HUD Announces Funding to Preserve Rental Assistance for Elderly
The U.S. Department of Housing and Urban Development (HUD) announced today $14.8 million to preserve affordable rental assistance for elderly tenants living in subsidized properties. This funding is provided through HUD's Senior Preservation Rental Assistance Contracts (SPRACs) and is targeted for properties in HUD's Section 202 "Supportive Housing for the Elderly" program where rental assistance may expire without this preservation tool.
SPRACs are an important tool for preserving the nation's affordable multifamily properties and funding will continue to support affordable rent for seniors living in more than 1,700 units located in 12 properties in six states. HUD estimates that without interventions like SPRACs, maturing mortgages will signal the elimination of affordability protections for approximately 19,000 low- and very-low income seniors.