The nation’s growing population of older adults will get some much-needed help for housing needs in 2010. This may be welcome news because seniors won’t see an automatic cost-of-living increase in their Social Security checks for the first time since 1975.
Affordable housing
This fall, Congress approved a $60 million, or 8 percent, increase for the Section 202 program in fiscal year 2010. It is the program’s first funding increase since 2004.
Section 202 provides grants and rental help through nonprofit sponsors of low-income senior housing. Residents typically pay no more than 30 percent of their income on rent.
Energy efficiency and bills
The American Recovery and Reinvestment Act provides $5 billion for improvements to protect a home from wind, rain and sunlight. That includes upgrades such as installing new drains and gutters to replacing doors and windows.
There also are tax credits available for improvements that lower utility bills. The tax credit applies to 30 percent of the cost, up to $1,500.
Seniors struggling to pay their energy bills can turn to the Low-Income Housing Energy Assistance Program. The federal government is pumping $5.1 billion into the program in 2010, double the amount from two years ago.
Seniors interested in these programs can contact the federal government at /weatherization.
$6,500 homebuyer tax credit
In November, Congress created a $6,500 tax credit for people who have owned their home for five consecutive years. The program is especially beneficial to older homeowners who have owned a home for a long time and have substantial equity.
