The Section 202 Supportive Housing for the Elderly Act of 2010 gave HUD the authority to provide SPRACs with 20-year terms to those in need to prevent displacement of elderly residents and to preserve and maintain the affordability of certain Section 202 Supportive Housing for the Elderly projects.
The deadline to submit comments is March 11, 2013.
Click here to read the Federal Register notice and here to comment on SPRAC.
In addition, In FY 2013, in an effort to maximize creation of new affordable units in a time of funding restraints, HUD is requesting the flexibility to provide operating assistance-only funding to new or existing elderly affordable housing developments that utilize capital from other state and local sources. HUD’s assistance will allow these properties to provide housing to a segment of the elderly population that is older, poorer, and frailer than would normally be able to access or afford housing subsidized only through the Low Income Housing Tax Credit and/or HOME programs. This new authority will draw on lessons learned from the implementation of the Section 811 project rental assistance authority (enacted under the Frank Melville Supportive Housing Investment Act of 2010).