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
- March 9, 2017
Earlier today, various news sources, including the Washington Post and The Hill, published troubling reports about leaked documents indicating that the Trump Administration is considering more than $6 billion in cuts to HUD programs in Fiscal Year (FY) 2018. According to these reports, the Administration may propose the elimination of several HUD programs, including HOME.
- January 24, 2017
The Senate Banking Committee earlier today voted unanimously to favorably report Dr. Ben Carson’s nomination to serve as Secretary for Housing and Urban Development. Carson’s nomination will now be referred to the full Senate for consideration. It is not yet known when the Senate will take up his nomination.
- Affordable Housing Finance
- 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
- March 20, 2017
Key Congressional Committee Rosters for NCSHA in the 115th Congress.
- 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.