On June 8, LeadingAge and the U.S. Department of Housing and Urban Development (HUD) co-hosted a call on key senior housing preservation steps for pre-1974 direct loan Section 202 properties. Housing providers joined the call to hear from housing experts from LeadingAge, HUD, and Hampden Park Capital and Consulting.

During the call, John Ardovini, HUD’s Transaction Division Director with the Office of Recapitalization, outlined last-chance options to preserve subsidy at Section 202 properties that were built prior to 1974 and whose mortgages are maturing, in many cases losing HUD rental assistance. HUD’s process includes the use of Tenant Protection Vouchers (TPVs) to keep housing affordable for older adult residents.

Next, Mark Oswanski, Vice President with Hampden Park Capital and Consulting described pathways to promote revenue at pre-1974 properties, maintain affordability, and leverage debt and equity to recapitalize the property.

The call also covered new opportunities for pre-1974 Section 202 properties to leverage funding from HUD’s Green and Resilient Retrofit Program (GRRP).

LeadingAge strongly supports the preservation of every affordable senior housing unit and supports innovative options to maintain and improve affordable properties, including by leveraging TPVs and the GRRP. The recording is available here, and speaker slides are available here and here.