The new 223-bed hospital will replace the existing Mercer Medical Center and funds will also be used to expand Fuld Hospital, which will absorb many of the services Mercer used to offer.
The construction project is expected to create 4,767 jobs and provide an economic stimulus of $1.7 billion to the region. Once completed, the new medical center will support approximately 2,209 jobs and provide an annual economic benefit of $424 million.
HUD was able to insure the mortgage loan though the Federal Housing Administration’s (FHA) Section 242 Hospital Mortgage Insurance Program, which supports the construction or renovation of acute care hospitals that are public, proprietary or nonprofit.
By providing this aid, the FHA will save the hospital about $487 million in interest payments throughout the life of the loan.
Read HUD’s press release on the new Hopewell Township hospital.
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