In addition to housing, the United States Department of Housing and Urban Development (HUD) also supports hospitals and other healthcare facilities to further its community development missions. Through its Office of Residential Care Facilities, HUD runs the Section 232 and 242 mortgage insurance programs, which increase the availability of capital needed to finance facility construction. With FPG’s Managing Partner serving as Project Manager, we oversaw a team of underwriters, quality control specialists, and closing coordinators tasked with reviewing refinance loans for skilled nursing and assisted living facilities. The programs’ goals are better maintained facilities, improved access to healthcare, and lower healthcare costs.
Our contribution:
- Coordinated submission of packages from lenders
- Managed team workload assignments
- Performed due diligence on refinance transactions
- Provided regular status reports to HUD managers
- Oversaw approval of over 500 FHA applications (worth over $5 billion) and closed over 400 loans between 2011 and 2013.