The U.S. Department of Housing and Urban Development will insure a $14.3 million mortgage loan to the Stillwater Hospital Association in Columbus, Mont., to build a new hospital, according to a HUD news release.
HUD provides the loan insurance through the Federal Housing Administration's Hospital Mortgage Insurance Program. The insurance will allow the hospital to obtain lower cost financing that will save an estimated $4.2 million in interest expense, according to the release.
The current hospital is more than 50 years old and does not have sufficient space or infrastructure to serve the community, according to the release. The new hospital will include an emergency room, inpatient and outpatient surgery areas, a laboratory, imaging department, primary care clinic and home health agency.
Read the HUD release on its commitment to insure a $14.3 million mortgage loan for a new hospital in Columbus, Mont.
Related Articles on the Department of Housing and Urban Development's Financial Support of New Hospitals:
Louisiana Senator: Proposed LSU Teaching Hospital Is Too Dependent on Uncertain Funding
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HUD provides the loan insurance through the Federal Housing Administration's Hospital Mortgage Insurance Program. The insurance will allow the hospital to obtain lower cost financing that will save an estimated $4.2 million in interest expense, according to the release.
The current hospital is more than 50 years old and does not have sufficient space or infrastructure to serve the community, according to the release. The new hospital will include an emergency room, inpatient and outpatient surgery areas, a laboratory, imaging department, primary care clinic and home health agency.
Read the HUD release on its commitment to insure a $14.3 million mortgage loan for a new hospital in Columbus, Mont.
Related Articles on the Department of Housing and Urban Development's Financial Support of New Hospitals:
Louisiana Senator: Proposed LSU Teaching Hospital Is Too Dependent on Uncertain Funding
Georgia Critical Access Hospital Receives $31M FHA Loan to Modernize Facility
New Pennsylvania Hospital Receives $290M Financing Plan Approval