Industry News

Low-income Americans get $633M in housing assistance

Elderly, people with disabilities get homes, a break on rent

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The U.S. Department of Housing and Urban Development this week announced $633.2 million in housing assistance grants to create affordable housing for very low-income elderly and people with disabilities. The funding includes $511.9 million in Section 202 grants and $121.3 million in Section 811 grants. To be classified as "very low-income," a household's income cannot exceed 50 percent of the area's median income. "These grants will help the nation's very low-income elderly and people with disabilities find decent housing that they can afford," said HUD Secretary Alphonso Jackson. "Neither group should ever have to worry about being able to find a safe place to live." HUD's Section 202 grants fund the construction and rehabilitation of projects to create apartments for the very low-income elderly, and also subsidize rents for three years so that residents will pay only 30 percent of their adjusted incomes as rent. The Section 811 grants usually fund newly built apartment, group home ...