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HUD to offer incentives for health care in Opportunity Zones
HUD Secretary Carson has announced that the Federal Housing Administration will offer several incentives to encourage greater development of hospitals and health care facilities located in Opportunity Zones. FHA’s Section 242 Program insures mortgages for acute care hospital facilities ranging from large teaching institutions to small rural critical access hospitals. Similarly, FHA’s Section 232 Program provides mortgage insurance on loans that help finance nursing homes, assisted living facilities, and board and care facilities. These programs may be used to finance the purchase, refinance, new construction, or substantial rehabilitation of a project. A combination of these uses is acceptable, for example, refinance of a nursing home coupled with new construction of an assisted living facility.