Rep. Calvert Pleased by HUD Decision to Approve $29 Million Refinancing for Parkview Community Hospital Medical Center

Press Release

Today Rep. Calvert (R-CA) expressed his appreciation for the decision by U.S. Department of Housing and Urban Development (HUD) to insure a mortgage loan to Parkview Community Hospital Medical Center in Riverside, California. The $29 million loan guarantee is made possible through the Section 223(f) component of the Federal Housing Administration's (FHA) Section 242 Hospital Mortgage Insurance Program.

"Parkview Hospital plays a critical role in serving the community's health and emergency care needs and providing many good paying jobs within the city of Riverside," said Rep. Calvert. "I commend HUD for making Parkview the first hospital to refinance debt through Section 223(f). I was happy to facilitate the communication between HUD and Parkview and I will continue to support Parkview, the only non-profit hospital in the city of Riverside, as they move forward."

According to the HUD announcement of the refinancing:

Parkview is a 193-bed acute care hospital that has served the Riverside area for more than 50 years. It is currently paying 20 percent interest on its existing debt. The new FHA-insured mortgage will have an interest rate of approximately 7 percent, saving the hospital almost $3 million per year. In addition, the new mortgage will provide the hospital with funds to purchase $1.8 million in medical equipment to upgrade the facility's Neonatal Intensive Care Unit.

HUD estimates Parkview Community Hospital Medical Center generates more than $300 million in annual economic activity and supports a total of 2,223 jobs in the community. More than 600 workers are employed by the hospital. HUD's estimates are based on results from an economic model used by public and private institutions to examine a variety of economic development issues.

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