HUD AWARDS $3.8 MILLION FOR 37 UNITS OF AFFORDABLE HOUSING FOR THE ELDERLY IN COEUR d'ALENE, IDAHO
Part of National Announcement of $650 Million in Awards to Help Very Low-Income Elderly & People with Disabilities

WASHINGTON - The U.S. Department of Housing and Urban Development today announced the award of $3,840,500
in capital advance and rent subsidy funds to the St. Vincent de Paul Society for 37 units of new affordable housing for the very low-income elderly in Coeur d'Alene.

The award is part of an announcement of more than $650 million in awards nationwide under HUD's Section 202 supportive housing for the very low-income elderly ($525.9 million) and Section 811 supportive housing for very low-income persons with disabilities ($124.5 million). Under both programs, HUD funds provide non-profit developers interest-free capital advances to produce the housing units, rental assistance and supportive services for the
income-eligible residents.

"These grants will help thousands of our nation's very low-income elderly and persons with disabilities find decent housing that they can afford," said HUD Secretary Steve Preston. "Neither group should ever have to worry about being able to find a safe place to live."

The St. Vincent de Paul project is receiving funds under HUD's Section 202 program which provides housing and supportive services for very low-income persons 62-years and older who can live independently. In addition to receiving capital advance funds to construct the housing, HUD's Section 202 program subsidizes the rents of senior citizens so they can limit their housing costs to only pay 30 percent of their incomes.

St. Vincent de Paul will use the funds - a $3,471,500 interest-free capital advance and a three-year, $369,000 rent subsidy - to construct and operate 36 one-bedroom units for very low-income elderly persons and a unit for a resident manager in Coeur d'Alene. The City supports the project and is leasing the land to the project for one
dollar per year and using HUD's Community Development Block Grant funds to provide street and infrastructure improvements.

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HUD is the nation's housing agency committed to sustaining homeownership; creating affordable housing opportunities for low-income Americans; and supporting the homeless, elderly, people with disabilities and people living with AIDS. The Department also promotes economic and community development and enforces the nation's fair housing laws. More information about HUD and its programs is available on the Internet and espanol.hud.gov.