The Growing Challenge Of Affordable Housing For Seniors
The first wave of the famous baby boom generation, those born between the end of World War II and 1964, finally reached the milestone age of 65 several years ago. Today, people in this influential generation turn 65 every 10 seconds. In fact, the number of U.S residents over the age of 65 will be more than seventy million by the year 2030.
Statistics issued by the Insured Retirement Institute report that 7 out of 10 middle income Baby Boomers do not feel that they will have enough money in retirement to live in the same lifestyle that they do today. As this generation grows older, one of the most costly expenses of life - housing - will continue to be a primary concern.
The Department Of Housing & Urban Development
The Department of Housing & Urban Development (HUD) is a federal agency that assists older Americans with the costs of obtaining quality and affordable housing by funding programs that include home ownership, rent subsidies and assistive services. Nearly one million seniors today are able to access quality housing accommodations thanks to HUD and the help it provides.
HUD Apartments & Other Housing Options
There are three categories of HUD assisted housing programs:
- Public Housing – Managed by a local public housing authority.
- Housing Vouchers – Provides rental subsidies to people living in privately owned homes.
- Multifamily Subsidized Housing – Privately owned, multifamily properties where residents receive HUD rental subsidies.
Investment Opportunities in HUD Senior Multifamily Properties
With the demand for quality and affordable senior housing increasing at a rapid rate, there exists significant opportunities for investors to purchase or rehab multifamily senior housing properties. Housing properties that are subsidized by federal agencies such as HUD are considered solid and attractive investment options.
Obtaining HUD financing for senior multifamily properties is possible, but is a complicated process that requires the guidance of professionals to ensure a successful transaction. The highly knowledgeable experts at LSG Lending Advisors have many years of experience in helping our clients get approved for loans that meet their unique business needs and objectives.
Whether you are interested in developing a new senior multifamily property, purchasing an existing structure or rehabbing one that you already own, you can depend on the professionals at LSG Lending Advisors to help you obtain the loan you need. In addition, HUD Loans can also be used to substantially improve senior multifamily properties with regard to accessibility requirements under the federal Fair Housing Act.
We are proud of the reputation we have earned over the years for taking the time to get to know the unique loan needs of every customer and creating tailor fit solutions for each one. Contact us today to learn more about how LSG Lending Advisors can put our years of experience to work for you in securing a successful HUD senior multifamily property loan transaction.