Eligible Properties for HUD 232 Loans
In order to be eligible for HUD 232 financing, properties need to meet a variety of eligibility requirements, including offering continuous care, being appropriately licensed, and having at least 20 patients. Keep reading to learn more about the eligibility requirements for HUD 232 loans.
What are the HUD 232 Eligibility Requirements?
The full list of eligibility requirements for HUD 232 loans includes:
Facilities must offer ongoing, continuous care and oversight for individuals requiring long-term care or medical attention
Facilities must be licensed by an appropriate municipality or state body
Properties must have been completed at least three years prior (for acquisition or rehabilitation financing)
Additions less than three-years-old are acceptable, but cannot be larger than the original facility
Facilities must accommodate 20 or more patients requiring continuous or skilled nursing care
Non-resident day care must not exceed 20% of the property’s gross area and 20% of the gross income
Independent living units cannot make up more than 25% percent of all units
Commercial space must not exceed 20% of floor area or income