HUD’s Office of Housing sent out the following bulletin:
Dear Multifamily Owners and Program Operators,
HUD’s Office of Multifamily Housing today published its Section 202 Notice of Funding Opportunity (NOFO) for Fiscal Year 2022. The NOFO provides up to $174.6 million in grant funding opportunities through the Section 202 program. Applications are due by January 25, 2023.
This NOFO makes funds available for the development of new housing and rental assistance for low-income seniors.
Under the Section 202 Supportive Housing for the Elderly program, HUD provides upfront “capital advances” to nonprofit sponsors to finance the development of supportive rental housing for elderly very low-income residents, as well as a “Project Rental Assistance Contracts” (PRAC) to keep rents affordable. The program provides elderly persons 62 years of age or older with the opportunity to live independently in an environment that provides support services to meet their unique needs.