Financing Assisted Living Construction

Several efforts, both public and private, are helping assisted living become more affordable by lowering the cost of constructing assisted living facilities. The Department of Housing and Urban Development (HUD) has two programs that subsidize developers of affordable assisted living, allowing them to provide assisted living at a lower cost to consumers. Under the first program, the Assisted Living Conversion Program, HUD allocated $50 million per year from fiscal years 2000 to 2002 to provide grants to help owners of nonprofit low-income senior housing apartments to convert dwelling units into assisted living apartments (HUD 2001). (more…)