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Assisted Living Facility - HMDA & CRA Reportable?
Answer by Dan Persfull, BOL Guru
Guru Bio
Question: We are refinancing a residential building that is an Assisted Living Facility and the owners do not live on the property. Is this HMDA reportable? We are thinking just CRA reportable.
Answer: A search on "assisted living" will produce some previous discussions such as this one. Here is an excerpt from the threads:
"This is from a CRA/HMDA Q&A located here .
Q. Are nursing homes, dormitories, fraternity/sorority houses, assisted living and retirement homes to be reported on HMDA?
A. Nursing homes, dormitories and sorority/fraternity houses are viewed as temporary housing and are not HMDA reportable since they were not built for permanent residency. In addition, a nursing home is more like a hospital in that it provides medical care, which is usually constant and extensive.
Assisted living and retirement homes are viewed as dwellings that individuals reside in permanently and are HMDA reportable. In fact, in most cases the “home place” has been sold by the individuals who choose these homes as their new “permanent” dwellings. "
First published on BankersOnline.com 3/05/07
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