HUD issued the second largest mortgage insurance commitment in FHA history to the Medical University Hospital Authority, a component of the Medical University of South Carolina, in December of 2004.

Phase 1 of MUSC Replacement Hospital Hospitality Tower Main Entrance

CEO Testimony "We are deeply grateful to FHA for supporting our goal to build this world class hospital facility. This new facility will bolster our patient care, education and research mission as we provide superb health care for our state's citizens and beyond." -- Stuart Smith, Executive Director MUHA.

MUHA is a component of the Medical University of South Carolina. The hospital is a private, non-profit 501(c)(3), acute care teaching hospital with a voluntary governing board. The scope of the project was a $401,158,000 mortgage, $275,850,491 for capital improvements and $134,213,827 to refinance existing debt. The project replaced an existing wing with a new two-story tower and renovation of existing facility to include 150 new beds and 626,000 sq ft of new space.

The credit rating prior to FHA Mortgage Insurance was BBB+. Afterwards their credit rating, with FHA Mortgage Insurance was AA. The net present value of saving by going with FHA insurance will save MUHA approximately $110.7 million in interest over the life of the loan, for a net present value of approximately $33.2 million. Additionally, 400-500 new construction jobs resulted from this project.