Medicare Cuts Unlikely to Impact Activity of HUD Skilled Nursing Loans

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 […]

HUD Announces More than $147 Million in Funding Awards for Senior Housing

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. […]

Higher Priority on Enforcing Regulatory Issues Needed for HUD’s 232 Program says OIG

While the Department of Housing and Urban Development’s Office of Healthcare Program has taken steps to strengthen the Section 232 program, more can still be done according to a report from the Office of Inspector General. “Additional steps can be taken to strengthen the controls which were sometimes inconsistent or vague, and ensure punch lists are followed,” […]

GNMA Expands REMIC Program to Allow FHA Insured Hospital Loans

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 and Cambridge Team Up to Provide HUD 232 Financing

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 […]

Senior Housing Funding Requests Continue to Rise at Cambridge

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 […]

Obama Names New “Acting” Commissioner for FHA, Brings Senior Housing Experience

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 […]

HUD Awards Contract to Clear Senior Housing Application Backlog

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 […]