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North Valley Hospital Receives HUD Mortgage Insurance Commitment!
The strength of the U.S. Government is behind the financing of North Valley Hospital’s new building with its receipt of HUD’s official approval on Friday, September 30th!
The Department of Housing and Urban Development’s FHA Section 242 Hospital Mortgage Insurance Program will guarantee the $30 million mortgage loan to finance the project. “We’ve waited a long time for this moment, and we couldn’t be happier,” said CEO Craig Aasved who is on the leading edge in keeping the project together.
Now that the HUD approval has been issued, InnoVative Capital, LLC, the FHA mortgage lender and financial advisor, will begin the process of locking-in an interest rate for the Hospital’s financing. “With FHA mortgage insurance, critical access hospitals such as North Valley are able to borrow at very favorable financing rates,” said Alan P. Richman, President and CEO of InnoVative Capital, during a telephone conference with North Valley Hospital CEO Craig Aasved.
InnoVative Capital is nationally recognized for its financing of rural, community and Critical Access Hospitals across the country. InnoVative Capital will continue to represent North Valley Hospital all the way through the project’s construction to see that all FHA requirements are met.
As with any building project, North Valley Hospital, its lender, and its project team, will review the construction progress and examine all requested loan disbursements prior to their submission for final approval by HUD. The project review team consists of North Valley Hospital’s representative construction manager, American Hospital Facilities Development (AHFD); Kalispell-based construction manager, Swank Enterprises; InnoVative Capital; the title insurance company; the U.S. Department of Engineering Services; and HUD.
“This important milestone could not have been achieved without the Team support and collaborative efforts of all the individuals involved,” said Aasved naming InnoVative Capital, Johnson, Johnson, Crabtree Architects (JJCA), American Health Facilities, and Quorum as instrumental.
“Unfortunately, a proposed moratorium on the relocation of Critical Access Hospitals (CAHs) set us back about six months,” said Aasved who added, “Our hospital and medical staff persevered, along with our Board of Directors; they worked really hard throughout the planning process to keep our momentum and sustain the vision for North Valley Hospital.”
The process began with the design of the new hospital and continued into the pre-application stages starting in February of 2004. Representatives of HUD came to the Flathead Valley from Washington, DC to complete their site assessment giving North Valley Hospital the “green light” to direct InnoVative Capital, who began the application process for FHA Section 242 mortgage insurance.
“There will by many changes coming to the site at a more rapid pace,” said Aasved. “Swank expects to have the framing steel on-site within the next month and the building itself will begin to take shape.”
“It is very important to support the hospital during this process,” said Carol Blake, RN Executive Director of North Valley Hospital Foundation/Community Relations. Every $10,000 given to the Capital Campaign prior to the completion of the Hospital Building will yield approximately $12,681 in savings over the life of the loan! (Savings will vary according to timing of gift).
“We have raised $3.3 million to date,” said Carol Blake. Many potential donors have been waiting for this exciting news regarding the HUD approval before pledging their gift to the campaign. Now is the best time to make a gift to help the communities of the North Valley Hospital and invest in the future of the New Center of Healing.
Contact the Foundation Office for more information about exciting benefits when making a donation to the Capital Campaign. (406.863.3631 or cblake@nvhosp.org). Ask about recent new tax breaks, which can benefit North Valley Hospital, if the gift is completed by December 31, 2005. Click on "Construction Progress" to the left of your screen to view update photos.
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