Elder Care Money Woes
The national fiscal crisis has frozen construction financing for a number of senior care facilities, across the country. Attendees at the American Association of Homes and Services for the Aging convention have been sharing stories and discussing solutions, over the past few days.
Ann O'Malley is Chief Financial Officer for Kendal at Oberlin. Speaking from the conference, she says, while Kendal doesn't have any major construction projects on tap right now, the bigger banks aren't even backing more modest proposals.
O'MALLEY: What we're looking to do for some of the smaller projects is to go to more of the community, regional banks. They were not tied up in the mortgage crisis situation, so they actually have cash available to provide in terms of financing arrangements.
Other local institutions are on much shakier ground. Crain's Cleveland Business reports that several retirement facilities have had to dip into their endowments in order to help pay for new construction, and in some cases, operating costs.