The Department of Housing and Urban Development released Mortgagee Letter 2009-07 which raises the national FHA loan limit for reverse mortgages (HECMs) to $625,500. The changes are effective immediately for loans closed on or after February 24, 2009. The speed at which this mortgagee letter was released is shockingly fast but most likely in response [...]
As the CMS Five Star Rating System continues to get more attention, state legislators from California are getting behind a proposal by Los Angeles County to require nursing homes to display the ratings they receive prominently. Earlier this month, California State Representative Mike Feuer (D-Los Angeles) and Assembly member Cameron Smyth (R-Santa Clarita) introduced Assembly [...]
Assisted Living Concepts, Inc. ( ALC ) (NYSE:ALC) reported net income of $3.0 million in the 2008 fourth quarter compared to net income of $4.1 million in the 2007 fourth quarter and cited the decrease attributable to an increase in residence lease expense primarily from the CaraVita acquisition. The company’s net income decreased from $17.2 [...]
As the role of downsizing housing and living spaces accelerates for the aging population, many small businesses are popping up to serve the needs of seniors and baby boomers. These business are sprouting up across the United States either as new stand-alone businesses or in conjunction with a senior living community or real estate company. [...]
Intercommunity Mercy Housing announced that it received a $8.2 million grant from HUD and that the funding will go toward IMH’s first affordable housing property for low-income seniors in Tacoma. Representatives from Intercommunity Mercy Housing, the city of Tacoma and the Washington State Housing Trust Fund celebrated the groundbreaking of the property this week called, [...]
Health Care Reit, Inc. (HCN) announced that achieved 4Q08 normalized funds from operations (FFO) of $0.83 per share, up 4% and had normalized FFO of $3.38 per share, up 8% for the full year 2008. The company completed a total of $1.0 billion in new net investments of which 85% related to preferred investments which [...]
In a smaller and obscure part of the senior housing industry, an RV dealer put out a press release that analyzed the stimulus package recently passed by the Obama administration that makes the claim that 85% of RV buyers will not qualify for RV tax breaks offered in stimulus package. According to the release, in [...]
The S&P Case-Shiller Home Price Index for December 2008 and it showed that decline in the S&P/Case-Shiller U.S. National Home Price Index – which covers all nine U.S. census divisions – recorded an 18.2% decline in the 4th quarter of 2008 versus the 4th quarter of 2007, the largest in the series’ 21-year history. The [...]
Earlier this month, architectural and interior design firm Rosemann & Associates, PC announced that construction of the 42 unit, independent senior living community in Kansas City, Mo. known as D.A. Holmes II Senior Apartments has been completed and 100 percent occupied. The owner, D.A. Holmes Senior Housing II, L.P. developed the $4.9 million, affordable senior [...]
