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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