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.
Click here for more information on the Assisted Living Conversion Program, and here to read the grant funding notice.
