OBAMA ADMINISTRATION ANNOUNCES MORE THAN $6.5 MILLION TO HELP NEVADA VERY LOW-INCOME ELDERLY AND PERSONS WITH DISABILITIES

SAN FRANCISCO - Senior citizens and persons with disabilities in Nevada will soon be able to find additional affordable housing, thanks to more than $6.5 million in housing assistance announced today by the U.S. Department of Housing and Urban Development (HUD). The funding will provide interest-free capital advances to a non-profit developer so they can produce accessible housing, offer rental assistance, and provide supportive services for the elderly and persons with disabilities.

Nationwide, more than $550 million in grants were announced today. They are provided through HUD’s Section 202 and Section 811 Supporting Housing programs and will fund 169 projects in 46 states. To read a detailed summary
of Nevada grants, visit HUD’s website .

Nevada received grants for both senior housing and housing for persons with disabilities for Accessible Space in Las Vegas.

Section 202 Capital Advance ($454.5 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 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. Nationally, based on 50 percent of the national 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 $22,400 a year.

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 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 ad enforces the nation's
fair housing laws. More information about HUD and its programs is available on the Internet at www.hud.gov and espanol.hud.gov.