After the Centers for Medicare & Medicaid Services decision to slash payments to skilled nursing facilities by 11.1% starting Oct. 1, the senior housing industry is beginning to see the impact on loans backed by the Department of Housing and Urban Development. Last week, HUD said the 3.87 billion in cuts will affect loans currently submitted for […]

The Department of Housing and Urban Development announced awards for several competitions related to its fiscal year 2009 outlays. For the assisted living conversion program, HUD awarded over $18 million in funding to 5 projects for 105 units.  The program is designed to provide funds to private non-profit owners to convert projects into assisted living facilities. […]

When Ginnie Mae announced that acute care hospital loans backed the by Federal Housing Administration were eligible for its REMIC product, a closer look revealed it may not be as useful as many would have hoped.  Despite the agency’s best intentions, it could take a few tweaks before a larger number of borrowers see benefit […]

Ginnie Mae said acute care hospital loans backed the by Federal Housing Administration are eligible for Multifamily REMIC transactions starting in August 2011. To be considered eligible collateral, the Section 242 Loans underlying the related Ginnie Mae MBS pools may not include any equipment as part of the security for such loans. “The inclusion of MBS backed […]

Sandy River Company announced it’s partnering with Cambridge Realty Capital to provide financing for Department of Housing and Urban Development’s 232 LEAN financing to clients in New England. The companies have been working together on various projects since the 1990s.  In 2007, Sandy River sold its operating companies to Genesis HealthCare but continues to own […]

Cain Brothers & Company announced the launch of a new division to originate and underwrite health care loans backed by the Federal Housing Administration. To get the new business off the ground, the company has brought on Bradley Grainger and Nick Nicholson as Managing Directors. “Few other firms in the industry can provide the same […]

Senior housing funding requests rose to $379.2 million in June according to Cambridge Realty Capital Companies. It’s an increase from the previous month and up from 19 requests totaling $243.1 million in June 2010. “This marked the second consecutive month in which request activity has been arching sharply higher. In May, the 35 separate loan requests […]

Effective July 12, Carol Galante will serve as acting commissioner of the Federal Housing Administration (FHA) after being named to the position by President Obama. Galante previously served as deputy assistant secretary for multifamily housing at the Department of Housing and Urban Development, and replaces former acting commissioner Robert C. Ryan, who vacated the position […]

After years of work to get additional support for the Department of Housing and Urban Development’s Section 232 program, things are finally progressing. On Friday, HUD announced that Summit Consulting was awarded a one year contract to support underwriting efforts and clear out a backlog of applications that currently stands numbered at 385 according to a […]