Excerpt from ALCA: (click for entire article)
The U.S. Department of Housing and Urban Development (HUD) recently announced that $25 million of grant money has been made available for the Assisted Living Conversion Program (ALCP) in fiscal year 2012.
The ALCP provides funding to eligible multifamily assisted housing developments that are being wholly or partially converted into assisted living facilities or service-enriched housing. The grants are intended to cover the basic expenses of the physical conversion. This includes the expenses to properly configure living units, common areas, and service spaces, as well as to complete any other remodeling necessary in order to comply with legal requirements. Awards can reach up to $5 million per recipient.
To be eligible, a housing development must be owned by a private nonprofit entity, and must be primarily designated as a housing development for elderly persons. In addition, a development must provide supportive services to its residents, whether directly or through a third party. Information about additional eligibility requirements is provided on HUD's ALCP page, available here.