New York, NY – September 30, 2010 – (RealEstateRama) — U.S. Senator Charles E. Schumer (D-NY) today announced a major milestone for seniors across the country as legislation he sponsored passed the Senate Banking Committee. The legislation, S. 118, is designed to streamline the Section 202 Supportive Housing for the Elderly program, which funds affordable housing for low-income seniors and protects their right to “age in place” through the provision of supportive, community-based services. S.118 makes it easier for property owners who administer elderly housing to refinance their properties – in turn allowing owners to preserve and maintain the affordability and quality of these units for elderly residents. Schumer, who has long advocated for increased funding for affordable elderly housing, praised the Banking Committee’s passage of the legislation as an important milestone for seniors across the country. The bill is expected to be taken up by the full Senate when it returns to session.
“This is a common sense way to help property owners refinance elderly housing in order to preserve affordable housing for needy seniors,” Schumer said. “We have an obligation to make sure our seniors can live with dignity, and I look forward to working with my colleague Senator Kohl to pass this legislation when it comes to the Senate floor.”
The United States Census approximates that 3.6 million seniors live below the poverty level. Among senior renters, 1.29 million spend over 50% of their income on housing. The United States Department of Housing and Urban Development generally defines affordability so that a household should pay no more than 30% of its annual income on housing expenses.
While the Section 202 Supportive Housing for the Elderly program currently provides approximately 300,000 units of affordable housing for elderly households to address the need for decent, affordable housing, this program still boasts a long list of seniors waiting for assistance. In fact, the American Association of Retired People (AARP) estimates that approximately ten seniors are on a waiting list for each Section 202 unit that becomes available.
The population of persons age 65 and older in the United States is expected to increase in both number and population percentage over the next 25 years. This growing elderly population only exacerbates the need for assisted housing and supportive services for low-income elderly persons to ensure that our aging population has adequate and decent housing.
This legislation is supported by the American Association of Homes and Services for the Aging, America Association of Service Coordinators, Alliance for Retired Americans, National Council on Aging, National Association of Area Agencies on Aging, Elderly Housing Development and Operations Corporation, Association of Jewish Family & Children’s Agencies, Catholic Charities, Lutheran Services in America, National Affordable Housing Management Association, National Church Residences, National Housing Trust, National Low Income Housing Coalition, Stewards of Affordable Housing for the Future, United Jewish Communities, and Volunteers of America.
