On April 12, Crain's reports that: "Billionaire investor Warren Buffett has launched a venture to finance low-income housing projects, starting with a nearly $29 million center for seniors on Medicaid in the south suburbs."
Especially interesting to readers of this blog is that the project would be a supportive living facility. The Supportive Living Facility (SLF) program in Illinois is an exemplary Medicaid-waiver program which created 124 affordable assisted living facilities caring for approximately 12,000 residents. SLFs are, more or less, the equivalent of assisted living facilities (ALFs), with the chief differentiator being that SLF's accept Medicaid as a payment source. ALF's are wholly private pay.
As I mentioned in a post a few weeks ago, recent proposals to cut the Illinois Medicaid budget included eliminating the SLF program, ceasing all new SLF Medicaid admissions or raising the determination of need score necessary to be admitted as a SLF resident. I suspect that Mr. Buffett received assurances that none of these proposals will be implemented.
It sounds as though Mr. Buffett knows as much about the outcome of the Illinois budget negotiations as anyone in Springfield. What do you think?
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