New York Times Probes Safety of HUD-Backed Skilled Nursing Lending Amid Record Loss – Skilled Nursing News

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About Nursing Home Inspections Inspections The New York State Department of Health, Division of Quality and Surveillance for Nursing Homes and ICFs/MR, licenses nursing homes and conducts investigations (also known as surveys) of the quality of care and life for the approximately 117,000 people residing in nursing homes in the State.

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The 561-bed Optima Portfolio comprises three skilled nursing assets in the New york city area. The acquisition loan was funded through HUD.

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.

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Section 232 provides rehabilitation and construction loans for healthcare properties collectively referred to as Residential Care Facilities. Property types include, skilled nursing, intermediate care, assisted living facilities and other special care properties.

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This article describes SouthTrust Bank of Alabama’s approach to lending to businesses in the nursing home industry (or the long-term care industry, as it is also known). Before describing how SouthTrust approaches these credits, a few background points may be helpful: * Currently, there are. – The collapse of a Chicago-area nursing home business resulted in the largest loss in history for the Department of Housing and Urban Development’s (HUD) loan guarantee program for skilled nursing facilities, the New York times reported friday – prompting the paper to question the safeguards in place for the program.