House Passes Section 202 Legislation

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         The House of Representatives on 12/5/07 passed a bill (H.R. 2930) designed to expand the production and rehabilitation of supportive rental housing for very low-income seniors under the Section 202 program administered by the U.S. Department of Housing and Urban Development (HUD).
         H.R. 2930 would: help preserve the existing supply of affordable housing for seniors, while facilitating the development of new homes to meet increasing demand; allow for adjustment to project rental assistance contracts to accommodate fluctuations in project costs and emergencies, such as utility cost spikes; and, maintain and upgrade existing Section 202 projects by allowing owners to obtain finance to rehabilitate and improve existing properties, while keeping rents low for residents.
         H.R. 2930 was introduced by Rep. Tim Mahoney (D-FL). Currently there are 297,070 Section 202 units nationwide.
(http://www.house.gov/apps/list/press/financialsvcs_dem/press120507.shtml)