(Queens, NY) – (RealEstateRama) — House Democratic Caucus Chairman Joe Crowley (D-NY) announced today his efforts to provide a robust investment to expand Affordable Housing for seniors in Queens, the Bronx, and across the country.
The Department of Housing and Urban Development provides incentives to finance the construction and rehabilitation of properties that offer vital services to 25 million economically insecure American seniors. However, no funding has been provided for new construction since 2011, despite the growing need for affordable housing that specifically serves seniors.
In a letter to the House Committee on Appropriations ahead of the 2019 government funding bill, Chairman Crowley highlighted statistics from the National Low-Income Housing Coalition and Harvard University showing that the number of households with residents over the age of 65 is projected to grow by 20 million over the next two decades, while the number of homeless seniors will more than double by 2050.
“Supporting funding for new construction would send a clear message to low-income seniors that their needs for affordable housing deserve attention and must be met,” Crowley wrote. He added that expanding the program will, “make sure shelter can be provided for one of our most vulnerable populations, particularly at a time when market-rate rents are rising so quickly.”
The full text of the letter can be found here.
Source: The Democratic Caucus