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ALMOST 150 MORE RENTAL ASSISTANCE VOUCHERS AWARDED TO ALASKA AND WASHINGTON STATE

Alaska Housing Finance Wins 48 More Vouchers & King County Housing Authority Wins 100 More Vouchers for the Non-Elderly Disabled

SEATTLE, WASHINGTON – June 5, 2009 – (RealEstateRama) — The U.S. Department of Housing and Urban Development has awarded funds $1.078.064 for an additional 100 Housing Choice rental assistance vouchers to the King County Housing Authority and $296,881 for 48 additional vouchers to the Alaska Housing Finance Corporation.

The funds were awarded under a $15 million Notice of Funding Availability competition announced in The Federal Register in November seeking applications from housing authorities nationwide for rental assistance for non-elderly persons with disabilities in certain types of Section 8 project-based development and Section 202, section 221(d)3 and Section 236 rental complexes. Nationwide, 12 housing authorities were awarded funding in the competition.

“Additional vouchers are always welcome since the demand for vouchers outstrips the supply in most of our Region’s housing markets” said Deputy Regional Director Martha Dilts. “We congratulate these organizations for their foresight and success in competing for these additional vouchers to increase the number of households they can assist.”

Prior to today’s announcement, the Alaska Housing Finance Corporation was administering some 4,200 rental vouchers and the King County Housing Authority was administering almost 7,400 vouchers.
Housing Choice rental assistance vouchers are made available under Section 8 of the National Housing Act to income-eligible households so that they do not have to pay more than 30 percent of their monthly gross income for rent. . The vouchers enable the households to rent privately-owned units which must meet HUD Housing Quality Standards prior to and during occupancy. They cover the rental costs between the household’s contribution and the payment standard based on the established Fair Market Rent.

The vouchers announced today will be used to provide housing assistance to non-elderly persons with disabilities who have not been able to obtain housing in a project-based, Section 202, Section 236, or Section 221(d)3 complex because it has an elderly preference or restriction.

A “Section 8 project-based development” is a privately-owned rental complex which receives an annual rent subsidy for those of its units rented to income-eligible households. The “Section 202” program funds the development and operation of privately-owned rental complexes for the low-income elderly. The “Section 221(d)3” program insures, through the Federal Housing Administration, the mortgages of rental complexes owned by nonprofit organizations. The “Section 236” program provides mortgage insurance with a below-market interest subsidy for privately-owned rental complexes serving income-eligible households.

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HUD is the nation’s housing agency committed to increasing homeownership, particularly among minorities; creating affordable housing opportunities for low-income Americans; and supporting the homeless, elderly, people with disabilities and people living with AIDS. The Department also promotes economic and community development, and enforces the nation’s fair housing laws. More information about HUD and its programs is available on the Internet at www.hud.gov and espanol.hud.gov

Contact: Lee Jones
(877)741-3281, extension 5356
Leland.Jones (at) hud (dot) gov

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U.S. Department of Housing and Urban Development (HUD) is the nation’s housing agency committed to increasing homeownership, particularly among minorities; creating affordable housing opportunities for low-income Americans; and supporting the homeless, elderly, people with disabilities and people living with AIDS. The Department also promotes economic and community development, and enforces the nation’s fair housing laws.

Contact:

Brian Sullivan
(202) 708-0685