HUD No. 04-OR-17
November 24, 2004
HUD ANNOUNCES $5.2 MILLION GRANT TO PACIFIC RETIREMENT SERVICE FOR CONSTRUCTION OF HOUSING FOR LOW-INCOME ELDERLY IN CENTRAL POINT
PORTLAND - Housing and Urban Development Secretary Alphonso Jackson announced that Pacific Retirement Service would be the recipient of a $5,272,000 capital advance to construct housing for very low-income elderly persons in Central Point.
"President Bush is committed to making sure our senior citizens have opportunities to live in decent, safe and affordable homes," Jackson said. "These grants will certainly help in achieving that goal."
"Central Point's very low-income elderly will benefit from this project," said HUD's Portland Field Office Director Tom Cusack. "We're pleased to see this project receive HUD funding to build housing for these vulnerable people in the community."
Pacific Retirement Service was awarded the capital advance for construction of 62 one-bedroom units for very low-income elderly persons. According to their grant application, the project will be in a Transit Oriented District, which will be surrounded by a major new development that will include multi-family and single-family housing, commercial space, walking and biking paths, and parks.
HUD also awarded a five-year rental subsidy of $948,500 so that residents will pay only 30 percent of their adjusted incomes as rent. To be eligible for the assistance, a household must be classified as "very low-income," which means an income of less than 50 percent of the area median.
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.
- Project rental assistance. This money covers the difference between the resident's contribution toward
rent and the cost of operating the project.
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 as well as enforces the nation's fair housing laws. More information about HUD and its programs is available on the Internet and espanol.hud.gov.