The State Department of Social Services regulates and provides licenses of residential care facilities for the elderly. The California Health Facilities Financing Authority Act authorizes the California Health Facilities Financing Authority to make and fund loans through the issuance of revenue bonds, and award grants, to finance or refinance projects by participating health institutions, as defined. The health institutions may use the funds for projects such as construction, expansion, remodeling, renovation, furnishing, or equipping, as well as funding, financing, or refinancing of a health facility, as defined, or acquisition of a health facility to be financed or refinanced with funds provided in whole or in part pursuant to the Act.
Assembly Bill 839 (AB 839) expands the definition of “health facility” to include residential care facilities for the elderly licensed by the State Department of Social Services. AB 839 also modified the definition of “elderly” to mean a person 60 years of age or older. These changes expand financing for the acquisition, construction, and remodeling of residential care facilities for the elderly under the California Health Facilities Financing Authority Act.
(AB 839 amends Section 15432 of the Government Code)