Purpose: Section insures lenders against the loss on mortgage defaults. Section insures mortgages that cover the construction and rehabilitation of nursing homes and assisted living facilities for people who need long-term care or medical attention. The program allows for long-term, fixed rate financing up to 40 years for new and rehabilitated properties and up to 35 years for existing properties without rehabilitation that can be financed with Government National Mortgage Association GNMA Mortgage Backed Securities.
Eligible Activities: Insured mortgages may be used to: 1 finance the construction and rehabilitation of nursing homes, intermediate care facilities, board and care homes, and assisted living facilities; 2 enable borrowers to buy or refinance with or without repairs projects that do not need substantial rehabilitation; 3 install fire safety equipment.
Facilities must accommodate 20 or more residents who require skilled nursing care and related medical services, or those who while not in need of nursing home care, are in need of minimum but continuous care provided by licensed or trained personnel.
Assisted living facilities, nursing homes, intermediate care facilities, and board and care homes may be combined in the same facility covered by an insured mortgage or may be in separate facilities. Insured mortgages may include the cost of major movable equipment, daycare facilities, and the installation of fire safety equipment.
Assisted living facilities, nursing homes, intermediate care homes, and board and care homes must be licensed or regulated by the appropriate state agency, municipality, or other political subdivision where located. The mortgage term cannot exceed 35 years or 75 percent of the estimated life of the physical improvements, whichever is less. Davis Bacon prevailing wage requirements do not apply to this program.
The Amount Based on Value. The applicable percentage of the estimated value of the property after completion of repairs and improvements. Eligible Customers: All persons are eligible to occupy such projects subject to normal occupancy restrictions. The sponsor works with the MAP-approved lender who submits required exhibits for Firm Commitment application, including a full underwriting package to the local Multifamily Hub or Program Center for review.
The Multifamily Hub or Program Center reviews the application to determine whether the proposed loan is an acceptable risk. Considerations include market need and the capabilities of the borrower. FHA underwriting analysis must determine that there is enough project income to repay the loan, taking into account all necessary project expenses. Main menu. Territories for mental and substance use disorders.
Ellos escuchan. They Hear You. Solr Mobile Search. Share Buttons. Breadcrumbs Breadcrumb Home Programs Section Banners Landing Banners. About Section Section creates and evaluates a two-year demonstration program for states to certify community behavioral health clinics.
Eight States Selected to Participate in the Demonstration Program HHS selected eight states to participate in the demonstration program to improve access to high-quality behavioral health services.
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