Financial Services Committee Approves Section 202 Preservation Bill with Delegated Processing

摘要

The House Financial Services Committee has approved legislation to speed the construction process for Section 202 elderly housing projects by delegating grant processing and underwriting to state and local entities and also directing that HUD set reasonable development cost limits for the program.rnThe bill (H.R. 2930) also contains several provisions to facilitate housing preservation, including the provision of project-based assistance to prevent the displacement of tenants when a Section 202 direct loan is refinanced. This would help projects built between 1959 and 1974 that do not currently have rental assistance.