House bill addresses lack of affordable housing for seniors

WASHINGTON – Dec. 6, 2007 – The U.S. House approved legislation sponsored by Rep. Tim Mahoney, D-Fla., that revamps HUD’s Section 202 program to boost the number of affordable housing units available to the elderly.

The bill would increase housing subsidies for low-income seniors, permit housing managers to offer social services such as transportation and medical services, and allow nonprofit groups and property managers to use equity in existing buildings to secure low-rate loans to build or maintain subsidized housing.

According to Mahoney, “In my home state of Florida, the toxic cocktail of rising gas prices, skyrocketing property taxes and exorbitant homeowner insurance has forced seniors to make difficult choices between paying their mortgage, putting food on the table or purchasing life-saving medications. Despite the increase in demand, the number of affordable housing units is shrinking.”

Experts say the bill would benefit low-income seniors nationwide but especially could spark affordable housing development in hurricane-ravaged areas of South Florida and the Treasure Coast.

Source: TCPalm (FL) (12/06/07) Gibson, William E.

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