Section 202 Supportive Housing for the Elderly Act of 2010

[AI summary unavailable — showing source text] Section 202 Supportive Housing for the Elderly Act of 2009 - Amends the Housing Act of 1959 regarding project rental assistance for supportive housing for the elderly. Changes from discretionary to mandatory the authority of the Secretary of Housing and Urban Development (HUD) to adjust the annual amount of a contract for project rental assistance to provide for reasonable project costs. States that owner deposits shall be used only to cover operating deficits during the first three years of operations and shall not be used to cover construction shortfalls or inadequate initial project rental assistance amounts. Allows a national private nonprofit organization that owns multiple housing projects assisted under such Act to satisfy the local governing board requirement by having a local advisory board to its national governing board. Requires the Secretary to permit an owner of assisted housing to give a preference in tenant selection to the homeless elderly. Directs the Secretary either to: (1) operate a national competition for the nonmetropolitan funds allocation of assistance for supportive housing for the elderly; or (2) make allocations to HUD regional offices. Amends the Ameri…