The Department of Health and Human Services (HHS) announced earlier this month that more than $32 million in FY 2010 funds have been made available to increase access to health care for Americans living in rural areas. The funds reach across seven programs administered by the Office of Rural Health Policy in HHS’ Health Resources and Services Administration (HRSA).  Telehealth programs to support rural communities received over $3 million in funding including more than $2 million for the Telehealth Network Grant Program, which helps communities build capacity to develop sustainable telehealth programs and networks and more than $1 million for the Telehealth Resources Center Grant Program, which provides technical assistance to help health care organizations, networks and providers implement cost-effective telehealth programs serving rural and medically underserved areas and populations.

[Read more →]

The 2009 American Housing Survey, recently released by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development, provides detailed information on the characteristics of the nation’s current housing profile.  The survey covered a wide range of housing and lifestyle topics and some of the highlights include:

[Read more →]

Cambridge Realty Capital recently announced a series of financing transactions for California assisted living and skilled nursing properties totaling over $26 million dollars.  Cambridge has been actively financing skilled nursing homes and assisted living facilities in California for over 15 years and has recently increased its focus in Southern California with the addition of Hymie Barber who manages the regional presence for the company.  Some of the recent financing activities include: [Read more →]

North Shore University Hospital (NSUH) announced earlier this month that it has reached agreement to purchase assets of the Saint Vincent’s Catholic Medical Center Certified Home Health Agency (CHHA), subject to the approval of the United States Bankruptcy Court for the Southern District of New York. The transaction results in an eight-county CHHA license for North Shore University Hospital that includes the five boroughs of New York City, Nassau, Suffolk, and Westchester. Prior to the acquisition, North Shore-LIJ Home Care was licensed for Long Island and Queens.  The purchase includes $17 million in cash and assumption of certain obligations of the CHHA and will will offer employment to those CHHA employees that meet its hiring standards and will work cooperatively with the unions to transition the work force.

[Read more →]

MHPI President and founder Sheldon D. Bycoff recenlty showcased three of MPHI’s properties during a tour with U.S. Department of Housing and Urban Development (HUD) New England Regional Director Richard A. Walega.  The property tour concluded in Chelsea at Senior Living at Bellingham Hill, a supportive housing environment that is home to 60 tenants made possible by HUD 202 funding.  In the midst of his first year overseeing HUD’s operations in the region, Walega and Bycoff discussed the history and state of affairs of MHPI, current trends in today’s low-income housing market and new developments within HUD.

[Read more →]

Boulder Housing Partners (BHP) recently announced that it has begun installation of solar panels at Canyon Pointe affordable, senior apartments.  Canyon Pointe consists of 81 one-bedroom apartments that are part of the Section 8 Project Based program for residents age 62 years and older.  The project is being funded by the American Recovery and
Reinvestment Act and the HUD Office of Affordable Housing Preservation, Green Retrofit Program. 

[Read more →]

The Visiting Nurse Service of New York (VNSNY) announced earlier this month that it recently bid on and is set to acquire the Long Term Home Health Care ("Lombardi") Program from St. Vincent’s Catholic Medical Center.  VNSNY is currently licensed to provide long term home health care to 2,301 chronically ill New York residents and it will be able to offer these services to an additional 1,065 patients in the Bronx, Manhattan, Brooklyn and Queens, and bring VNSNY long term home health care to Nassau County.  The transaction was filed at a closed, one-time bid auction on August 10, 2010 for $30,150,000.  The purchase is pending approval by the U.S. Bankruptcy Court and the Attorney General’s Office. VNSNY and Lombardi are working together with the New York State Department of Health to shape a smooth transition and a Certificate of Need will be filed by VNSNY on August 13, 2010, with completion of the process expected before the end of the year.

[Read more →]

As China tackles its population growth problems between shortages of housing and lack of affordable housing options, the China Post is reporting that the Chinese government anticipates rolling out reverse mortgages in 2012 to deal with a growing population that needs options to age in place.  The program will be available to citizens over 65 years of age and the product will be rolled out on a trial basis to test the product in various markets.  The article states that the government will provide the initial funding of over $200 million to encourage banks to offer the product.  It is estimated that the number of senior citizens aged 65 and above accounted for 10.4 percent of the nation’s total population in 2008 and the figure is expected to rise to 14 percent in 2017 and further up to 20.1 percent in 2025.

Government to help senior home owners

The housing market can’t seem to catch a break.  The existing-home sales numbers were sharply lower in July according the National Association of Realtors®.  The number of sales dropped 27.2 percent to a seasonally adjusted annual rate of 3.83 million units in July from a downwardly revised 5.26 million in June, and are 25.5 percent below the 5.14 million-unit level in July 2009.  The drop, larger than anticipated, continues to add negativity to an already morbid housing market and continues to breed fear, uncertainty and doubt to not only senior homeowners but the broader population.  Single family sales reached their at the lowest level since May of 1995 and the total housing inventory at the end of July represented a 12.5 month supply.

[Read more →]

Holy Family Senior Apartments in Buffalo, New York recently celebrated its groundbreaking marking the start of its conversion from a former Catholic elementary school.  The three-story building will be rehabilitated and transformed into 35 affordable, energy-efficient apartments and is being sponsored by the Diocese of Buffalo and developed by Delta Development of WNY, Inc. and Living Communities LLC.  The apartments will be targeted towards 24 households with incomes at or below 50% of the area median income and 11 households with incomes at or below 60% of the area median income and six units will be designated to serve the frail elderly.  The South Buffalo Food Pantry, operated by Catholic Charities of Buffalo, will be housed at the complex and will provide support services to residents.  Funding for the project is provided in part by $4.9 million in equity derived from the federal Low Income Housing Tax Credit Program administered through the New York State Division of Housing and Community Renewal (DHCR), $2.1 million through the NYS Housing Trust Fund Corporation, and $200,000 from the DHCR’s Urban Initiatives Program.

[Read more →]

The California Housing Finance Agency (CalHFA) recently closed its first bond issuance under the New Issue Bond Program (NIBP).  The NIBP, made possible through a special partnership with the U.S. Department of the Treasury, will provide $380 million financing for affordable, multifamily housing developments in California.  CalHFA’s first NIBP issuance will help create a 185-unit development for senior citizens called Belovida at Newbury Park, located in San Jose. The project has been allocated $24 million in tax-exempt bonds and construction is expected to begin in late September 2010 and is scheduled to be completed by the fall of 2011.

[Read more →]

Outer Marker Properties recently announced the development of Hampton Pointe Manor, an assisted living/Alzheimer’s care project in Missouri City, Texas.  The 53,000 square foot facility will contain 77 units, with 54 units dedicated to Assisted Living and 23 units allocated to Memory Care and is expected to open in July 2011.   The development plans to expand to provide a skilled nursing facility and commercial space.

[Read more →]