What are Davis Bacon Wages?
Established by the 1931 Davis-Bacon Act and required by many HUD programs, some public works projects must pay workers the local prevailing wages. It is overseen by HUD’s Office of Labor Relations Davis-Bacon compliance division.
What is Appraised Value?
The appraised value is is the assessed value of a property at a certain point in time-based on the opinion of a qualified appraiser.
What is Alzheimer's?
Alzheimer’s is degenerative brain disease which can lead to memory loss, speech imbalance, confusion/hallucinations, mood swings, and incontinence. Advanced Alzheimer’s patients often require 24-hour care. HUD 232 and 232/223(f) loans can finance memory care facilities, which specifically cater to A
What is a Continuing Care Retirement Community (CCRC)?
Combining independent living, assisted living and skilled nursing homes, Continuing Care Retirement Communities, or CCRCs, seek to meet residents’ needs at each life stage. A resident may enter the facility in independent living, but later move to assisted living according to their changing needs.
What is a Board and Care Facility?
Board and care facilities are non-medical alternatives to assisted living and independent living communities. These facilities room, board, and 24-hour care, but do not provide nursing and medical care.
What is an Accessible Route?
An accessible route is an unobstructed path connecting all accessible features, elements, and spaces of buildings, facilities, and sites. An accessible route allows a person by with physical disabilities to access all areas of the property.
What is an Assisted Living Facility?
An assisted living facility is licensed community that provides assistance with daily living activities. On-site medical personnel assist residents with medications, getting dressed, bathing, and social activities.
What is Accessibility?
If a facility or property is accessible, its public or common use areas can be used by people with physical disabilities. In general, properties funded with HUD 232 or HUD 232/223(f) loans must adhere to ADA accessibility requirements.
What is Assumability?
Assumability is the ability to transfer an outstanding mortgage and its terms from the current owner to a buyer, preventing the new buyer from needing to obtain a new mortgage.
What is the ADA (Americans with Disabilities Act)?
The Americans with Disabilities Act, or ADA, is a 1990 federal law prohibiting discrimination against Americans with disabilities. The law is designed to ensure that disabled individuals are provided the same opportunities available to those without disabilities.
What is Adult Day Care?
Adult day care is a form of non-residential care for elderly adults who are physically and mentally challenged. This type of care can be daily, weekly, or part-time and often includes social activities.