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Appropriations committee creates long-term care loan program, reduces initial funding and sets 2% rate in HB1619
Summary
The Senate Appropriations Committee on Thursday approved an amendment to House Bill 1619 establishing a Bank of North Dakota-administered loan program for long-term care facilities, setting a 2% interest rate, a $10 million per-project cap and repayment terms up to 30 years.
The Senate Appropriations Committee voted Thursday to amend and advance House Bill 1619 to create a state-backed loan program for long-term care facilities administered through the Bank of North Dakota. The committee adopted the amendment on a recorded vote of 14-2 and later gave the bill a due-pass recommendation by a recorded vote of 16-0.
Under the amendment the committee debated, section 1 creates a new long-term care loan program that provides up to $10,000,000 per project, with a project cap not to exceed 50% of…
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