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2020 Section 202 Supportive Housing for the Elderly
Department of Housing and Urban Development
The grant due date is: TBD
Purpose: The program provides Capital Advance funding for the development and operation of supportive rental housing for very-low-income persons aged 62 years or older and project rental subsidies in the form of a Project Rental Assistance Contract (“PRAC”) to maintain ongoing affordability. Capital Advance funds must be used to finance construction, reconstruction, moderate or substantial rehabilitation, or acquisition of a structure with or without rehabilitation.. Capital Advance funds bear no interest and repayment is not required when the housing remains available for occupancy by very-low-income elderly persons for at least 40 years. PRACs are used to cover the difference between the tenants’ contributions toward rent and the HUD-approved cost to operate the project. PRAC funds may also be used to provide supportive services and to hire a service coordinator. This program provides very-low-income elderly persons with the opportunity to live independently with voluntary support services such as nutritional, transportation, continuing education, and/or health-related services. NOTE: Section 202 program funds cannot be used to construct or operate assisted living facilities.
Grant Award Amount: Up to $5 Million
Estimated Grant Period: 36 months
Eligible Applicants: Non-profit Organizations with a 501©(3) Letter from the IRS