- City, State
- ZIP Code
- Chicago, IL
Many seniors are not as prepared for retirement as they would like to be. Therefore, there are several Housing and Urban Development-sponsored programs to help seniors, creating affordable housing for citizens across the country by funding programs for rent assistance, home ownership, and assistive services for seniors and the disabled.
55+ Communities, Independent Living and Assisted Living communities offering one of several different government assistance programs designed for low-income seniors. Income restrictions generally apply and individuals must meet certain criteria to qualify for the assistance. The two most common programs are the Section 202 Supportive Housing for the Elderly Program and Low-Income Housing Tax Credit (LIHTC) program.
The two most common programs are the Section 202 Supportive Housing for the Elderly Program and Low-Income Housing Tax Credit (LIHTC) program.
1. Section 202 Supportive Housing for the Elderly Program: For seniors who wish to live independently but may need assistance with activities of daily living, consider the Section 202 program. As the only program to exclusively provide housing to senior citizens, common features of these communities include housekeeping, transportation, referral services and counselling, though exact services and amenities vary by housing community. With this program, HUD provides loans to private, non-profit organizations to finance the construction of supportive housing for very low-income seniors and often provides rent subsidies.
2. Low-Income Housing Tax Credit (LIHTC): Many LIHTC properties are designated as senior housing or housing for the elderly. Owned and managed by for-profit or not-for-profit organizations, this tax credit program is overseen by the Internal Revenue Service (IRS).