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Senators review $100 million revolving loan proposal to help long-term care facilities finance construction
Summary
House Bill 16-19 would create a $100 million long-term care facility infrastructure revolving loan fund administered by the Bank of North Dakota offering up to $10 million per project at 2% interest; proponents said five projects are ready and that the fund is modeled on a successful hospital loan program.
House Bill 16-19 would appropriate $100 million to establish a long-term care facility infrastructure revolving loan fund administered by the Bank of North Dakota to finance renovations, new construction and equipment upgrades for long-term care facilities.
Representative Emily O’Brien, sponsor of HB 16-19, told the Senate Appropriations Human Resources Committee the fund would allow loans up to $10 million per project at a 2% interest rate, with loans capped at 50% of project cost and repayment terms up to 30 years. “It will enable facilities to secure loans at a 2% interest rate, which is significantly lower than the typical 5 to 7 that they are…
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