Continuing Care Seniors Housing Act of 2005
Last action on Dec 16, 2005Referred to the House Committee on Ways and Means.
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Summary
Continuing Care Seniors Housing Act of 2005 - Amends Internal Revenue Code provisions which allow a tax exemption for the interest imputed to below-market rate interest loans to certain continuing care facilities to: (1) decrease from 65 to 62 the qualifying age for lenders to continuing care facilities; (2) eliminate the $90,000 limitation on loans to such facilities; (3) modify continuing care contract requirements; and (4) revise the definition of continuing care facility to include an independent living unit, plus an assisted living or nursing facility, or both.
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