Section 202 Affordable Housing for the Elderly Act
On December 5th, the House passed the Section 202 Supportive Housing for the Elderly Act of 2007, H.R. 2930, which would expand the supply of affordable housing for seniors.
The Section 202 Supportive Housing for the Elderly Program is the only U.S. Department of Housing and Urban Development (HUD) program that provides housing exclusively for seniors.
Specifically, this legislation would:
- Help preserve the existing supply of affordable housing for seniors, while facilitating the development of new homes to meet increasing demand;
- Allow for adjustment to Project Rental Assistance contracts to accommodate fluctuations in project costs and emergencies, such as utility cost spikes;
- Maintain and upgrade existing Section 202 housing by allowing property owners to seek financing for the rehabilitation and improvement of current housing, while keeping costs low for their residents.