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Lending / The Ticker

HUD provides $14.8 million for senior housing

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The U.S. Department of Housing and Urban Development provided $14.8 million to preserve affordable rental assistance for elderly tenants living in subsidized properties through its Senior Preservation Rental Assistance Contracts.

The program is targeted for properties in HUD’s Section 202 “Supportive Housing for the Elderly” program and helps support affordable rent for seniors living in more than 1,700 units located in 12 properties in six states.

Without interventions like SPRACs, HUD estimates that maturing mortgages will signal the elimination of affordability protections for approximately 19,000 low- and very-low income seniors.

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