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New Construction or Substantial Rehabilitation of
Nursing Homes, Intermediate Care Facilities, Board and Care Homes,
and Assisted Living Facilities (Section 232); Purchase or
Refinancing of Existing Facilities (Section 232/223(f))
Federal mortgage insurance to finance or
rehabilitate nursing, assisted-living, intermediate care, or board
and care facilities.
Nature of Program:
HUD insures mortgages made by private lending
institutions to finance construction or renovation of facilities
to accommodate 20 or more patients requiring skilled nursing care
and related medical services, or those in need of minimum but
continuous care provided by licensed or trained personnel.
Assisted living facilities and board and care facilities may
contain no fewer than five one-bedroom or efficiency units.
Nursing home, intermediate care, and board and care services may
be combined in the same facility covered by an insured mortgage or
may be in separate facilities. Major equipment needed to operate
the facility may be included in the mortgage. Facilities for day
care may be included. Existing projects are also eligible for
purchase or refinancing with or without repairs (and not requiring
substantial rehabilitation) under Section 232/ Section 223(f).
Applicant Eligibility:Developers,
private owners, and private nonprofit corporations or
associations, and public agencies (nursing homes only), or public
entities that are licensed or regulated by the state to
accommodate convalescents and persons requiring skilled nursing
care or intermediate care, may qualify for mortgage insurance.
Patients requiring skilled nursing, intermediate care, assisted
living and/or board and care are eligible to live in these
facilities.
Legal Authority:
Section 232 of the National Housing Act (12
U.S.C. 1715w). Regulations are at 24 CFR part 200, subpart A, and
part 232.
Administering Office:
Assistant Secretary for Housing-Federal
Housing Commissioner, U.S. Department of Housing and Urban
Development, Washington, DC 20410-8000.
Information Sources:
Administering office;HUD Multifamily Hubs and
ProgramCenters.
On the Web:
www.hud.gov/offices/hsg/mfh/progdesc/nursingalcp232.cfm
Current Status:
Active.
Source: Programs
of HUD (2006)
For more information on how the Danter Company can assist you
with the due diligence necessary for a loan application through
this program, please contact Ken Danter at (614) 221-9096
or at via email at
kend@danter.com
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