Powered by LevrNAICS 623311: Continuing care retirement communities
NAICS 623311 is the industry code for continuing care retirement communities. Use it on loan applications, tax forms and registrations. Explore financing for medical and dental and start your application when you are ready.
What 623311 covers
Continuing care retirement communities offer independent living, assisted living and skilled nursing on one campus, so residents can move to higher levels of care as needs change, often under an entrance fee contract.
Included in this code
- Continuing care retirement communities
- Life plan communities
- Entrance fee senior campuses
- Retirement communities with on site nursing
Not this code
- Assisted living only: see 623312 Assisted living facilities for the elderly
- Nursing homes: see 623110 Nursing care facilities (Skilled nursing facilities)
- Senior apartments without care: see 531110 Lessors of residential buildings and dwellings
Businesses that use 623311
Financing for this trade
CCRCs finance with tax exempt bonds, construction loans repaid by entrance fees, and HUD or conventional mortgages. Lenders look at occupancy, entrance fee presales, actuarial reserves and days cash on hand.
Apply for funding with AIIs 623311 the right code for a continuing care retirement community?
Yes, if your campus offers independent living, assisted living and skilled nursing together, typically under a continuing care contract. Standalone assisted living uses 623312, and standalone nursing homes use 623110. Senior apartments without care services use a real estate code.
What is the SBA size standard for 623311?
SBA sets the size standard for 623311 at $34 million in average annual receipts, averaged over the last five completed fiscal years and counting affiliates. Continuing care retirement communities at or under that figure qualify as small businesses for SBA 7(a) and 504 loans and for federal small business set asides. Most independent continuing care retirement communities fall well inside the limit, so size is rarely what decides an SBA application.
How are continuing care retirement communities financed?
Most are financed with tax exempt bonds for nonprofits or construction loans that are paid down with entrance fees, followed by long term mortgages. Lenders look at presales and deposits, occupancy, actuarial studies, liquidity and the strength of the sponsor.
What does NAICS 623311 cover?
Continuing care retirement communities. Industry level code in NAICS 2022, under 62 Health care and social assistance, 623 Nursing and residential care facilities, 6233 Continuing care retirement communities and assisted living facilities for the elderly, 62331 Continuing care retirement communities and assisted living facilities for the elderly.
What financing do NAICS 623311 businesses use?
Equipment financing, working capital, SBA loans and invoice factoring are the products placed most for medical and dental businesses. Start an application and the AI matches the deal to lenders that fund this code.
Where do I put NAICS 623311?
On the SBA loan application, on federal Schedule C or Form 1120, on SAM.gov and state registrations, and on most lender applications. A business can report more than one code; use this one if it describes what produces most of your revenue.