This bill establishes a new long-term care facility infrastructure loan program administered by the Bank of North Dakota. The program aims to provide loans to nursing and basic care facilities for renovation projects or the construction of new facilities, which may include land purchases and improvements to structures. Facilities can apply for loans that cover up to fifty percent of project costs, with a maximum loan amount of ten million dollars, an interest rate not exceeding two percent, and a repayment schedule of no longer than twenty years. Additionally, recipients must complete their projects within twenty-four months of loan approval, or risk forfeiting the loan.

The bill also amends existing legislation regarding the medical facility infrastructure loan fund, adjusting the maximum loan amount to the lesser of fifteen million dollars or seventy-five percent of the actual project cost, and setting the interest rate to one or two percent with a repayment schedule of no longer than twenty-five years. Furthermore, it appropriates $15,000,000 from the strategic investment and improvements fund to support the new loan program for the biennium from July 1, 2025, to June 30, 2027.

Statutes affected:
Prepared by the Legislative Council staff for Senate Appropriations Committee: 6-09-47
Prepared by the Legislative Council staff for Conference Committee: 6-09-47
Enrollment: 6-09-47