On Wednesday, September 21, 2022, the U.S. Department of Housing and Urban Development (HUD) announced the Section 202 Notice of Funding Opportunity (NOFO) for Fiscal Year 2022 was published.
This NOFO makes funds available for the development of new housing and rental assistance for low-income seniors, and provides up to $174.6 million in grant funding opportunities through the Section 202 program. Applications are due by January 25, 2023.
Under the Section 202 Supportive Housing for the Elderly program, HUD provides upfront “capital advances” to nonprofit sponsors to finance the development of supportive rental housing for elderly very low-income residents, as well as a “Project Rental Assistance Contracts” (PRAC) to keep rents affordable. The program provides elderly persons 62 years of age or older with the opportunity to live independently in an environment that provides support services to meet their unique needs.
Read the Notice of Funding Opportunity (NOFO) here.
See the grants.gov page here.
To read the official HUD press release, click here.