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Section 202
The Section 202 Supportive Housing for the Elderly program helps expand the supply of affordable housing with supportive services for the elderly.
The program provides funding, called a capital advance, to construct, acquire, or rehabilitate multifamily properties that serve low-income individuals 62 years of age or older. In addition to the capital advance, properties receive a renewable Project Rental Assistance Contract (PRAC), which covers reasonable and necessary operating expenses beyond the tenant's portion of the rent. This usually includes a service coordinator who links residents at Section 202 properties to supportive services in the community to allow them to live independently in an environment that provides support such as cleaning, cooking, and transportation. Additionally, owners can utilize up to $15 per unit per month for providing supportive services.
