On January 4 the President signed Public Law the Section 202 Supportive Housing for the Elderly Act of 2010 (P.L. 111-372). P.L. 111-372 authorizes, on a continuing basis, the refinancing of certain low-interest Section 202 loans, and requires an additional 20-year affordability period in connection with the refinancing of any Section 202 loan. In addition, the law authorizes new “senior preservation rental assistance contracts,” to be provided to the owner of a Section 202 project undergoing a refinancing and to be governed by the same rules applicable to Section 8 project-based rental assistance. Read More…