Huge Win for Affordable Housing in 2018 Spending Bill

The 2018 spending bill that was signed into law last week makes much-needed investments in affordable housing and community-based services. 

The inclusion of funding for new, affordable senior housing coupled with the new housing preservation tools are significant advocacy wins. We thank our members who took steps to urge Congress to make needed investments in affordable housing for seniors. 

Highlights includes:

• Provides some of the highest funding levels most housing programs have seen in years, including $105 million for more than 760 new affordable homes for low-income older adults.
• Expands HUD’s Rental Assistance Demonstration to include Section 202 Housing for the Elderly homes in need of capital investment, providing more than 2,800 Section 202 nonprofit-sponsored communities serving people age 62 and older with the ability to seek out private financing to meet capital repair needs to preserve this affordable housing.
• Provides a four-year, 12.5 percent increase to states’ Low Income Housing Tax Credits to counter losses faced after 2017’s tax reform bill cut corporate income tax rates by 14 percent.
• Increases funding for low-income home energy assistance, social services block grants, and other home and community-based services programs.
• Provides $4.5 million in health promotion dedicated to Alzheimer’s disease.
• Provides $2 million for initiatives to prevent falls among older people. 

For more information, read New HUD Funding, RAD for PRAC.

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