduction.
Housing Headlines
- Harvard University Joint Center for Housing Studies
News
- August 8, 2011
National Union Properties, which owns the housing community, will seek to extend the Section 8 Housing Assistance Payment (HAP) contract on all 80 apartments for the longest term possible, which is typically 20 years, when the current HAP contract expires in October 2012. - August 16, 2010
Georgia Department of Community Affairs and Commissioner Mike Beatty announce the first of the stimulus projects to come on line. Last week, Antigua Place Phase II located in Moultrie became the first stimulus project to receive the certificates of occupancy for the 40 unit project reserved for the elderly. By receiving the certificates of occupancy, the project may be occupied for everyday use.
Elderly Housing - Resources
- January 23, 2012
- December 13, 2011
NCSHA’s priorities, adopted annually by its Board of Directors after consultation with all state HFAs, set the agenda for NCSHA’s business development activities and advocacy before Congress, the Administration, and the federal agencies concerned with housing, including HUD, USDA, and the Treasury.
