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Sponsor introduces $50 million loan program for long‑term care infrastructure
Summary
Representative Matt Ruby briefly introduced House Bill 1619, a proposal to create an infrastructure loan fund for long‑term care facilities with a $50 million cap and a maximum $10 million per project at a 2% interest rate; the committee did not take final action in the hearing.
Representative Matt Ruby (District 40) introduced House Bill 1619 to establish an infrastructure loan fund to support long‑term care facility projects. Sponsors explained the bill’s parameters in brief: the committee reduced an original $100 million concept down to $50 million in the bill sponsor’s presentation; loans would carry a 2% interest rate and carry a maximum of $10 million per project. Representatives said about five projects were ready to proceed if financing were available and that most facilities seeking support are in smaller communities.
Ruby noted the bill is intended as a financing vehicle (a loan program) rather than a direct grant, and he said the bill’s sponsors — who are members of the committee — expected to carry the bill forward for further discussion. No committee vote or formal action on HB1619 was recorded during the hearing segment in the transcript; the introduction concluded with the committee moving to recess for floor action.
