Answer first
In brief
38 states have at least 25 active HUD Section 232 healthcare loans in HUD’s October 2026 file, together with 3,904 loans. Each links to a page with facility mix, rates, maturities and holders; smaller markets are combined on one page.
States with 25 or more Section 232 loans
| State | Loans | Balance | Weighted rate | Facility mix |
|---|---|---|---|---|
| Ohio | 348 | $2.9B | 4.21% | Skilled nursing (nursing home) 284; Assisted living 61; Board and care 3 |
| Illinois | 314 | $3.0B | 3.91% | Skilled nursing (nursing home) 225; Assisted living 80; Board and care 9 |
| California | 294 | $3.0B | 4.08% | Skilled nursing (nursing home) 212; Assisted living 71; Board and care 11 |
| New York | 227 | $4.9B | 4.26% | Skilled nursing (nursing home) 176; Assisted living 41; Board and care 10 |
| Florida | 218 | $2.7B | 4.99% | Skilled nursing (nursing home) 171; Assisted living 37; Board and care 10 |
| Texas | 199 | $1.7B | 4.31% | Skilled nursing (nursing home) 158; Assisted living 35; Board and care 6 |
| Michigan | 152 | $1.3B | 4.56% | Skilled nursing (nursing home) 97; Assisted living 39; Board and care 16 |
| Indiana | 151 | $1.3B | 4.04% | Skilled nursing (nursing home) 131; Assisted living 18; Board and care 2 |
| Pennsylvania | 138 | $1.8B | 4.41% | Skilled nursing (nursing home) 120; Assisted living 15; Board and care 3 |
| New Jersey | 134 | $2.4B | 4.32% | Skilled nursing (nursing home) 116; Assisted living 17; Board and care 1 |
| Wisconsin | 130 | $844.7M | 4.66% | Assisted living 61; Skilled nursing (nursing home) 56; Board and care 13 |
| North Carolina | 122 | $853.4M | 4.49% | Skilled nursing (nursing home) 58; Assisted living 37; Board and care 27 |
| Massachusetts | 112 | $1.0B | 4.01% | Skilled nursing (nursing home) 96; Assisted living 14; Board and care 2 |
| Washington | 96 | $655.6M | 4.19% | Assisted living 48; Skilled nursing (nursing home) 38; Board and care 10 |
| Minnesota | 94 | $881.3M | 3.78% | Assisted living 61; Skilled nursing (nursing home) 30; Board and care 3 |
| Virginia | 86 | $1.6B | 5.18% | Skilled nursing (nursing home) 61; Assisted living 25 |
| Oregon | 83 | $628.2M | 4.27% | Assisted living 48; Skilled nursing (nursing home) 22; Board and care 13 |
| Georgia | 78 | $679.0M | 5.00% | Skilled nursing (nursing home) 67; Assisted living 11 |
| Connecticut | 75 | $770.5M | 4.53% | Skilled nursing (nursing home) 71; Assisted living 4 |
| Arizona | 67 | $713.1M | 4.46% | Skilled nursing (nursing home) 40; Assisted living 24; Board and care 3 |
| Tennessee | 67 | $614.1M | 4.34% | Skilled nursing (nursing home) 54; Assisted living 13 |
| Colorado | 62 | $477.5M | 4.07% | Skilled nursing (nursing home) 48; Assisted living 12; Board and care 2 |
| Kentucky | 58 | $540.0M | 4.46% | Skilled nursing (nursing home) 49; Assisted living 9 |
| Maryland | 57 | $850.1M | 4.57% | Skilled nursing (nursing home) 41; Assisted living 16 |
| South Carolina | 54 | $406.1M | 4.73% | Skilled nursing (nursing home) 45; Assisted living 5; Board and care 4 |
| Missouri | 53 | $382.2M | 3.57% | Skilled nursing (nursing home) 42; Assisted living 10; Board and care 1 |
| Nebraska | 45 | $465.8M | 4.46% | Assisted living 24; Skilled nursing (nursing home) 17; Board and care 4 |
| Arkansas | 44 | $372.5M | 5.01% | Skilled nursing (nursing home) 32; Assisted living 12 |
| Alabama | 43 | $257.3M | 4.08% | Skilled nursing (nursing home) 35; Assisted living 6; Board and care 2 |
| Louisiana | 40 | $390.1M | 4.77% | Skilled nursing (nursing home) 33; Assisted living 7 |
| Maine | 39 | $163.6M | 3.50% | Skilled nursing (nursing home) 25; Assisted living 14 |
| Kansas | 36 | $190.7M | 3.86% | Skilled nursing (nursing home) 24; Assisted living 10; Board and care 2 |
| Oklahoma | 36 | $211.7M | 3.81% | Skilled nursing (nursing home) 29; Assisted living 7 |
| New Hampshire | 35 | $396.6M | 4.29% | Skilled nursing (nursing home) 27; Assisted living 6; Board and care 2 |
| Iowa | 33 | $194.6M | 3.40% | Assisted living 23; Skilled nursing (nursing home) 9; Board and care 1 |
| Utah | 29 | $160.1M | 3.22% | Skilled nursing (nursing home) 16; Assisted living 11; Board and care 2 |
| West Virginia | 29 | $590.0M | 5.53% | Skilled nursing (nursing home) 28; Board and care 1 |
| Mississippi | 26 | $155.4M | 4.08% | Skilled nursing (nursing home) 17; Assisted living 8; Board and care 1 |
Smaller markets: Section 232 loans in smaller state markets. National view: Section 232 national portfolio.
Data source and method
Data source: HUD Insured Multifamily Mortgages (active), file FHA-BF90-RM-A, as of the October 2026 release (loans endorsed through September 29, 2026); HUD FHA Multifamily Firm Commitments and Endorsements Database (FY2001 to Q4 FY2026, data run October 8, 2026); HUD Insured Multifamily Properties, HUD Open Data (updated October 6, 2026) for metro area and Section 8 flags. Aggregates computed by Bravo Capital; no owner or contact information is used.
Balances are HUD’s reported amortized principal balance. Interest rates are note rates as reported by HUD (mortgage insurance premium not included), and the average shown is weighted by balance. Metro areas use HUD’s Core Based Statistical Area assignment for each property. “Holder” is the holder of record in HUD’s file, which is often the servicer or Ginnie Mae issuer rather than the original lender. Initial endorsement counts come from HUD’s multifamily production database, which covers apartment programs and does not include Section 232 healthcare loans.
Common questions
Frequently asked questions
Which state has the most HUD Section 232 loans?
Ohio, with 348 active Section 232 loans in HUD’s October 2026 file.
Created by Bravo Capital, a HUD-approved MAP and LEAN lender, and expert-reviewed by the Bravo Capital HUD Underwriting Team. Last updated . This page is educational and is not a credit decision or commitment to lend.