Last week, the U.S. Senate Banking Committee made revisions to the Section 202 Supportive Housing for the Elderly program known as S. 118 and recommended the amendments for full consideration by the Senate. S.118 makes it easier for property owners who administer elderly housing to refinance their properties that will permit some owners to maintain and preserve the units. The bill is expected to be taken up by the full Senate when it returns to session.
“This is a common sense way to help property owners refinance elderly housing in order to preserve affordable housing for needy seniors,” U.S. Senator Charles E. Schumer (D-NY) said. “We have an obligation to make sure our seniors can live with dignity, and I look forward to working with my colleague Senator Kohl to pass this legislation when it comes to the Senate floor.”
This legislation is supported by the American Association of Homes and Services for the Aging, America Association of Service Coordinators, Alliance for Retired Americans, National Council on Aging, National Association of Area Agencies on Aging, Elderly Housing Development and Operations Corporation, Association of Jewish Family & Children’s Agencies, Catholic Charities, Lutheran Services in America, National Affordable Housing Management Association, National Church Residences, National Housing Trust, National Low Income Housing Coalition, Stewards of Affordable Housing for the Future, United Jewish Communities, and Volunteers of America.
