A federal infusion of cash could help create more affordable housing for seniors, but many still struggle to afford housing.
A recent federal infusion of funding aimed at affordable housing for older Americans is not enough, experts say.
According to an article by Jessica Hall in Morningstar, “The U.S. Department of Housing and Urban Development (HUD) recently announced $115 million in grant funding to support the development and improvement of affordable rental housing for low-income seniors. Of that funding, $35 million is earmarked to create intergenerational housing for households headed by seniors who are raising children under 18 years of age.” The funding is an expansion of Section 202 housing grants for organizations that create affordable housing for seniors.
In 2021, over 5 million older U.S. households were ‘severely cost burdened,’ spending more than half their income on housing. Meanwhile, “About 16.2% of grandchildren under the age of 18 living with grandparents were living in poverty, according to the Census Bureau.” Seniors who want to ‘age in place’ may not be able to, burdened by high housing costs, lack of adequate transportation, and homes that lack accessibility features needed by older adults.
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