HUD tries to ease backlog
Senior living companies pursuing Department of Housing and Urban Development financing should expect delays, one expert said.
October's government shutdown added to an existing HUD backlog, said Steve Ervin, senior vice president of the Seniors Housing and Healthcare Group at Berkadia Commercial Mortgage.
HUD still is approving the vast majority of applications, Ervin assured McKnight's. Issues with its commitment authority and contracted underwriter are resolved, and a shutdown “hangover” should clear up within months, he said.