Is HUD 232 financing worth the struggle?
I recently read a great article about HUD 232 senior housing financing. My industry colleagues and I often talk about HUD financing as a process that feels a lot like beating your head against a concrete wall. This Senior Housing News article seems to be saying what we are all thinking: It’s hard to beat 40-year non-recourse funding at the interest rates provided by the government, but is the application process worth the time and suffering? In this economy, where financing of any kind is tough to come by, the answer seems to be a resounding, YES! Just last year, 473 deals were financed through HUD 232. Ecumen seems to have tapped the secret to financing through the HUD 232 LEAN program. It’s all in the details. It is important to find a trustworthy financing partner with a strong history of effectively working with HUD and to establish clear expectations for timing. Do not expect the process to go quickly. In many situations, it takes up to a year to secure HUD financing. As long as you make time for it in your development plan, it is more than possible to get your projects financed, even in today’s economy.
Julie Murray - Director of Real Estate Development
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