Section 202 Supportive Housing for the Elderly Act of 2007
SECTION 202 SUPPORTIVE HOUSING FOR THE ELDERLY ACT OF 2007 -- (House of Representatives - December 05, 2007)
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Mr. LYNCH. Mr. Speaker, I too want to thank Mrs. Capito, Chairman Frank, Chairman Waters, and also Mr. Mahoney from Florida for his great work on this.
Mr. Speaker, as a cosponsor of H.R. 2930, I am pleased to support this bipartisan legislation to reform and strengthen HUD's section 202 senior housing program.
Mr. Speaker, affordable rental housing is essential to low-income seniors living on fixed income. In fact, according to the AARP, there are at least 10 seniors now on waiting lists for every unit of section 202 housing that becomes available. However, in the meantime, for every unit of affordable housing that we create, two are being lost either through the conversion process to market-rate housing or by sponsors who are opting out of the program when their contracts expire. As a result, preserving our existing section 202 senior housing is and should be a national priority.
H.R. 2930 eases the development and preservation of section 202 housing for the elderly by reducing administrative burdens while simultaneously expanding the available options for recapitalization. This bill will give the owners of these communities the ability to leverage the equity in those properties. It will also allow them to access much-needed capital and benefit from the current low interest rates being offered by private lenders.
Mr. Speaker, by delegating the processing of these capital advances to State housing agencies with staff and experience in housing development, the section 202 process will be aided and made more efficient.
Mr. Speaker, as President John F. Kennedy once said to Congress nearly 45 years ago, ``The gradual increase in lifespan in our country and the number of our senior citizens who find themselves in later years dependent on affordable housing presents this Nation with increased opportunities. The increased life expectancy presents opportunities to draw upon the skills of our senior citizens and their wisdom and sagacity, and the opportunity to provide the respect and recognition that they have earned in their later years. It is not enough for a great Nation merely to have added years to their lives. Our objective must also be to add new life to those years.''
I encourage my colleagues to support the growing population of seniors in our country, of these most vulnerable citizens in our country, by voting for this important bipartisan measure to aid the elderly in the section 202 program.
Again, I would like to thank my colleague from Florida, Mr. Mahoney, for spearheading this important legislation.
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