HUD announced on April 4 that $50 million in Capital Advance funding is now available under the Section 202 Supportive Housing for the Elderly Program Capital Advance program. These are the first funds for the construction of new elderly housing under the Section 202 program since 2010. The $50 million in Capital Advance funding is for:
- The development and operation of supportive rental housing for people aged 62 years or older who have incomes at or less than 50% of the area median income.
- Project rental subsidies in the form of Project Rental Assistance Contracts (PRACs) to maintain ongoing affordability.
This funding, leveraged with other financing sources, will expand affordable housing opportunities and include supportive services such as transportation, continuing education, and health care services that will allow seniors to live independently and to age in place.
Only nonprofits are eligible to apply.
A Notice of Funding Availability (NOFA) is posted on grants.gov.
HUD will host a webinar on April 25, from 2:00-3:00 p.m. ET to provide an overview of the NOFA. Register here for the webinar.