Do You Use FHA Multifamily Mortgage Insurance to Finance Elderly Housing?

FHA multifamily mortgage insurance provides an important source of financing for NAHB members developing both elderly and family housing. NAHB is conducting a survey on builders’ experience in using FHA insurance for elderly housing. The information you provide is critical to NAHB’s ability to work with the U.S. Department of Housing and Urban Development (HUD) to obtain improvements to using the programs. If you have used FHA insurance to finance elderly housing, please take a few minutes to fill out and submit this important online survey.

NAHB will share preliminary data from the survey at its FHA Insurance for Age-Restricted Elderly Housing Task Force meeting at the NAHB Spring Board of Directors Meeting in Washington, DC. The task force will meet from 1:30 p.m. to 2:30 p.m. Friday, April 15, in the Eisenhower Room, Mezzanine Level, at the Marriott Wardmark Park.

The task force has been charged to develop a strategy to convince HUD and/or Congress to allow the use of FHA insurance under the Section 221(d)(4) program for age-restricted elderly housing. Two years ago, HUD started to deny the use of FHA insurance for seniors housing that restricts the age of occupants to 62 and older, saying it is HUD’s policy that even seniors housing cannot discriminate against families with children. That means if a household has one person 62 but also has family members under the age of 18, they could not be denied a unit in an elderly housing development. Previously, NAHB members and others in the housing industry could use FHA insurance under the (d)(4) program for age-restricted elderly housing, and NAHB believes this is a shift in HUD’s policy made without any public input or notice.

At the Spring Board Meeting, the task force will discuss the issue and share the survey results. Sheila Salmon of Coan & Lyons, chair of the NAHB Seniors Housing Council's Advocacy and Legislative Committee, has prepared a legal opinion and will provide an update on the brief. SHC members are invited to attend and participate in the discussion.

For more information or the task force or the online survey, e-mail Claudia Kedda or call her at 800-368-5242 x8352. [ return to top ]