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HUD approves $2.4 million deal for addition to hospital construction project in Hot Springs

WASHINGTON, DC - August 10, 2009 - (RealEstateRama) — The U.S. Department of Housing and Urban Development today announced a commitment to insure a mortgage loan to Fall River Health Services (FRHS) in Hot Springs, South Dakota, to construct a 10-bed addition to the 15-bed replacement hospital currently under construction. The $2.4 million loan to FRHS, a critical access hospital, is made possible through the Federal Housing Administration’s Section 242 Hospital Mortgage Insurance Program.

In September 2008, HUD issued a $16.7 million mortgage insurance commitment to Fall River Health Services to build a replacement hospital and rural health clinic. The commitment announced today provides for construction of additional beds to accommodate anticipated volume increases in the future. By insuring the mortgage loan, FHA is enabling Fall River Health Services to obtain lower cost financing, saving the hospital almost $800,000 in interest expense over the life of the loan.

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posted in: news, South Dakota
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