Supportive Housing for the Elderly 202
This program provides assistance in expanding the supply of housing with supportive services for the elderly.
The program is designed to give capital advances to eligible private, nonprofit sponsors to finance the development of rental housing that has supportive services for the elderly. The capital advance is interest free and does not have to be repaid as long as the housing remains available for very low income elderly people for no less than 40 years. The rental assistance that is provided will cover the difference between operating cost and the tenants contributions toward the rent which is usually 30% of their monthly adjusted income.
The Eligibility for this program is for private and nonprofit organizations as well as consumer cooperatives who may apply. The occupancy is for low income households which has at lest one person 62 years old or older.