Tax-Exempt Bonds: Retirement Center Bonds Were Risky and Benefited Moderate-Income Elderly
Reviews the extent to which charitable organizations use tax-exempt bonds for housing the elderly, identifies the characteristics of the housing facilities and residents, and determines the extent to which and reasons why housing facilities default on their tax-exempt bonds. Graphs and charts.
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100 percent AAHA Assisted living Bond Investors Association bond trustee bonds were issued Brian Donnelly cable television charitable organizations CHECK construction Costly and Serves credit enhancements David Pryor debt debt-financed Despite Tax-Exempt Bonds Employer Identification entrance and monthly facilities offered facility defaulted Fees Charged finance housing for-profit health care housing facilities Housing Is Costly identified Income Elderly industry officials Inexperienced Developers interest rates issued on behalf living arrangements low-income Market Projections Increase median Medicaid monthly fees nursing care nursing home occupancy rate overall default rate Overestimated Market Projections percent of financing Percent Percent Percent Personal Projections Increase Risk provide housing Questionnaire Summary Responses Reasons for Default require residential units retirement center bond revenue bonds Risk of Default Serves Primarily Moderate soft costs Study Project Number Study Summaries subsidies survey tax-exempt bond financing tax-exempt bond issue total funds total number type of unit Weak Financial Structure
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Page 33 - ... developers generally had experience in developing commercial property but had never developed retirement centers. In two cases, the developers were bankers with no experience in the retirement industry. In one case, a company was selected that had provided consulting services in developing retirement 6 James L. Laughlin and S. Kelley Moseley, Retirement Housing: A Step-by-Step Approach (New York: John Wiley & Sons, 1989).