Financing Without Fear: Program Expands Senior Housing Lending Options

Would you convert senior housing units into assisted living, if doing so would lead to refinancing problems down the line? In the past, some providers faced this choice. But that has changed, thanks to new rules under a U.S. Department of Housing and Urban Development (HUD) program. The Assisted Living Conversion Program (ALCP) provides grants to nonprofit owners to convert a portion of their units into an assisted living facility. Previously, properties that received ALCP grants were blocked from using FHA mortgage insurance through HUD’s Sec. 223(f) and Sec. 221(d)(4) programs. Now, lenders can tap these HUD programs to refinance or rehabilitate properties that have undergone a conversion through ALCP, so long as less than 75% of its units and residents receive assisted living services. www.seniorhousingnews.com

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