What is a Nursing Home?
A nursing home is a residential care facility for elderly individuals who cannot be cared for at home, but who don’t need hospital care.
Nursing Homes in Relation to the HUD 232 Loan Program
A nursing home is a residential care facility for elderly individuals who cannot be cared for at home, but who don’t need hospital care. Nursing homes offer planned activities and housekeeping services. Most nursing homes have round-the-clock medical staff (skilled nurses and nursing aides) for 24-hour care. Other services a nursing home might provide include:
Post-operative, post-injury, or post-illness short-term care for rehabilitation and/ or physical therapy
Occupational therapy
Memory care services
Speech-language therapy
What is a nursing home and what services do they provide?
A nursing home is a residential care facility for elderly individuals who cannot be cared for at home, but who don’t need hospital care. Nursing homes offer planned activities and housekeeping services. Most nursing homes have round-the-clock medical staff (skilled nurses and nursing aides) for 24-hour care. Other services a nursing home might provide include:
- Post-operative, post-injury, or post-illness short-term care for rehabilitation and/ or physical therapy
- Occupational therapy
- Memory care services
- Speech-language therapy
HUD 232 and HUD 232/223(f) loans are fully equipped to finance nursing homes, assisted living facilities, and other similar senior care properties.
To learn more about FHA 232 loans, fill out the form below to speak to a HUD/FHA loan expert.
Get A Free HUD/FHA Multifamily Loan Quote!What are the eligibility requirements for nursing home care?
Under the FHA 232 program, nursing homes must meet the following criteria:
- Facilities must offer ongoing, continuous care and oversight for individuals requiring long-term care or medical attention
- Facilities must be licensed by an appropriate municipal or state body
- Properties must have been completed at least three years prior
- 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
What is the difference between a nursing home and an assisted living facility?
The main difference between a nursing home and an assisted living facility is the level of care provided. Nursing homes provide 24-hour medical care and are designed for elderly individuals who cannot be cared for at home, but who don’t need hospital care. Assisted living facilities provide assistance with daily living activities, such as getting dressed, bathing, and social activities. Different facilities often offer various levels of care, usually in the same facility according to residents’ needs.
Both nursing homes and assisted living facilities can be financed with HUD 232 and HUD 232/223(f) loans.
What are the costs associated with nursing home care?
Nursing home care can be expensive, depending on the type of care needed and the services provided. Costs can range from $3,000 to $7,000 per month for a semi-private room, and up to $8,000 or more for a private room. Additional costs may include medication, medical supplies, and other services. The SBA 504 loan program can help finance the costs associated with nursing home care.
What are the benefits of living in a nursing home?
Nursing homes offer a variety of benefits to elderly individuals who cannot be cared for at home, but who don’t need hospital care. These benefits include:
- Round-the-clock medical staff (skilled nurses and nursing aides) for 24-hour care.
- Post-operative, post-injury, or post-illness short-term care for rehabilitation and/ or physical therapy.
- Occupational therapy.
- Memory care services.
- Speech-language therapy.
In addition, HUD 232 and HUD 232/223(f) loans are fully equipped to finance nursing homes, assisted living facilities, and other similar senior care properties. CMBS loans are also available for nursing homes, assisted living facilities, memory care facilities, continuum-of-care facilities, and independent living communities.
HUD 232 and HUD 232/223(f) loans are fully equipped to finance nursing homes, assisted living facilities, and other similar senior care properties.
To learn more about FHA 232 loans, fill out the form below to speak to a HUD/FHA loan expert.
Get A Free HUD/FHA Multifamily Loan Quote!