This bill proposes the creation of a new section in chapter 6-09 of the North Dakota Century Code to establish a long-term care facility infrastructure loan fund, which will be administered by the Bank of North Dakota. The fund aims to provide loans to nursing and basic care facilities for renovation projects or the construction of new facilities, including land purchases and improvements. The fund will consist of revenues transferred under legislative authorization, interest on moneys in the fund, and collections from loans. A continuing appropriation is established to ensure that all moneys in the fund are available for loan purposes.

Additionally, the bill outlines the application process for facilities seeking loans, detailing requirements such as project proposals, financial viability, and eligibility verification. Loans can cover up to 50% of project costs, with a maximum of $10 million per project, an interest rate not exceeding 2%, and a repayment schedule of no longer than 30 years. The bill also mandates that projects must be completed within 24 months of loan approval, with provisions for forfeiture of the loan if not complied with. Furthermore, it includes a provision for the transfer of $50 million from the strategic investment and improvements fund to the new loan fund during the 2025-2027 biennium.