Late Sunday night, the U.S. House of Representatives passed both the Senate health reform bill (H.R. 3590) and Reconciliation Act of 2010 (H.R. 4872) that included provisions for the Community Living Assistance Services and Supports (CLASS) Act. The provisions in the bill would provide insurance solutions for a variety of Americans currently uninsured and would expand Medicaid. H.R. 3590 is expected to be signed by President Obama on Tuesday and the reconciliation bill goes to the Senate for debate which looks to address issues associated with the Medicare prescription drug “doughnut hole”.
Mayor Adrian M. Fenty last week announced the District selected a development team led by Urban Matters, Mission First, Mt. Lebanon CDC and the Washington Interfaith Network (WIN) to redevelop the former MM Washington Career High School. The Urban Matters/WIN proposal calls for redeveloping the 80 to 90 units of affordable senior rental housing and 15,000 square feet of community space. The development team expects to begin construction on the site next year and expects to complete the work in at the end of 2012.
Last year, the Office of the Deputy Mayor for Planning and Economic Development issued a solicitation seeking development partners to redevelop 11 excess school properties across the District including MM Washington, a 94,000 square foot former school at 27 O Street in Northwest.
“We’re making real investments to build stronger, healthier neighborhoods,” said Mayor Fenty. “This is a great example of how we are using our excess government-owned properties back into productive use and meeting the needs of our seniors at the same time.”
RememberItNow! LLC recently announced the launch its eHealth service that assists with medication reminders and maintaining personal health records. RememberItNow! sends SMS text messages or email reminders for medications and events to the user’s cell phone and those messages can be customized with special instructions, adjusted for time zones, and can be turned on or off for each activity. Basic plans are free and premium plans start at $4.99 a month and all paid plans include a 30-day free trial.
“RememberItNow! was born out of my desire to help my 80-year-old father remember to take his medications and stay healthier”, reports Pamela Swingley, CEO and founder of RememberItNow!. “I wanted a way to collaborate on his health care without intruding in his life. I was frustrated with the solutions that were available because they were either too technically complex for Dad, or much too basic; your typical paper schedules and alarms."
Five Star Quality Care, Inc. (NYSE Amex: FVE) announced that it has entered into a new $35 million revolving credit facility. The facility will require interest payments of LIBOR (with a floor of 200 basis points) plus 400 basis points and will be secured by FVE’s accounts receivable and related collateral. This new credit facility also contains certain covenants, such as maintenance of collateral and certain financial ratios and is set to mature March 18, 2013.
This new credit facility replaces FVE’s existing $40 million credit facility, which had a maturity date of May 8, 2010. Drawings under the existing credit facility required interest payments at LIBOR plus 200 basis points.
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