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#1002681 - 07/23/08 03:59 PM Assisted Living Center HMDA Reportable?
LoveHMDA Offline
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Joined: Nov 2005
Posts: 277
I have a customer purchasing an assisted living center. Is this HMDA reportable?

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#1002744 - 07/23/08 04:32 PM Re: Assisted Living Center HMDA Reportable? LoveHMDA
Ski Offline
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Joined: May 2003
Posts: 639
South Louisiana
HMDA Appendix D under the definition of "Dwelling" excludes transitory residences such as hotels, hospitals, and college dormitories - "whose occupants have principal residences elsewhere". So, do the people who reside (or will reside) in the assisted living center have principal residences elsewhere? If yes, then it is transitory and excluded. If no, then it is HMDA.

Hope this helps.

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#1002765 - 07/23/08 04:52 PM Re: Assisted Living Center HMDA Reportable? Ski
Truffle Royale Offline

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Probably doesn't help much, does it? Assisted living centers usually are permanent living arrangements for people who aren't quite ready for nursing homes but do need a bit of help. But sometimes they can be transitory too. Say if a recovering accident victim is not ready to go home by themself yet.

If you do a search for 'nursing home' in the last 3-6 months using Dan Persfull's name, you'll find another discussion on this subject that, if I recall correctly, ended with the decision that the facility was HMDA reportable.

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#1003536 - 07/24/08 01:35 PM Re: Assisted Living Center HMDA Reportable? Truffle Royale
Dan Persfull Offline
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Dan Persfull
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Bloomington, IN
Here's one Q&A. See page 4.

http://www.ffiec.gov/hmda/pdf/00news.pdf

Quote:
So, do the people who reside (or will reside) in the assisted living center have principal residences elsewhere? If yes, then it is transitory and excluded. If no, then it is HMDA.


It doesn't matter if they have another "home place" or not. If the assisted living facility is their permanent residence it is reportable. As the Q&A says...."in most cases the home place has been sold".
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#1003741 - 07/24/08 03:22 PM Re: Assisted Living Center HMDA Reportable? Dan Persfull
Mrs. Rizzo Offline
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Curled up by the fire...
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