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HUD |
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1 million in FHA-insured HUD financing to fund the purchases of two separate skilled nursing home/ assisted living facilities in Pekin and Pittsfield, Illinois. The funding vehicle, HUD's 223(a)7 program, enables owners and operators of senior housing/healthcare properties to realize substantial savings as the result of refinancing an existing HUD loan. While HUD has not completed its investigation, its interim findings generated sufficient concern to publish the report and to bring the matter to the attention of both the Administration and Congress. |
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