BUSH ADMINISTRATION ANNOUNCES MORE THAN $650 MILLION TO HELP VERY LOW-INCOME ELDERLY AND PEOPLE WITH DISABILITIES
Nevada to receive over $10 million for two Las Vegas projects

WASHINGTON - Thousands of very low-income senior citizens and persons with disabilities will be able to find affordable housing thanks to more than $650 million 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 and persons with
disabilities through HUD's Section 202 and Section 811 grant programs.

"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."

Nevada was awarded grants for a 80-unit development by Nevada H.A.N.D., Inc., and a 22-unit development by Accessible Space, Inc. Nevada H.A.N.D. will receive $6,996,000 for the capital costs and $570,000 for three years
for rental subsidies. Accessible Space, Inc. will receive $3,108,400 for capital costs and $240,000 for three years in rental subsidy. (For details see below)

Section 202 Capital Advance ($525.9 million nationwide to assist very low-income elderly)

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.

Section 811 Capital Advance ($124.5 million nationwide to assist very low-income people with disabilities)

Housing constructed using interest-free capital advances under HUD's Section 811 Program are primarily used in smaller newly constructed buildings, typically group homes for three to four people, or condominium units. Eligible residents pay 30 percent of their income for rent and the federal government will pay the rest. Households must
have one or more very low-income adult with physical or developmental disability or living with chronic mental
illness.

The term "person with disabilities" may also include two or more people with disabilities living together, or one or
more persons with disabilities living with one or more live-in attendants. The program provides persons with
disabilities the opportunity to live independently in their communities by increasing the supply of rental housing
with the availability of supportive services.

HUD provides the Section 202 and Section 811 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.

Note: State-by-state breakdown of individual funding summaries is available on the HUD's website.

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HUD is the nation's housing agency committed to increasing homeownership, particularly among minorities;
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.

Non-Profit Sponsor : Nevada H.A.N.D., Inc.
Capital Advance : $6,996,000
Three-year rental subsidy: $570,900
Number of units : 50
This is a mixed-financed project with 50 HUD 202 units and 30 Low-Income Housing Tax Credit units. The building
will be two-story and wood-framed. The existing zoning and land use approvals are appropriate for the proposed
use. Silver Sky Limited Partnership is selling the land to Nevada H.A.N.D., Inc, the non-profit sponsor, for $10 for
the specific purpose of developing affordable, low-income housing for seniors.

Non-Profit Sponsor : Accessible Space, Inc.
Capital Advance : $3,108,400
Three-year rental subsidy: $240,000
Number of units : 22
Accessible Space, Inc.'s proposed 22-unit HUD Section 811 apartment for very low-income adults with physical disabilities will be located on one acre site situated in Bledsoe Lane, Las Vegas, Nevada. The proposed project will consist of one two-story slab on grade, wood frame building with one centrally located elevator. All living units will
be designed to accommodate the special needs of individuals with physical disabilities and to maximize visitability of
all residents and their visitors.