Stayton Hospital Gets $27.1 Million FHA Loan that Uses OFA Bonds.

HUD PR is HERE.

Santiam Memorial Hospital operates a 40-bed facility and three on-campus clinics, as well as off-site clinics in the nearby towns of Mill City, Sublimity, and Aumsville. The FHA-insured mortgage loan will be used to construct a four-story patient tower with private beds adjacent to the existing hospital building. This new tower will replace the outdated facility that was constructed in 1963. It will house medical/surgical units, an intensive care unit, surgical services, and obstetrics. The existing building will be refurbished and used as a chapel and to increase outpatient activity space....HUD estimates the Santiam Memorial Hospital construction project will support 394 full-time jobs and provide an estimated economic stimulus of more than $73.1 million to the community. Once completed, it is estimated the project will support 157 full-time jobs and provide an annual economic benefit of more than $26 million..

Oregon Facilities Authority Involvement. 

Other news stories seem to have missed the fact that the Oregon Facilities Authority authorized the sale of bonds for this project. 

Health facilities are one of a eligible OFA activities; I noticed that their agenda for meeting tomorrow includes a $6.3 million Central City Concern financing that will also use New Market Tax Credits: 

....for the issuance of revenue bonds in an aggregate principal amount not to exceed $6,300,000 (the "Bonds"). Bond proceeds will be used to (i) to finance a portion of the costs of and reimbursement of certain expenses associated with capital construction, improvement, and acquisition and installation of equipment, for a state licensed outpatient mental health and addiction treatment center of the Participating Institution and its affiliated entities located in Portland's Old Town, (ii) to finance a portion of the costs of and reimbursement of certain expenses associated with
capital construction, improvement, expansion, renovation and acquisition and installation of equipment, for the Old Town Clinic, a federally qualified health center of the Participating Institution and its affiliated entities, (iii) to fund a debt service reserve fund for the Bonds and (iv) pay costs of issuing the Bonds (collectively, the "Project"). The Project is being funded by a combination of federal HRSA funds, New Market Tax Credit proceeds and Bond proceeds.

Originally created and posted on the Oregon Housing Blog.