The MAP Section 223(f) Program has special rules to facilitate the refinancing of HUD properties that have previously received Assisted Living Conversion Program (ALCP) grants. HPCC closed the first 223(f)/ALCP loan in the country.
To be eligible for this program, properties must:
- Mortgagors who provide services must form a separate entity for the provision of the services
- Physical Condition/REAC scores must exceed 60
Dependent upon the number of assisted living units in place, a three month debt service/operating reserve will be considered. This is intended to alleviate any financial costs associated with transitioning the existing residents out of the facility in order to re-lease the units to independent elderly tenants.