The U.S. Department of Housing and Urban Development announced last week that $511 million is available to provide non-profit organizations interest-free capital advance funds to produce affordable rental housing with supportive services for the elderly and persons with disabilities through HUD’s Section 202 and Section 811 Capital Advance programs. Of the funds available as part of the announcement, there is $420 million for the Section 202 Supportive Housing for the Elderly Program to expand the supply of affordable housing with supportive services for the elderly. It provides very low-income persons 62-years and older with the opportunity to live independently in an environment that provides the services they need. In addition to funding new construction, acquisition, or rehabilitation of multifamily developments, HUD’s Section 202 program subsidizes the rents of senior citizens so they can limit their housing costs to only pay 30 percent of their incomes.
"These capital advances will help thousands of our very low-income elderly and persons with disabilities to find good housing they can afford," said HUD Secretary Shaun Donovan. "Senior citizens and persons living with a disability should never have to worry about being able to find a decent place to live."
Section 202 applications may be downloaded from HUD’s website including instructions on submitting proposals via Federal Express (FedEx), United Parcel Services (UPS), and the U.S. Postal Service. Section 811 applications may also be downloaded from HUD’s website. Section 202 applications must be postmarked on or before November 13, 2009, and received by the designated reviewing office within five days.