HUD OFFICIAL ANNOUNCES $5.4 MILLION TO HELP LOW-INCOME ELDERLY
IN PAGEDALE, MISSOURI

James Heard (Center) HUD St. Louis Field Office Director presenting $5.4 M check to representatives for the Mt. Beulah Missionary Baptist Church, the Retirement Housing Foundation, and the Honorable Mary Louise Carter, Mayor, Pagedale, MO

Attendees visiting the site for the new 40-unit Seniors Building in Pagedale, Missouri

"I am thrilled to announce this grant to the Retirement Housing Foundation," said HUD Field Office Director James Heard. "It is the largest grant of its kind in Region VII, and the state of Missouri. It will go a long way to ensure elderly citizens in this community have an opportunity to live in a decent, safe and affordable place."

The Retirement Housing Foundation received the HUD Section 202 Supportive Housing for the Elderly grant in the amount of $5.4 million. The funding will be used to provide 40 independent housing units and coordinated services for the elderly in Pagedale. Residents will benefit from various supportive services provided by the Retirement Housing Foundation, the Mount Beulah Missionary Baptist Church, and local service providers including meal service, transportation and social and recreational activities.

Section 202 Grants (funding to assist very low-income elderly)

HUD's Section 202 grants program helps expand the supply of affordable housing with supportive services for the elderly. It provides very low-income elderly with options that allow them to live independently but in an environment that provides support activities such as cleaning, cooking, and transportation. In addition to funding the construction and rehabilitation of projects to create apartments, HUD Section 202 grants subsidize rents for five years so that residents will pay only 30 percent of their adjusted incomes as rent.

HUD provides two forms of Section 202 funds to non-profit groups:

• Capital advances. This money covers the cost of developing the housing. It does not need to be
  repaid if the housing is available for occupancy by very low-income seniors for at least 40 years. The
  Retirement Housing Foundation received $4,754,100 in capital advance funding.
  
  
• Project rental assistance. This money covers the difference between the resident's contribution toward
  rent and the cost of operating the project. The Retirement Housing Foundation received a five-year rental
  subsidy in the amount of $679,000.

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