Independent Living Facilities in Relation to the Freddie Mac SBL Program
Independent living communities are communities designed for senior citizens, which are generally restricted to individuals 55 and older or individuals 62 and older, depending on the particular community. These communities are also sometimes known as “age-restricted communities.” Unlike assisted living centers or skilled nursing facilities, independent living communities generally do not have resident services, such as group dining or intensive medical units. However, some may have these as options.
In regards to the Freddie Mac Small Balance Loan program, independent living communities are eligible for financing, as long as they do not offer any resident services. Communities that offer resident services may be financed by Freddie Mac Seniors Housing Loans. Looking beyond the scope of Freddie Mac multifamily loans, these communities can also be financed with Fannie Mae Seniors Housing Loans, or the HUD/FHA 232/223(f) loan program.