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
- Bipartisan Policy Center Releases Report Highlighting Housing and Health Care Troubles Facing American SeniorsMay 24, 2016
Earlier this week, the Bipartisan Policy Center (BPC) published a report about America’s expanding senior population and the challenges it will bring to the country’s existing health care and housing networks.
- July 15, 2015
July 14, the House of Representatives passed The Private Investment in Housing Act of 2015, H.R. 2997, by a vote of 395-28. The bill would authorize a pay-for-success demonstration program that leverages private funding to improve the water and energy efficiency of HUD multifamily developments.
- Harvard University Joint Center for Housing Studies
- MassHousing Announces Loan Closing of $3.2 Million to Renovate the Mary Colbert Apartments for Low-Income Seniors in CharlestownJune 26, 2014
Low-income senior citizens living at the 30-unit Mary Colbert Apartments in Charlestown will see major improvements to the property as a result of a $3.2 million MassHousing construction and permanent loan.
- May 1, 2014
Seniors on a limited income now have more options for quality, affordable apartments in Cass County with the opening of Parkside Place.
Elderly Housing - Resources
- May 16, 2016
The decade-long surge in rental demand is unprecedented. In mid-2015, 43 million families and individuals lived in rental housing, up nearly 9 million from 2005—the largest gain in any 10-year period on record. In addition, the share of all US households that rent rose from 31 percent to 37 percent, its highest level since the mid-1960s.
- May 16, 2016
The data in Out of Reach is sobering. In my home state of Oregon, and in communities across the country, working families searching for affordable rental units find little to nothing in their price range. There simply isn’t enough reasonably priced, decently maintained housing to meet the demand, and rapidly rising rents outpace wages. As a result, one out of four households spends more than half their income on housing costs. People with low or fixed incomes face even bleaker situations