Weekly Real Estate News
The U.S. Department of Housing and Urban Development (HUD) announced $115 million in grant funding will be made available to support the development and improvement of affordable rental housing for low-income seniors.
The funds are being provided under HUD’s Section 202 Supportive Housing for the Elderly program and will be allocated to nonprofit organizations to create new or rehabilitate existing homes for low-income individuals 62 years of age or older. Funding is provided to support capital costs and ongoing project rental assistance, and HUD noted the funds will ensure the properties are resilient and energy efficient.
To extend additional support, $35 million of these funds will be allocated to create intergenerational housing units with features to meet the needs of households headed by seniors who are raising children under 18 years of age.
“These funds, allocated for both rental assistance and development costs, offer a solution to address the persistent housing needs of seniors across the nation,” said Assistant Secretary for Housing and Federal Housing Commissioner Julia Gordon. “We are maintaining our commitment to supporting safer, healthier, more energy efficient homes that help address both the climate crisis and the housing crisis together.”
