Feds make millions available for assisted living facility conversion
The federal government has made $25 million in grant money available for applicants who want to convert multifamily apartment complexes into assisted living communities for low-income seniors.
Typical funding would cover basic physical conversion of existing project units, and eligible projects must be owned by a nonprofit entity. Grants will be competitive and capped at $5 million per grant.
Reviewers from HUD will assess applicants for factors such as: the extent to which the conversion is needed; the quality and effectiveness of the proposal; the ability of the project owner to secure other community resources; and the ability to carry out the conversion. The funding is offered through the U.S. Department of Housing and Urban Development's Assisted Living Conversion Program.