HUD Reg. VI 09-13
February 10, 2009
HUD ANNOUNCES MORE THAN $3.3 MILLION TO HELP HOUSE VERY LOW-INCOME ELDERLY IN ARKANSAS
LITTLE ROCK - Very low-income senior citizens in Arkansas cities will be able to find affordable housing thanks to $3,394,800 in grants announced today by the U.S. Department of Housing and Urban Development. The funding will provide non-profit developers interest-free capital advances to produce accessible housing, offer rental assistance, and provide supportive services for the elderly through HUD's Section 202 grant program. Nationally, $525 million in Section 202 grants was awarded. A list of Arkansas grantees and award amounts follows.
Section 202 Capital Advance
HUD's Section 202 Capital Advance Program expands the supply of affordable housing with supportive services for
the elderly. It provides very low-income persons 62-years and older with the opportunity to live independently in an environment that provides the services they need. In addition to funding the construction, acquisition, and rehabilitation of multifamily developments, 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.
HUD provides the Section 202 funds to non-profit organizations in two forms:
- Capital Advances. This is funding that covers the cost of developing, acquiring, or rehabilitating the development.
- Project Rental Assistance Contract (PRAC). This is funding that goes to each development to cover the difference between the residents' contributions toward rent and the HUD-approved cost of operating the project.
The Arkansas grantees are as follows:
Section 202 - Supportive Housing for the Elderly
|Project Location:||Bono, AR|
|Non-Profit Sponsor:||White River Reg Hsg Dev Corp|
|Three-year rental subsidy:||$104,700|
|Number of unit:||12|
Project Description: The funds will be used to construct 3 fourplexes each will house 4 one-bedroom apartments for very-low income elderly persons. The project is located in an area that is in close proximity to shopping and will enable the elderly to maintain their independence. The Community Building will be the focal point of the development where the delivery of supportive services will be provided as well as activities for socialization and education training and services. The complex will give residents access to safe, decent and affordable housing.
|Project Location:||Huntsville, AR|
|Non-Profit Sponsor:||Northwest Regional Housing Dev Corp|
|Three-year rental subsidy:||$174,300|
|Number of unit:||20|
Project Description: The funds will be used to construct 20 one-bedroom units of semi-detached row houses for
very-low income elderly persons. The project is located in a racially mixed area and is in close proximity to services and will enable the elderly to maintain their independence. Supportive services as well as activities for socialization and education training and services will be provided in the Community Building. The complex will give residents
access to safe, decent and affordable housing. Contact: Carolyn Arnold, (870) 741-5405.