Increased "Section 202" funding good news for senior citizen housing

retirement cake
retirement cake

Happy New Year, senior citizens! 2010 should be a good year for you, thanks to an increase in funding for what is known as the Section 202 program. For the first time in six years, Congress approved a hike in the Section 202 program, which takes effect with the new year. It is a $60 million increase in fiscal 2010.

The Section 202 program, reports the Associated Press, "provides grants and rental help through nonprofit sponsors of low-income senior housing." Under the Section 202 program, a person usually pays no more than about 30 percent of their income on rent, according to the AP.