Two separate pieces of legislation passed Congress and will head to President Obama's desk for signatures, putting in place standards that will preserve affordable housing for seniors and the disabled around the country.
Sponsored by New York Senator Charles Schumer, New Jersey Senator Robert Menendez and Nebraska Senator Mike Johanns, the bills will make it easier for property owners renting to low-income seniors and the disabled to refinance their apartment buildings, preserving the quality and maintaining the low cost of the affordable apartments. Schumer said each bill protects a vital need for affordable housing from both communities.
"This is a common sense way to help property owners refinance elderly housing in order to preserve affordable housing for needy seniors and individuals with disabilities," Schumer said. "We have an obligation to make sure our seniors and disabled citizens can live with dignity."
The legislation will be a boon for the Section 202 housing program, which provides roughly 300,000 cheap apartments nationwide and supportive services for low-income senior citizens, said Schumer. With the nation's senior citizen population growing and the waiting list for Section 202 housing getting longer, the senator said every possible tool should be given to landlords and property owners to ensure that the stock of affordable housing for seniors remains robust and well-maintained.
Additionally, the new law will increase the number of cheap apartments built each year and designated as Section 811 housing - subsidized units set aside for low-income residents with disabilities. Unit production averages about 800 to 1,000 new units each year, and Schumer said the law will increase that figure to the 3,000- and 4,000-per-year range.
Dozens of senior and disabled housing advocates around the country voiced their support for the bill, including the National Council on Aging and the Consortium for Citizens with Disabilities. Representatives Christopher Murray of Connecticut and Judy Biggert of Illinois also sponsored the legislation.
Affordable housing continues to be an important concern for families in the United States and across the globe. A new Gallup poll showed that in the United States, a median 11 percent of adults say they did not have the money to provide adequate housing for themselves or their families. The issue was even greater abroad - a median 19 percent of adults worldwide said they lacked adequate affordable housing.
Jim Sarone is a writer for My Cheap Apartments specializing in cheap apartments and the affordable housing markets.
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