Bedford Lending
HUD programs

HUD 231 Senior housing construction & rehab

An additional HUD option for building or substantially rehabilitating rental housing for older adults or people with disabilities.

Program at a glanceDocuments & videosProgram detailsThe process

Program at a glance

Purpose
Senior rental housing construction and rehabilitation.
Residents
Age 62 or older and/or people with disabilities.
Alternative
Compare with Section 221(d)(4).
Discuss your project Compare programs →

Documents & videos

Program GuideOpen PDF
All handoutsAll videos
Program details & considerations

Section 231 is designed for rental housing serving residents age 62 or older and/or people with disabilities. We can compare it with Section 221(d)(4) before choosing the financing approach.

The occupancy plan, services, development budget and borrower structure matter. Send us a project description and preliminary budget so we can discuss the appropriate application path with HUD.

Eligible uses & property features

  • Purpose-built senior rental housing
  • New construction and substantial rehabilitation
  • Program comparison before application

What to consider

Independent rental housing and licensed residential care are different financing cases. We review the proposed services and occupancy restrictions before recommending a multifamily or healthcare program. Section 221(d)(4) sizing percentages should not be assumed to apply to Section 231.

Eligibility, proceeds, terms and timing depend on the property, underwriting and current HUD requirements. This overview is not a loan commitment.

Loan processing timeline

  1. Program comparison & HUD discussion

    Review the occupancy plan, services and development budget. Confirm whether Section 231 or another HUD program is the better fit.

  2. Preliminary application

    Prepare the preliminary exhibits HUD requires for the selected processing route.

  3. Firm application preparation

    Complete plans, cost review, reports and borrower exhibits.

  4. HUD review & commitment

    Respond to HUD comments and review the commitment conditions if approved.

  5. Initial closing & construction

    Coordinate closing and construction advances, then complete cost certification and final endorsement.

The schedule depends on the project and required reviews.

Have a project in mind?

Contact us