New Patient / Family Housing Funded by Tax-Exempt Bonds
In 2010, a $21.4 million tax exempt bond issue refinanced the construction in 2008 of an 80-unit facility that provides short-term housing and meals for Seattle Cancer Care Alliance patients and their family members, many of whom travel from outside the Seattle area to receive treatment. The Seattle Cancer Care Alliance (SCCA) is a cancer treatment center that unites doctors from Fred Hutchinson Cancer Research Center, UW Medicine and Seattle Children’s Hospital. These parent organizations are recognized internationally as leaders in the fight against cancer. As a result, SCCA is home to some of the world’s best surgeons, medical oncologists, radiation oncologists and pathologists.
By issuing tax exempt bonds through the Washington Health Care Facilities Authority to finance this project, SCCA will reduce its interest expense over the life the loan by approximately $7.1 million. Substantially all of the savings realized by SCCA from the availability of financing through tax- exempt bonds, as contrasted to financing through taxable debt, will be used in a manner that will minimize the capital costs of construction, financing and use of modern, well equipped and reasonably priced health care facilities and thereby the costs to the public of the use of such facilities, and to contribute to improving the quality of health care.
Donna Murr, Executive Director
Washington Health Care Facilities Authority