News

Granting Seniors Independence: Assisted Living Conversion Program
10/13/2015

Granting Seniors Independence: Assisted Living Conversion Program

In the last feature article of The Capital Issue, we discussed supportive living facilities and Medicaid waivers as two methods of addressing the wave of low- and moderate-income seniors who are in need of some assistance but who still want to maintain independence. In this edition, we will examine another program that has existed for 15 years but recently underwent a change that will benefit seniors housing owners and residents alike—the Assisted Living Conversion Program (ALCP). 

Acquisitions, HUD Loans and the Transfer of Physical Assets Process
10/11/2015

Acquisitions, HUD Loans and the Transfer of Physical Assets Process

Due largely to its attractive long-term and non-recourse features, approximately 1,650 senior living facilities have been financed through the U.S. Department of Housing and Urban Development (HUD)/Federal Housing Administration’s (FHA’s) Office of Healthcare Programs (OHP) since 2009. These facilities carry loans that have historically low interest rates that are fixed for up to 40 years from their funding date.

Rating Agencies Update: Overall Outlook Improves, Gains Concentrated at the Top
10/11/2015

Rating Agencies Update: Overall Outlook Improves, Gains Concentrated at the Top

Finally, we have some winners. After years of gloom over stagnant volume growth amid uncertainty over the Affordable Care Act (ACA) and challenging economic forces, the outlook is brighter for many health care providers. The consensus theme of the three largest credit rating agencies (CRAs) is that the rich got richer, while weaker providers continue to struggle adapting to technological and market dynamics.

HUD Update: Section 8 Renewal Policy
10/10/2015

HUD Update: Section 8 Renewal Policy

For any owner or manager of a Section 8 (Sec. 8) affordable housing property, the Sec. 8 Renewal Policy Guidebook is a vitally important document, especially when a property’s Housing Assistance Payments (HAP) contract approaches expiration or when an affordable housing property looks to refinance. On August 7, 2015, the U.S. Department of Housing and Urban Development (HUD) released an updated version of the Sec. 8 Renewal Policy Guidebook which will be effective as of Nov. 5, 2015. The changes reflected in the updated version offer affordable housing owners and managers new benefits when refinancing their property through a HUD/Fannie Mae mortgage program.

Why Are The Largest Endowments Enjoying Outsized Performance?
10/9/2015

Why Are The Largest Endowments Enjoying Outsized Performance?

As many large public funds and private endowments release their FY2015 performance figures, it is only natural for smaller endowments and foundations to compare their own performance to these larger, “benchmark” organizations. The largest university endowments and public pension plans are most often viewed as among the most sophisticated institutional investors in the world, and indeed their performance has, at times, been impressive. But how have these organizations been allocating their portfolios? And what are the sources of the outsized performance that some of the largest organizations have experienced?