The organization has been formed to sponsor the preservation of affordable low income elderly housing projects, primarily those financed under the hud section 202 direct loan program with rental subsidies provided under section 8 housing payment (hap) contracts. the preservation of these projects as affordable housing is an acute problem because the majority of these projects are approaching the maturity of their mortgage terms and may be prepaid without hud approval. rebuild america will acquire such projects and maintain the affordable housing for the residents.