The Section 202 program helped expand the supply of affordable housing with supportive services for the elderly. It provided direct loans and capital advances from the federal government to support nonprofit entities to build housing for very low-income elderly. Senior housing through Section 202 provided seniors, defined as 62 or older, with options that allow them to live independently but in an environment that provides support activities such as cleaning, cooking, transportation, and others. Although no new funding has been available for Section 202 capital advances since 2012, affordable senior housing developments that were built with Section 202 funds continue to provide housing and services to their residents.
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This module reviews the history of the Section 202 program and the various ways it has supported the development of affordable elderly housing since its inception. It includes information on regulations governing refinancing and subordination; and provides direction about how to value your asset when considering development, rehabilitation, or sale.
This module provides detailed information and expert videos explaining the refinancing options available to Section 202 owners, including FHA loan programs, the Low Income Housing Tax Credit Program, and construction financing. It includes a case study of a Section 202 property illustrating how its board responded to a development proposal from another entity by thinking through the needs of their property and crafting a development plan of their own. The module also addresses recent changes in New York City zoning regulations that impact Section 202 developments.