Senior Housing

Funding made available under this NOFA must be used to fund supportive services in eligible existing HUD-assisted multifamily developments targeted to elderly households. Applications are due no later than Monday, April 18, 2016.

Rittenberg Manor provides 100 home to seniors over the age of 62, and sets aside five of those units for homeless individuals. The new affordable apartment community in Egg Harbor City, NJ, which is providing homes to seniors displaced by Hurricane Sandy, has earned an ENERGY STAR certification.

Love Funding announced the closing of a $14.3 million loan to rehabilitate Thorpe Village, a senior apartment community in Sparkill, New York. The property consists of 200 age-restricted units, of which 198 are covered by a Section 8 contract.

USA Properties Fund will begin construction on a much-needed affordable senior community in Aliso Viejo, a city in southern Orange County. The 202-apartment community will offer affordable housing to seniors 55 years and older with household incomes between 50% and 60% of the area median income for the county.

Lancaster Pollard worked with the owners of a Sec. 202 affordable seniors housing property in Oakland, CA, that needed significant rehabilitation. Lancaster Pollard ultimately advised on the sale of Northgate Terrace for $27.5 million to WNC, which will perform a complete renovation of the existing property at a total cost of $47 million, including the acquisition and renovation.

Vesta Corporation will conduct a complete rehabilitation and redevelopment of Villa Serena Apartments, a 242-unit apartment community in Mayfield Heights, Ohio. Vesta was awarded a federal Senior Preservation Rental Assistance Contract (SPRAC). This award, combined with an FHA First Mortgage, 9% LIHTCs, and the $2 million, 20 year subsidy, will finance most of the estimated $40,000 per-apartment cost of the renovation.

Lancaster Pollard assisted Evangelical Lutheran Good Samaritan Society (Society) in financing an acquisition rehab on a Section 202 affordable seniors housings property using the FHA Sec. 223(f) Pilot Program.

A property that was under development in Baltimore by the Woda Group was destroyed in a massive fire. The development, which was 45% complete, plans to replace a blighted block with 61 units of affordable senior housing and service, counseling, and job training space.

On February 2, President Barack Obama introduced his fiscal year (FY) 2016 budget, requesting a total of $49.3 billion for Department of Housing and Urban Development (HUD) programs and proposing significant policy changes aimed at improving the Low-Income Housing Tax Credit (LIHTC) program and a proposal to modify and permanently extend the New Markets Tax Credit (NMTC) program.

HUD released a webinar highlighting certain provisions in the recently published Supportive Housing and Services for the Elderly and Persons with Disabilities: Implementing Statutory Reforms Proposed Rule.

Florida Housing Finance Corporation (Florida Housing) is testing a new initiative to fund the renovation and retrofit of an older senior rental property in its portfolio to make it more supportive and user-friendly for the existing elderly residents so that they can better “age in place.”

HUD recently published a draft rule in the Federal Register proposing to implement certain reforms to HUD’s Section 202 and Section 811 programs.