HEALTHCARE OPERATING LOSS LOANS.

SEC. 542. [12 U.S.C. 1715n note] HEALTHCARE OPERATING LOSS LOANS. (a) Definitions.—In this section: (1) Operating loss.—The term “operating loss” has the meaning given the term in section 223(d) of the National Housing Act (12 U.S.C. 1715n(d)). (2) Secretary.—The term “Secretary” means the Secretary of Housing and Urban Development. (b) Authorization to Provide Mortgage Insurance.—Notwithstanding any other provision of law, for fiscal years 2020 and 2021, in addition to the authority provided to insure operating loss loans under section 223(d) of the National Housing Act (12 U.S.C. 1715n(d)), the Secretary may insure or enter into commitments to ensure mortgages under such section 223(d) with respect to healthcare facilities— (1) insured under section 232 or section 242 of the National Housing Act (12 U.S.C. 1715w, 1715z-7); (2) that were financially sound immediately prior to the President’s March 13, 2020 Proclamation on Declaring a National Emergency Concerning the Novel Coronavirus Disease (COVID-19) Outbreak; (3) that have exhausted all other forms of assistance; and (4) subject to— (A) the limitation for new commitments to guarantee loans insured under the General and Special Risk Insurance Funds under the heading “General and Special Risk Program Account” for fiscal years 2020 and 2021; and (B) the underwriting parameters and other terms and conditions that the Secretary determines appropriate through guidance. (c) Amount of Loan.—After all other realized or reasonably anticipated assistance (including reimbursements, loans, or other payments from other Federal sources) are taken into account, a loan insured under subsection (b) shall be in an amount not exceeding the lesser of— (1) the temporary losses or additional expenses incurred or expected to be incurred by the healthcare facility as a result of the impact of the circumstances giving rise to the President’s March 13, 2020 Proclamation on Declaring a National Emergency Concerning the Novel Coronavirus Disease (COVID-19) Outbreak; or (2) the amount expected to be needed to cover the sum of— (A) 1 year of principal and interest payments for the existing loans of the healthcare facility insured by the Secretary; (B) 1 year of principal and interest payments for the loan pursuant to this section; (C) 1 year of mortgage insurance premiums for the loans described in subparagraphs (A) and (B); (D) 1 year of monthly deposits to reserve accounts required by the Secretary for the loans described in subparagraphs (A) and (B); (E) 1 year of property taxes and insurance for the healthcare facility; and (F) transaction costs, including legal fees, for the loans described in subparagraphs (A) and (B).