Washington brings good news about affordable housing for seniors
With White House approval of the fiscal year 2018 spending bill, the senior living industry will see increased funding related to age-related illness research and affordable senior housing.
Legislators passed a fiscal year 2018 budget with several provisions that benefit the senior living industry, especially given the concern about the nation-wide lack of affordable senior housing.
The spending bill increases funding for research into age-related illness:
- $414 million increase for Alzheimer's and dementia research
- $4.5 million for health promotion dedicated to Alzheimer's disease
- $2 million for fall-prevention initiatives
It also offers much-needed funds for affordable housing development programs that benefit seniors:
- Overall, a $4.6 billion increase over fiscal year 2017, according to the NLIHC
- 12.5% increase in Low Income Housing Tax Credits (LIHTC), which may be able to make up for the hit LIHTC developments took with the reduction of the corporate tax
- $678 million increase to the Section 202 Housing for the Elderly program, according to LeadingAge
- Increased funding for low-income home energy assistance, social services block grants, and other home- and community-based service programs
You can read a comprehensive summary of the spending bill at McKnight’s Senior Living.