What is Section 202 Supportive Housing?

 

 

HUDs Section 202 Supportive Housing Program provides housing for low income seniors, Section 202 also  provides capital grants to developers of housing units and rental assistance to older adults living in these units. Section 202 helps to expand the supply of affordable housing available to seniors. 

HUD provides interest free capital advances to private, nonprofit sponsors to help finance the development of these projects. Capital advance funds to investors supports construction or rehabilitations of supportive housing.  The capital advance does not have to be repaid as long as the project serves low income elderly persons for 40 years. 

Federal guidelines require that at least one member of a Section 202 household be age 62 or older and the household income may not exceed 50% of the areas median income. 

 

 

 

  

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3 Comments on What is Section 202 Supportive Housing?

AUG
21
2011
336,403 Points 23 Featured Posts Outside Blog Called Shot Master

Michele - another great post!  The seniors & low income in your community are fortunate to have you.  God Bless!
9:59pm • #1
511,443 Points 12 Featured Posts Called Shot Master

Michele, we have seen a big decrease in the available funds to start projects in our area.  And, I don't believe it will be any better in the near term.
10:00pm • #2
411,262 Points 1 Featured Post Outside Blog Called Shot Master

 

Thanks Cathy

Don-  As a society we are getting older and we are going to have to look at creative way to make housing available and affordable to our seniors as well a our basic way of life.  I  recently read an article titled Aging Boomers Strain Cities Built For The Young  by Lauran neergaard an Ap medical writer.  It touched on ways that cities are begining to make small changes to help their seniors. 
10:23pm • #3


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Specializing in Brooklyn New York Residential Real Estate in East Flatbush, Flatbush, Old Mill Basin, Canarsie, Bed-stuy, Bushwick, Crown Heights, Kensington, Ditmas Park, Prospect Heights, and Lefferts Gardens . My post will include my Brooklyn Real Estate Homes For sale listings, Real Estate news, local events, photos, Brooklyn New York Civic events, Brooklyn Neighborhood activities, information for Brooklyn New York seniors, consumer information and tips regarding home ownership.


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