FHA 232/223(f)

ELIGIBLE PROPERTY TYPES:

• Nursing Homes (skilled and Intermediate care)
• Assisted Living facilities
• Board and Care Facilities
• Special-use facilities such as alcohol and drug treatment facilities, Alzheimer's facilities and mental retardation centers may qualify

PROGRAM FEATURES:

• Non-recourse
• Fully Assumable
• Program can be used as credit enhancements for Bond Financing

ELIGIBLE BORROWERS:

• Single Asset Entity

RATES/Term/Secondary:

• Fixed rate for the length of the mortgage
• Term to 35 years
• Secondary financing is permitted under some conditions

MAXIMUM LOAN AMOUNT:

- ACQUISITION The lesser of:

• 1.45 debt service coverage
• 80% loan-to-value, or
• 85% of acquisition costs including transaction cost and repairs

-REFINANCE the lessor of:

• 1.45 debt service coverage
• 80% loan-to-value
• 100% of existing debt plus transaction cost, including repairs, or
• No equity takeout

PREPAYMENT CONDITIONS:

• Typically 5-year lockout with declining penalty for years six through 10
• No yield maintenance

FHA 232/223(a)(7) Program

ELIGIBLE PROPERTY TYPES:

• Residential healtcare properties with existing FHA mortgages (Refinances)

ELIGIBLE BORROWERS:

• For Profit and Nonprofit single asset entitiese

MAXIMUM LOAN AMOUNT:

• 1.11 debt service coverage (1.05 for nonprofit entities)
• The original principal amount of the existing FHA mortgage, or
• The unpaid principal balance of the existing FHA mortgage plus:

         - transaction cost, including any prepayment penalty,

         - Outstanding debt incurred for capital improvements, and

         - Cost of repairs, replacements or improvements with HUD approval

RATES/TERMS:

• Fixed Rate for the length of the mortgage
• Early rate lock option is available
• Up to 12 years past the remaining term of the existing FHA mortgage with HUD approval

PROGRAM FEATURES:

• Non-recourse
• Fully assumable
• Negotiable prepayments; no yield maintenance
• Lowest fee of any FHA program
• No loan-to-value test
• Expedited processing, which normally includes: No Appraisal, Limited environmental review

FHA 232 - FOR PROFIT

 ELIGIBLE PROPERTY TYPES:  New Construction or Substantial Rehabilitation of:

• Nursing Homes (skilled and Intermediate care)
• Assisted Living Facilities
• Board and Care Facilities or,
• Special-use facilities
• Note:  Substantial rehabilitation is based on FHA's Rehabilitation Standards

ELIBIBLE BORROWERS: 

• Single Asset entity

PROGRAM FEATURES:

• Non-recourse, including the construction period
• Fully assumable
• Program can be used as credit enhancement for Bond Financing

RATES AND TERMS:

• Up to 40 years, Interest only during construction
• Fully amortizing thereafter

PREPAYMENT CONDITIONS:

• Typically 2-year lockout with a declining penalty for years three through ten
• No yield maintenance

MAXIMUM LOAN AMOUNT: the lessor of

• 1.45 debt service coverage
• 75% loan-to-value, including major movable equipment
• 90% of cost

REHABILITATION - PROPERTY OWNED, the lessor of:

• 1.45 debt service coveage, or
• 75% Loan-to-Value
• 100% of rehabilitation cost plus the lesser of: - 90% of the property's value prior to rehabilitation, or - 100% of existing debt

REHABILITATION - Property to be Acquired: the lessor or,

• 1.45 debt service coverage, or
• 75% Loan-to-Value
• 90% of rehabilitation costs plus the lesser of:

         1. 90% of the property's value prior to rehabilitation, or

         2. 90% of the purchase price

HOSPITALS FHA 242

ELIGIBLE PROPERTY TYPES

• Substantial rehabilitation, or
• Expansion and refinancing with rehabilitation, or
• Expansion of hospitals based on FHA's Rehabilitation Standards
• New Construction of Hospitals

PROGRAM FEATURES

• Can be used for credit enhancement for Bond Financing providing up to "AAA" rating
• Non-recourse, including contruction period
• Fully assumable

ELIGIBLE BORROWERS

• Single asset entity, or
• Entire systems within a single mortgagor,
• not-for-profit or for-profit

MAXIMUM LOAN AMOUNT

• The lessor of
• 90% of replacement cost (or, rerely, value), including equipment or
• 1.25 debt service coverage

RATES/TERMS

• Fixed rate for the length of the mortgagte, alternate structures may be considered
• Fully- amortizing, permanent loan for up to 25 years after completion of construction

PREPAYMENT CONDITIONS

• TAX EXEMPT: typically 10-year lockout with a declining penalty in hyears 11 and 12
• TAXABLE FINANCING: Typically 5-year lockout wiht a declining penalty for years six through ten
• No yield maintenance

SECONDARY FINANCING: Limited secondary financing is permitted, some conditions may apply

Further

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