WHAT IS AFFORDABLE ASSISTED LIVING?
The Carding Group, LLC’s definition of Affordable Assisted Living is assisted living facilities financed with Tax-exempt private activity bonds and 4% Low Income Housing Tax Credits (‘LIHTC’) and subsidized with Medicaid reimbursement through a home and community-based setting (‘HCBS’) waiver. These are new construction or adaptive reuse of existing assets and from the outset are designed, financed and operated as affordable facilities.
In the absence of Affordable Assisted Living, many poor, frail senior citizens, who would benefit from assisted living services, are forced to place themselves into institutions (nursing homes or skilled nursing facilities), often resulting in one, a deterioration of their health and wellbeing, and two, an unnecessary Medicaid expense for the State. Without adequate resources or training, families with elderly loved ones, unable to afford market rate assisted living or costly home care, are faced with a similar dilemma – try to care for their parents or grandparents on their own, or place them in an inappropriate institutional setting.