Grants for Opening a Retirement Home
Retirement homes offer different services to the aging population, from recreational sporting to skilled nursing care. Grants are available from federal government agencies and private foundations to finance the opening and operating of retirement homes. Funds may cover facility construction, renovation, remodeling and expansion costs, land acquisitions and equipment and supply purchases.
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Community Facilities Grant Program
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The U.S. Department of Agriculture, or USDA, sponsors the Community Facilities Grant program. Grants fund the construction, renovation and expansion of retirement homes and other facilities used for community, health care and public purposes. The grant funds also cover the purchase of necessary equipment for retirement homes. The grants cover up to 75 percent of a project. These grants are awarded to towns and rural areas with less than 20,000 residents.
Community Development Block Grant Program
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Individuals can open retirement homes in urban areas with help from the U.S. Department of Housing and Urban Development, or HUD. The Community Development Block Grant program, or CDBG, awards grants to finance the construction and renovation of community facilities, neighborhood centers and residential and non-residential buildings. CDBG funds are also awarded to micro-enterprises to cover startup costs. Cities and counties with more than 50,000 and 200,000 residents, respectively, receive these grants. Individuals cannot apply for the HUD grant directly; they must contact its sponsors, which are state and local government agencies, as well as nonprofit organizations.
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Retirement Homes for Veterans
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The Department of Veterans Affairs sponsors a program awarding grants to state government agencies for the construction of retirement homes for veterans. Grants also cover construction, alteration and expansion projects on existing facilities, as well as equipment purchases.
Foundation Grants
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Private foundations also offer grants to finance retirement home startup costs. The Kresge Foundation, for example, sponsors a program awarding challenge grants of more than $300,000 for major equipment purchases, land acquisitions and building construction and renovations. These are challenge grants; applicants must raise matching amounts within three to eight months.
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