Senior Housing

NH&RA Member firm Lancaster Pollard recently published an article “HUD Updates: Refinancing 202 Properties” which details the recent changes HUD has made to the Section 202 program.

HUD has issued Notice H 2012-18 and H 2012-19 extending an original Notice H 2010-26 which established policy and procedures for the review of requests to subordinate Section 202 direct loans in cases where refinancing these loans is not feasible.

The Office of Management and Budget (OMB) on behalf of the White House recently released a report which details the potential effects sequestration, or across-the-board cuts to the budget, could have on both defense and non-defense programs. In August 2011, both the U.S. House of Representatives and Senate voted for the threat of sequestration as a mechanism to force Congress to act on reducing the deficit by $1.2 trillion as required by the Budget Control Act of 2011 (BCA).

NCHMA is pleased to present the conference materials including Power Point presentations relevant articles, reports, memos, etc. from our recent Annual Meeting held in Chicago, IL September 6-7 at the Conrad Hotel.

HUD has released a Frequently Asked Questions (FAQ) document to accompany Housing Notice 2012-08, which provides guidance for the prepayment and refinancing of Section 202 Direct Loan projects.

HUD recently published Housing Notice H 2012-14 which requires property owners that receive Housing Assistance Payments (HAP) to offset monthly subsidies with funds from their Residual Receipts account. The new policy outlines the obligations and duties of owners and the responsibilities of HUD Field staff in processing and monitoring the use of residual receipts.

U.S. Congressman Joe Baca (D-CA) recently introduced the Affordable Housing for Moderate-Income Seniors Act (HR 6295) which would encourage the development of affordable housing for moderate-income seniors.

Market analysis for age- and income-restricted rental housing, referenced here as “senior housing market analysis”, differs significantly from the analysis of general occupancy rental communities. The tendencies, incomes, needs and wants of senior renter households differ, at times significantly, from younger and/or family households. The demand for age-restricted rental housing should be evaluated with an understanding of these differences. This white paper identifies specific factors to be considered in conducting senior housing market analysis, proposes best practices, and suggests red flags that warrant particular attention when encountered in this type of study.

HUD recently published Notice H 2012-8, which provides guidance for the pre-payment and refinancing of Section 202 Direct Loan projects, and supersedes all outstanding policy regarding Section 202 Direct Loan pre-payments.

Join NH&RA May 21-22 for our 2012 Spring Developers Forum at the Ritz-Carlton Marina del Rey in California. Register by this Friday, April 27 to save up to $100 off your conference registration fee!

The Obama Administration released its FY 2013 budget on February 13, 2012, proposing spending levels for federal departments, agencies, and programs for the fiscal year that begins October 1, 2012. Click here for background on the federal budget process.

HUD’s Multifamily web team has launched new web portals for the Sections 202 and 811 programs.