The Department of Housing and Urban Development has reserved $687 million to finance 14,470 housing units for the elderly and the handicapped under the department's Section 202 program.

Direct loans will go to 284 nonprofit sponsoring organizations that finance rental housing and other facilities for the elderly or handicapped. Up to 100 percent of total project development costs may be borrowed from HUD at an interest rate based on Treasury borrowing rates, and the loan is to be repaid over 40 years.

HUD requires sponsors to scatter their facilities throughout their communities rather than limiting them to a single neighborhood.

Of the totals, 12,857 units are to be for the elderly and 1,613 for the handicapped.

In this area, the following loan levels were approved for these organizations:

* Lead Inc. in the District, $558,100.

* The Maryland Society for the Autistic in Bethesda, $524,000.

* Jenkins Memorial in Baltimore, $5.4 million.

* Anne Arundel County American Red Cross in Annapolis, $1.6 million.

* Cheshire Homes of Arlington County, $420,000.

* Fellowship Square Foundation Inc. in Reston, $5 million.

* Insight Inc. in Woodbridge, $628,900.

* Emmett Retirement Complex, Roanoke, Va., $3.5 million.

* Marywood Inc. in Richmond, $4.2 million.