The U. S. Department of Housing and Urban Development is providing $14.8 million in redevelopment funding for approximately 19,000 seniors with low-to-very low incomes in order to prevent their displacement from 1,700 units located in 12 properties across six states. Part of HUD’s Section 202 “Supportive Housing for the Elderly” program, nationalmortgagenews.com reports most of the multifamily mortgages will mature during the next ten years when rental affordability will end without funding from HUD. As MHProNews has learned, the Senior Preservation Rental Assistance Contracts from HUD carry interest rates of six percent and below with 10 and 20-year terms.
(Image credit: U. S. Dept. of Housing and Urban Development)