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Committee hears proposal for $100 million loan‑guarantee program to help rural nursing, basic care facilities (HB1550)
Summary
House Bill 1550 would create a nursing and basic care facility loan guarantee program administered by the Bank of North Dakota and backed by up to $100 million from the Strategic Investment and Improvements Fund to lower borrowing costs for facility construction and renovation.
Bismarck — The House Human Services Committee heard testimony in support of House Bill 1550, which would establish a nursing and basic care facility loan guarantee program administered by the Bank of North Dakota and backed by up to $100 million from the Strategic Investment and Improvements Fund (SIF).
Rep. John Nelson (District 14) introduced the bill and said the fund would operate like other state revolving programs to help finance construction and remodeling of basic care and nursing facilities. “This fund would be a $100,000,000 would be put into a construction loan fund much like the school loan fund that currently is used for school…
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