U.S. Senators Blanche Lincoln and Mark Pryor -- along with U.S. Reps. Marion Berry (AR-01), Vic Snyder (AR-02) and John Boozman (AR-03) announced today that the Department of Housing and Urban Development (HUD) has granted three Arkansas organizations close to $4.7 million to increase the supply of rental housing available to the state's low-income elderly population.
The grants come from HUD's Section 202 program. Under this program, capital advances are made to private nonprofit organizations or nonprofit consumer cooperatives to build, acquire and/or rehabilitate rental housing with supportive services for elderly persons, including the frail elderly, who are 62 years of age or older. The capital advance is interest-free and does not have to be repaid as long as the housing remains available for very low-income elderly persons for at least 40 years.
The three grants were awarded to organizations in Bryant, Melbourne and Russellville. White River Housing Development Corp. of Melbourne received $1,546,800.