FINANCIAL SERVICES COMMITTEE MOVES BILL FORWARD TO IMPROVE LOW-INCOME ELDERLY HOUSING
Legislation Will Increase Availability of Low-Income Housing for America's Elderly
Washington, Sep 25 - Congressman Peter J. Roskam (R-IL) today issued the following statement following the United States House of Representatives Financial Services Committee's passage of the Section 202 Supportive Housing for the Elderly Act of 2007, H.R. 2930, calling it an important step in increasing the availability of housing for our nation's increasing elderly population:
"This important legislation will make interest free capital advances, rather than direct loans, available to private and nonprofit sponsors seeking to finance the development of housing for our nation's expanding elderly population.
"This expanding population must have access to quality, low-cost housing. The capital advance contained in this bill will be interest free so long as the housing remains available for very low-income elderly persons for at least 40 years.
"The 40 year requirement will not only increasing affordable housing in the short term, it will greatly increase its availability in the long term as our nation's needs grow.
"I hope this legislation is brought to the House floor swiftly for a vote."