HUD grants give $749 million in affordable housing for elderly, disabled
Two separate grants that total $749 million will go toward affordable housing for low-income seniors and persons with disabilities, according to a release Wednesday from the Department of Housing and Urban Development.
Funds will construct or rehab more than 189 developments and go toward rental assistance. More than 4,800 will live in the housing once completed. (Click here to see a full list.)
Eligible residents must be "very low income," meaning household incomes less than 50% of the median for the area.
"Recent bipartisan changes to these two supportive housing programs will allow us to better serve some of our more vulnerable populations who would otherwise be struggling to find a safe and decent home of their own," HUD Secretary Shaun Donovan said in the release.
The grants under HUD's sections 202 and 811 follow the inaction earlier this year of two bills, the Frank Melville Supportive Housing Investment Act and the Section 202 Supportive Housing for the Elderly Act.
Write to Andrew Scoggin.
Follow him on Twitter @ascoggin.
Don’t miss out: get HW delivered via email
- Current Chg.
- NASDAQ 3498.97 33.722 ^ixic
- S&P 500 1669.78 3.49 ^gspc
- Volatility Index 13.02 0 ^vix
- KBW Mort. Financial Index 32.84 -0.3 ^mfx
- MSCI US REIT Index 1071.58 8.17 ^rmz
- Checkmate: Jamie Dimon defeats proposal to split his role
- Servicers distributed $50.63 billion through National Mortgage Settlement
- Hardest-hit states record the most relief from servicers
- GSEs remind servicers to revisit disaster relief policies after tornado devastation
- Recovering housing market buoys The Home Depot earnings