Feds backing $18M mortgage for Neb. hospital
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Associated Press - September 24, 2009 6:25 AM ET
CAMBRIDGE, Neb. (AP) - Officials have committed federal loan guarantees to building a 16-bed hospital in the southwest Nebraska city of Cambridge.
The U.S. Department of Housing and Urban Development is backing the $18 million loan. The new building for the Cambridge Memorial Hospital will replace a 51-year-old building.
The hospital business office, physical therapy department and the Cambridge Medical Clinic will move into the new building.
The federal guarantee will help Tri Valley Health System get a cheaper mortgage, saving the organization an estimated $9.3 million in interest on the $21.8 million project.
The rest of the funding will be sought from other sources, including grants and hospital reserves.
The project is scheduled to be finished by September 2010.
On the Net:
Tri Valley Health Systems: http://www.trivalleyhealth.com/
Information from: McCook Daily Gazette, http://www.mccookgazette.com
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