Are there loans available for senior citizens on section 8?

1 answer | Last updated: Dec 02, 2016
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Are there loans available for senior citizens on section 8?


Expert Answers

Barbara Steinberg is the CEO and founder of BLS Eldercare Financial Solutions, which specializes in helping families pay for long-term care for their loved ones. A registered financial gerontologist, she speaks regularly on the topic of paying for long-term care and is a financial expert for Caring.com.

The Section 8 Program provides rent subsidies for low income families (including single persons) who live in designated properties. HUD (Department of Housing and Urban Development) designates the properties, which fall into 3 categories: newly constructed, rehabilitated and existing rental and coop apartments. These properties have FHA-insured mortgages. A limited number of apartments in each property can be subsidized. The government determines how much rent the tenant can pay, based on income. The subsidy is given directly to the property owner to make up the difference between fair market rental and the tenant’s obligation.