In one sentence
The FHA program insuring loans for residential care facilities, including skilled nursing and assisted living.
The longer version
Section 232 finances healthcare properties, which adds operator, licensing, and Medicare/Medicaid layers on top of the usual real estate diligence. The collateral is a going concern, not just a building.
232 diligence and closing lists include operational and regulatory exhibits absent from standard multifamily, which is why 232 shops keep a distinct program template.
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