Housing Finance Agency

Senior Housing Finance Program

The Housing Finance Agency (HFA) issues bonds to support housing and home ownership programs. In the Senior Housing Finance Program, HFA finances the construction and rehabilitation of affordable apartments for low-income seniors. To qualify for the financing, the apartment owners must file certain reports with HFA and ensure that their tenants meet the program’s age and income requirements. We examined the owners’ compliance with these requirements. We determined that tenants generally met the program’s age and income requirements, and apartment owners generally submitted the required reports. However, some reports were submitted late and some lease agreements were either outdated or missing required HFA riders. We recommended certain improvements in HFA’s administration of the Senior Housing Finance Program.

For a complete copy of Report 2006-S-29 click here.