Hud Section 202

Supportive housing for the elderly is a housing and urban development hud program that provides capital advances to private nonprofit sponsors to finance the development of housing for elderly residents.

Hud section 202. Debt service reserve as with the reserve fund for replacements is a separate line item on financial forms used in the original section 202 loan program. For more information contact your local hud multifamily office. The purpose of the section 202 minority elderly concentration analysis tool is to allow applicants to quickly assess whether a proposed site for new construction is or may be in an area of minority elderly concentration.

Supportive housing for the elderly. The section 202 supportive housing for the elderly program is authorized by section 202 of the housing act of 1959 12 u s c. Rad for section 202 project rental assistance contracts pracs hud published revision 4 of the rental assistance demonstration rad notice notice h 2019 09 pih 2019 23 ha on september 5 2019.

This new legislation covered similar actions as part of the following amendments to the 1937 housing act. Section 202 was rescinded under the quality housing and work responsibility act of 1998. Occupancy in section 202 housing is open to any very low income household comprised of at least one person who is at least 62 years old at the time of initial occupancy.

Required conversion implementing section 33 of the housing act of 1937 voluntary conversion implementing section 22 of the housing act of 1937. Senior housing through section 202 provided seniors defined as 62 or older with options that allow them to live independently but in an environment that provides support activities such as cleaning cooking transportation and others. Please follow the instructions to complete this analysis.

It provided direct loans and capital advances from the federal government to support nonprofit entities to build housing for very low income elderly. The office of policy development and research pd r at the department of housing and urban development hud has. In fy 2010 congress appropriated 825 million for section 202 construction and rental assistance projects.

Because the term of these mortgages generally is 50 years projects financed under the original section 202 program funded between 1960 1970 are part of a loan management branch s portfolio. Established in the housing act of 1959 section 202. The section 202 program helped expand the supply of affordable housing with supportive services for the elderly.