HUD to Insure Hospital Construction Loan

WILLAMETTE, Ore. — The U.S. Department of Housing and Urban Development has made it possible for work to begin on a hospital project in Stayton, Ore., by insuring a $21.7 million mortgage loan for construction, according to reports.

Officials with Santiam Memorial Hospital had been waiting for construction to start on a new four-story patient tower that will replace an aging tower built in 1953,  but could not do so without the final bit of financing in place. The commitment to insure the mortgage was made by HUD, the agency said in a written statement.

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