OBAMA ADMINISTRATION ANNOUNCES MORE THAN $11.5 MILLION TO HELP NEW HAMPSHIRE VERY LOW-INCOME ELDERLY

BOSTON - Senior citizens in New Hampshire will soon be able to find additional affordable housing, thanks to more
than $11.5 million in housing assistance announced today by the U.S. Department of Housing and Urban
Development (HUD). The funding is part of $550 million awarded nationwide that will provide interest-free capital advances to non-profit developers so they can produce accessible housing, offer rental assistance, and provide supportive services for the elderly and persons with disabilities.

"The Obama Administration is committed to making sure our senior citizens and persons with disabilities have opportunities to live in decent, affordable homes," said HUD New England Regional Administrator Richard A. Walega. "Neither of these groups should ever have to worry about being able to find a safe place to live."

In New Hampshire four grants were awarded under the Section 202 program:

• Southern New Hampshire Services (SNHS) Management Corporation was awarded $3,386,800 to create
  20 units in Manchester.
• SNHS Management Corporation was awarded $2,709,500 to create 16 units in Campton.
• SNHS Management Corporation was awarded $5,419,000 in two separate grants to create 32 units
  in Plymouth.

To read a detailed summary of each grant, visit HUD's website.

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 elderly persons 62 years of age or older with the opportunity to live independently in an environment that provides support services to frail elderly resident.

In addition to funding the construction, acquisition, and rehabilitation of multifamily developments, HUD's Section
202 program also provides Project Rental Assistance Contract (PRAC) funds to subsidize the rents so that residents only pay 30 percent of their adjusted incomes.

To be eligible for the assistance a household must be classified as "very low-income," which means an income less than 50 percent of the area median. In Manchester, based on 50 percent of the state median family income with an applicable adjustment for household size, a one-person household would need to have an income equal to or less
than $26,900 a year; in Campton and Plymouth, NH that figure would be $24,200.

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. Repayment is not required as long as the housing remains available for occupancy by very
  low-income elderly persons for at least 40 years.
  
  
• 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.

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HUD's mission is to create strong, sustainable, inclusive communities and quality affordable homes for all. HUD is working to strengthen the housing market to bolster the economy and protect consumers; meet the need for quality affordable rental homes: utilize housing as a platform for improving quality of life; build inclusive and sustainable communities free from discrimination; and transform the way HUD does business. More information about HUD and its programs is available on the Internet at www.hud.gov and espanol.hud.gov.