Assisted living business opportunities? What are some good tips to start an assisted living business?

There are many businesses that offer assistance to the elderly, but the term “assisted living” would normally indicate services that include housing. If you are considering starting an assisted living facility of any kind, I would suggest you contact your state housing finance agency (HFA) for resources that will help you in your endeavor, including financing if you need it.

State HFAs have a mission to partner with developers of housing for the elderly as well as low-income individuals. If starting your business includes locating financing resources, most state HFAs provide bond financing at below-market rates for developers of assisted living facilities.

Additionally, the state HFA can link you up with other state agencies that provide resources for those serving elderly populations like medical resources and information about serving Medicaid residents. Most state HFAs and some county HFAs offer grants and trust funds in addition to bond financing and, in some cases, federal dollars originating from the Department of Housing and Urban Development (HUD) that are awarded through the HFA.

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