FY 2023 Section 202 Supportive Housing for the Elderly Program

of intergenerational housing for elderly caregivers raising children. Intergenerational dwelling units are also referred to as 'intergenerational housing' in this NOFO.Capital Advance funds must be used to finance construction, reconstruction, moderate or substantial rehabilitation, or acquisition of a structure with or without rehabilitation. Capital Advance funds bear no interest and repayment is not required provided the housing remains available for occupancy by Very-Low-Income Elderly Persons for at least 40 years.Project Rental Assistance Contracts (PRAC) are used to cover the difference between the tenants' contributions toward rent and the HUD approved cost to operate the project, including the cost of employing a service coordinator and HUD approved service expenses (see 24 CFR 891.205).HUD encourages applicants to use Capital Advance funds in combination with other non-Section 202 funding, but they may only be used in connection with units that will be assisted under the PRAC. PRAC units may be developed or placed within a property that also includes non-PRAC residential units (whether restricted as affordable or rented at market rates) and non-residential units (such as first floor commercial space).HUD seeks to fund Section 202 properties that advance housing for the elderly as a platform for living independently and aging in community even as residents may require more assistance with activities of daily living over time. Through this NOFO, HUD seeks sponsors that:Will produce housing that is physically designed to promote the long-term wellness of Elderly Persons and allow them to age in place;Can provide a robust package of services that support the health and social well-being of Elderly Persons; andLeverage Capital Advance funds with other financing sources to maximize the number of units created per dollar of HUD funding.Per 24 CFR 891.809, Capital Advance Funds can NOT be used: For acquisition of facilities currently owned and operated by the Sponsor as housing for the elderly, except with rehabilitation as defined in 24 CFR 891.105;For the financing or refinancing of currently Federally assisted or Federally-insured units (this includes projects currently encumbered by FHA-insured debt and Flexible Subsidy Loans, as well as existing 202 Capital Advance and Direct Loan projects);For units in Section 202 direct loan projects previously refinanced under the provisions of Section 811 of the American Homeownership and Economic Opportunity Act of 2000, 12 U.S.C. 1701q note; andTo construct or operate nursing homes, infirmaries, assisted living facilities, medical facilities, mobile homes, community centers, headquarters for organizations for the elderly, or residential units without individual kitchens and/or bathrooms (also known as "single room occupancy units" or SROs) that are not shared.