Glossary

Measure of the amount of blood pumped by the heart’s left ventricle.

Refers to a type of residence that provides a specified amount of healthcare coverage for the life of the resident in exchange for a sizable entry fee and monthly charges. Many states now bar the use of this term because of the commitment it implies.

The comprehensive range of medical, personal, and social services developed and coordinated to meet the physical, social, and emotional needs of chronically ill and disabled people of all ages is known as long-term care. Services may be provided on an inpatient, (rehabilitation facility, nursing home, mental hospital), outpatient, or at home basis. The goal of long term care is to help people with disabilities be as independent as possible. It is focused more on caring than curing.

The Low Income Housing Tax Credit (LIHTC) program is a major source of financing for development of affordable housing for older people. Independent and assisted living facilities, congregate care projects, properties with Section 8 rental assistance or HUD/FHA mortgage insurance can qualify for tax credits. In each state, housing finance agencies are responsible for administering the tax credit program. Each state has a quota of tax credits that can be allocated during that particular year. Dollar-for-dollar tax reduction to encourage developers to create affordable housing. Nonprofits must partner with a for-profit investor, which gets tax credits but gives control and management to the nonprofit. Investor typically brings equity equal to 30 – 50% of project value. This means that the nonprofit still must rely on debt financing, which typically comes from a first mortgage loan. The tax credit program only uses the HUD definition of annual income, not adjusted income.