New Florida Law To Streamline Expansions For Continuing Care Retirement Communities

On July 1, 2023, Florida updated the state insurance code regulating continuing care retirement communities (CCRC) to streamline expansion processes for this type of senior living facility. CCRCs combine independent living, personal care assistance, assisted living, and sometimes nursing care on a single campus. A key provision of the new law eases CCRC provider organization access to using escrowed resident fees to fund expansions and it relaxes barriers to withdrawing funds from a debt service reserve. The goal is to give CCRCs greater ability to expand to meet demand and offer a robust array of senior living options. Additionally, CCRCs . . .