Posted By: JonseyG
Assisted Living Facilities - Short Term? - 01/08/15 03:00 AM
We all know that temporary housing facilities are not HMDA reportable. A good guideline to follow is if the facility is the sole and only permanent residence of the aged person then you have a solid entry for your LAR. In my case, the assisted living facility rents their "condo style" rooms on a month-to-month basis which makes me automatically think - temporary housing. The appraiser stated the facility is run like a "rental community." At this moment, the loan is not on my HMDA LAR but my concern is that this may still be HMDA reportable. I rent my apartment...and it's my permanent residence so why not and ALF? Has anyone else run into month to month rentals for assisted living?