News and Updates for Argentum Advocates

Argentum Seeks Senior Living Financing Opportunities in Appropriations Bills

Written by Argentum | July 19, 2022 at 1:25 PM

Argentum is pushing for action in the House of Representatives ahead of the annual August congressional recess in a so-called “minibus” bill, which would lump a number of appropriations bills for Fiscal Year (FY) 2023 into a package for passage.

Of particular interest for Argentum and its members are specific items in the Housing and Urban Development (HUD) appropriations for some $5 billion in federal financing opportunities for new and existing senior living communities under the HUD 232/223(f) programs.

Section 232 insures mortgage loans to facilitate the construction and substantial rehabilitation of assisted living and other long-term care facilities, while Section 232/223(f) allows for the purchase or refinancing of long-term care facilities, regardless of necessary construction or rehabilitation.

The appropriations legislation would guarantee loan commitments for 10 loan guarantee programs, including the Section 232 or Section 232/223(f) programs.

These programs provide vital bridge loans and other financing vehicles backed by the federal government for an array of multi-family and facility-sized buildings, which would include assisted living, memory care, and other senior living care settings.

Argentum has fought hard to have the HUD financing options available for senior living communities, notably at a time the industry is moving forward to build census, offer new options for seniors of all economic backgrounds, and modernize infrastructure to account for COVID-era challenges.

We will continue to advocate for approval of this appropriations package, although the timetable for doing so in a congressional election year may stretch into the later stages of 2022.