Tax-exempt Bonds: Retirement Center Bonds Were Risky and Benefited Moderate-income Elderly : Report to Congressional Requesters |
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Assisted living Bond Investors Association bonds were issued Brian Donnelly cable television charitable organizations CHECK construction CONTINUE WITH QUESTION Costly and Serves credit enhancements David Pryor debt-financed Despite Tax-Exempt Bonds dollar Employer Identification entrance and monthly entrance fee equity facilities offered facility defaulted finance housing for-profit housing facilities Housing Is Costly Income Elderly industry officials Inexperienced Developers interest rates issued on behalf living arrangements low-income Market Projections Increase monthly fees nursing care nursing home occupancy rates Overestimated Market Projections Percent 0 Percent Percent of facilities Projections Increase Risk provide housing question 10a Questionnaire Summary Responses REASON FOR VACANCIES require retirement center bond retirement facilities retirement housing revenue bonds Risk of Default Serves Primarily Moderate skilled nursing SKIP TO QUESTION soft costs sources of funds studio/efficiency Study Project Number subsidies survey tax-exempt bond financing tax-exempt bond issue total funds type of unit U.S. Census Bureau 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).
Page 2 - Providing for the special needs of the aged has long been recognized as a charitable purpose under federal tax laws.