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.