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NORTH VALLEY HOSPITAL RECIEVES FINANCING! $29,250,000 FOR NEW FACILITY
Craig Aasved, North Valley Hospital CEO, returned this week from the Regional Office of Housing and Urban Development (HUD) in Denver, Colorado, with financing in the amount of $29,250,000 for the new North Valley Hospital project.
Tom Friesen, State Director for HUD in Montana, oversees projects that help rural communities realize their local needs, “When we can help with a project driven by the local community’s need to serve their own people and guarantee funding, it is a healthy relationship between local government and federal government.”
Friesen said the government has special programs for rural community hospitals and urban teaching hospitals to improve the quality of medical care in the nation. The offices of HUD in Montana fund affordable housing projects throughout the state and work hand in hand with non-profit organizations to help local communities.
“There have been years devoted to this process,” stated Aasved who explained the secured loan has a fixed interest rate of 6.98% on a 25 year note insured through HUD’s FHA Section 242 Hospital Mortgage Insurance Program.
This is a milestone for North Valley Hospital’s building project that continues through snowy, cold conditions.
“Above normal precipitation and below normal temperatures slow the progress,” stated Swank Enterprises Construction Manager Jeff Halsey, who keeps the job moving.
“Crews will get bigger as the job goes on,” stated Halsey who said 90% of sub-contractors, involved in the project, are local contractors.
Structural iron, steel stud framing, concrete work, plumbing and electrical rough-ins continue, but Halsey said January will be a really big month for the project. Equipment that will allow Swank workers to put the roof on the building will arrive. After the roofing is on, crews can begin using temporary heat and begin the fire-proofing process.
North Valley Hospital Foundation’s Fund raising efforts continue toward its goal of $6.3 million. The Foundation’s Capital Campaign is at 61% of their goal to date, with over $3.8 million raised!
It is still very important to support the hospital by giving gifts of cash, pledges, or in-kind gifts. A gift of $10,000 (from now until the end of the construction period) will reduce ongoing borrowing costs over the term of the loan by approximately $12,681 (savings varies with timing of gift). Please contact Carol Blake, RN Executive Director for more information at the NVH Foundation office: 862-3630.
Marilyn Hays (North Valley Hospital CFO) Dan Johns (Attorney representing NVH) and Mark Johnson (NVH Board of Directors Chair) were present at the Denver signing along with representatives from agencies involved.
For more information on click on "Construction Progress" to the left of your screen.
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