The U.S. Department of Housing and Urban Development is close to finalizing a major reform of its extensive senior housing portfolio, allowing nonprofit owners of 125,000 apartments to tap private sources of financing for the first time.
HUD built nearly 2,900 of these properties over the past three decades. Though owned by nonprofits, the federal government funded their construction and subsidized tenant rents.
— Wall Street Journal
The nation's recent crop of senior housing projects could see much-needed improvements come to reality as the United States Department of Housing and Urban Development (HUD) loosens rules dictating where nonprofit building owners can draw funds from to make building repairs.
Tom Davis, director of the Office of Recapitalization at HUD told The Wall Street Journal, “Fundamentally what we’re trying to do is avoid the kind of capital backlog problem that other parts of the affordable housing portfolio have, like public housing."
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