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HUD stalls letting retirement homes refinance loans with FAH backing. (United States. Department of Housing and Urban Development)(United States. Federal Housing Administration)
The Bond Buyer
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August 19, 1991|
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COPYRIGHT 1991 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group.
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WASHINGTON -- A delay of at least several months is expected before the Department of Housing and Urban Development implements a law allowing nursing homes with uninsured mortgages to refinance with federal insurance, a HUD spokesman said Friday.
The delay could jeopardize the ability of issuers to refinance at favorable rates hundreds of millions of dollars in tax-exempt small-issue industrial development bonds and 501(c)(3) bonds that were issued in the early 1980s and are backed by repayment of the loans, housing market participants said.
The department ...
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