Bill > HB1619

This bill establishes a new long-term care facility infrastructure loan program administered by the Bank of North Dakota to provide financial support for nursing and basic care facilities seeking to renovate existing facilities or construct new ones. Under the program, facilities can apply for loans that cannot exceed 50% of project costs, with a maximum loan amount of $10 million, an interest rate of 2% or less, and a repayment period of up to 20 years. Applicants must provide detailed project information, demonstrate project viability, and submit financial documentation. Recipients must complete their construction project within 24 months or risk forfeiting the entire loan. The bill also modifies an existing medical facility infrastructure loan program by adjusting the interest rate from 1% to 2% and maintains the previous maximum loan limit of 75% of project costs or $15 million. Additionally, the bill appropriates $15 million from the strategic investment and improvements fund to the Bank of North Dakota specifically for this long-term care facility infrastructure loan program for the 2025-2027 biennium, with the Bank allowed to deduct a small service fee for loan administration.