Wednesday, January 6, 2016

FHA Mortgage Program Restarted

Christopher Donnellan

Advocacy efforts by AHCA and health care lender Capital Funding Group (CFG) have helped restart the Federal Housing Administration’s (FHA) Section 241 mortgage modification program for long-term care facilities and apartment buildings after a nearly year-long suspension.

A disagreement over legal documents between the Internal Revenue Service (IRS) and the Government National Mortgage Association (Ginnie Mae) shuttered the program, which helps facilities with existing FHA mortgages to make improvements for their residents. 

“The Section 241 program has been a great source of capital for our facilities,” said AHCA President Mark Parkinson. “The support we have gotten from our members like CFG, and from Congress and even FHA in helping to get Ginnie Mae and IRS to resolve this has been great. With the right push, agencies can be responsive.”

AHCA and CFG worked with Congress to convince the agencies to resolve their differences as quickly as possible to get the program running again. The bipartisan effort was spearheaded by House Ways and Means Committee members Congressmen Richard Neal (D-MA) and Jim Renacci (R-OH).       

No comments:

Post a Comment