HUD grants $18 million for seniors housing
Housing development for very low-income elderly will receive a more than $18 million boost, thanks to grants from the U.S. Department of Housing and Urban Development.As part HUD's Demonstration Planning Grant program, awards were given to 75 sponsors in 31 states. The grant money should help the organizations cover the costs of pre-development activities, including architectural and engineering work, and site control. Without the grant funding, organizations would not have been reimbursed for such costs until after closing or would have to get the funds from other sources.
The maximum grant amount per single application is $400,000 and no more than $800,000 will be awarded to a single sponsor or its affiliated organizations, according to the HUD announcement.
For a list of recipients and state-by-state breakdown of awards visit http://www.hud.gov/utilities/intercept.cfm?/content/releases/pr06-003summary.pdf.