The government shutdown will impact lenders and borrowers working with Department of Housing and Urban Development programs—including those with residential care facility projects—to varying degrees depending on how long the lapse in appropriation ability lasts and each loan’s status, reveals a contingency plan released Friday. HUD will still close loans through the Office of Healthcare […]
Category: HUD
Greystone Closes $117 Million Portfolio Acquisition of Affordable & Senior Housing Greystone recently announced the closing of a $117 million multifamily transaction in Georgia to be used toward the acquisition and rehabilitation of 44 affordable housing properties, more than half of which are designated senior housing. The portfolio contains 1,362 units that serve low-income households in […]
Commitment Authority for the Federal Housing Administration to issue mortgage insurance for multifamily projects including healthcare and senior housing has been exhausted through the end of fiscal year 2013. This fiscal year, ending September 30, allowed the Department of Housing and Urban Development under Congress $25 billion across its multifamily, healthcare and risk share programs, […]
While the Department of Housing and Urban Development is approaching the limit to its commitment authority, or the amount it can insure for multifamily and health care loans, applications remain strong in the senior living sector across assisted living and skilled nursing properties. HUD received 98 applications in June, up from 48 applications in May […]
A public housing authority in Texas may be shifting its focus more toward the growing needs for more senior housing. Some of the property currently being used as public housing for the city of Dallas would be sold off in order to fund new senior living development, if a recent proposal receives approval by the […]
While not the first time in recent memory the Department of Housing and Urban Development has reaching its commitment authority to finance multifamily housing development projects, the department has again begun prioritizing its projects until it receives more authority for funding. Those who finance senior housing development projects through HUD say while the delay is […]
A bill passed by a House of Representatives committee this week would place limitations the Federal Housing Administration’s Section 242 Program, which currently insures hospital buildings throughout the U.S. The 242 program is currently administered by the Office of Hospital Facilities within the Office of Healthcare Programs, allowing for insurance for acute care hospitals spanning […]
Proposed budgets released Wednesday by President Obama and the Department of Housing and Urban Development (HUD) include pros and cons for senior housing and care: cuts to Medicare providers and Social Security beneficiaries, but millions in funding for supportive housing for the elderly. Obama’s fiscal year 2014 budget seeks to trim $1.8 trillion from the […]
Coming off a big year for agency financing in the senior living lending environment, 2013 looks to be no different in terms of the participation of the Federal Housing Administration, Fannie Mae and Freddie Mac in the market. Some areas may even be positioned for growth. Last year, the Department of Housing and Urban Development […]
Federal Housing Administration commissioner Carol Galante sent a letter on Monday to Department of Housing and Urban Development (HUD) lenders telling them to expect sequester-related delays in healthcare and multifamily lending. “At this time, the Department of Housing and Urban Development is taking every step to mitigate the effects of these cuts, but based on […]
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