On October 3, HUD’s Office of Housing sent out the following information below. Click here for the related Press Release:
Section 202 Award Announcement
Dear Owners and Operators,
HUD’s Office of Multifamily Housing announced the award of $160.1 million in grant funding to non-profit organizations across the country to support the development of new or redeveloped affordable multifamily rental housing and ongoing project rental assistance for low- income seniors through its FY 2022 Section 202 Capital Advance NOFO. In addition to the $160.1 million that has been awarded, sponsors will leverage other funds to cover the difference between residents’ contributions towards rents and costs of operating the 202 homes within the project/property.
These awarded grant funds will help construct and operate 1,262 new deeply rent-assisted homes for low- and very low-income seniors who will pay rent based on their income and help accommodate independent “aging-in-place,” in safe housing with supportive services for residents, including access to healthcare. Several of the grantees will be creating mixed-income communities, building 526 additional affordable and market-rate homes as part of these funded projects, for a total of 1,788 homes.