Five nonprofits in five states will share in $31.5 million in federal funds to build affordable housing and provide rental assistance to low-income seniors, reported the Department of Housing and Urban Development (HUD).
The capital advances and three-year rental subsidies are provided through HUD’s Sec. 202 program. Last November, HUD announced $545 million in Sec. 202 grants to 97 grantees in 31 states and Puerto Rico.
In addition to funding the construction or acquisition and rehabilitation of multifamily developments for seniors, the Sec. 202 program provides millions of dollars in rental assistance so that elderly residents in selected developments pay only 30 percent of their incomes for rent.
Residents must be very low income, with household incomes less than 50 percent of the area median income (AMI). Most households receiving Sec. 202 assistance earn less than 30 percent of the AMI, according to HUD.
Eden Housing in Hayward, Calif., received a $3.5 million capital advance to help build a new 22-unit development. The firm also received $398,400 to help with rental subsidies.
Fay Biccard Glick Neighborhood Center at Crooked Creek in Indianapolis received a $5.8 million capital advance to build a 50-unit development. The group also received a $570,900 three-year rental assistance contract.
Volunteers of America National Services received a $10.8 million capital advance to construct 76 one-bedroom units of supportive housing and one manager’s unit in Taylor, Mich., and a $972,900 rental subsidy award.
Belmont Shelter Corp. will use a $7.4 million grant to construct a three-story building with 50 units in Buffalo, N.Y. It also received a $636,600 three-year rental subsidy.
Preferred Properties, Inc., received a $1.4 million capital advance to build 11 one-bedroom units in Toledo, Ohio. HUD is also providing a $141,000 rental assistance contract.
