Subsequent to publication, it was determined that several sections of the NOFA required revision to correct particulars such as email addresses, tables and exhibits.
Also, additional clarification in reference to Energy Star and Green Development was found to be necessary.
Because of the
integral nature of these corrections, the deadline for application submission has been extended.
This notice is intended to disseminate this information to the entire applicant pool as rapidly as possible, to facilitate applicants recognition and utilization of these changes to the NOFA.
This program provides funding for the development and operation of supportive housing for very low-income persons 62 years of age or older.
HUD provides capital advances and contracts for project rental assistance in accordance with 24 CFR part 89 1. Capital advances must be used for the construction or rehabilitation of a structure, or acquisition of a structure with or without rehabilitation.
(See Section IV.E.3 below for additional information on calculating the capital advance amount.) Capital advance funds bear no interest and are based on development cost limits in Section IV.E.
3. Repayment of the capital advance is not required as long as the housing remains available for occupancy by very low-income elderly persons for at least 40 years.
PRAC funds are used to cover the difference between the tenants' contributions toward rent (30 percent of adjusted income) and the HUD-approved cost to operate the project.
PRAC funds may also be used to provide supportive services and to hire a service coordinator in those projects serving frail elderly residents.
The supportive services must be appropriate to the category or categories of frail elderly residents to be served.