Deputy Secretary Todman announced the funds in Philadelphia, PA as a part of the Biden-Harris Administration’s “Investing in America” tour, aiming to create and improve affordable rental homes for elderly Americans.
AKRON – RealEstateRama – As a part of the Biden-Harris Administration’s “Investing in America” tour, U.S. Department of Housing and Urban Development (HUD) Deputy Secretary Adrianne Todman announced $115 million in grant funding available to support the development and improvement of affordable rental housing for low-income seniors. The funding opportunity was announced at The Fairthorne, an affordable senior apartment building in the City of Philadelphia, alongside local and federal officials, including U.S. Rep. Dwight Evans (PA-03).
“The Biden-Harris Administration is committed to ensuring that our nation’s most vulnerable seniors have access to quality affordable housing,” said HUD Deputy Secretary Adrianne Todman. “Creating these homes will enable older adults to live independently. It is important that we provide opportunities for seniors of modest means to age with grace and dignity in a supportive environment.”
Offered under HUD’s Section 202 Supportive Housing for the Elderly program, the funds will help non-profit organizations create new, or rehabilitate existing homes that are resilient and energy efficient for low-income individuals 62 years of age or older. Funding is provided to support capital costs and ongoing project rental assistance. To extend additional support, $35 million of these funds will be allocated to create intergenerational housing units with features to meet the needs of households headed by seniors who are raising children under 18 years of age.
“These funds, allocated for both rental assistance and development costs, offer a solution to address the persistent housing needs of seniors across the nation,” said Assistant Secretary for Housing and Federal Housing Commissioner Julia Gordon. “We are maintaining our commitment to supporting safer, healthier, more energy efficient homes that help address both the climate crisis and the housing crisis together.”
Section 202 grants offer elderly individuals aged 62 and older the chance to live independently with tailored support services, including nutrition, transportation, education, and health services. Eligible seniors typically have less than 50 percent of the area median income, with most households earning below 30 percent of the median for their locality.
In October 2023, HUD announced that $161.1 million in Section 202 grants were awarded to 25 grantees in 14 states. That funding will create nearly 1,300 units for eligible households.
The “Investing in America” tour highlights the Administration’s commitment to revitalizing our nation’s communities, including expanding access to affordable and safe housing. Just this week, as a part of this tour, Secretary Fudge visited Akron, OH, alongside U.S. Representative Emilia Sykes and Mayor Shammas Malik.
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