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Lacking support, UMC abandons effort for federal debt insurance

Nola.com / The Times-Picayune, July 8, 2011

In Louisiana, The University Medical Center governing board has abandoned its effort to secure federal mortgage financing to back any debt necessary to complete a new teaching hospital near downtown, and a UMC consultant said the project could be headed for further changes that he did not detail. The financing decision, documented today in a letter from a Jay Shah of J.P. Morgan to a top bureaucrat at the U.S. Department of Housing and Urban Development, comes as the hospital governing board considers a final business plan, design and financing scheme for what has been projected as a $1.2 billion, 424-bed complex. The UMC board is scheduled to meet next Wednesday. Chairman Bobby Yarborough has promised a completed business plan and financing arrangement by September.