The 700/900 heater valve p/n 9447896 does appear to be no longer listed by Volvo dealer parts suppliers, but the final revision of that part being sold under the Genuine Volvo name and of a slightly more rugged design than the original is identical to one still being distributed by Professional Parts Sweden (ProParts) under their own and a number of other brand names. As just one example, ref. www.fcpeuro.com/products/volvo-heater-valve/740/940 I see an identical looking one available directly from Asia through Aliexpress for under $10, but it may take a while to get to you.
I've used that newer design valve on a number of occasions and have had absolutely no issues with it being up to the job. If anything it's even sturdier than the original design where the necks eventually get brittle and break off. The vacuum hose fitting on the newer design is a slightly different diameter and orientation. A different diameter rubber connector sleeve needs to be used. There is a little Volvo elbow adapter hose being sold, but I've found it was the incorrect diameter, leastwise for the ProParts valve. I've found the original rubber sleeve can still be used if you simply turn it around, push the vacuum hose in all the way and perhaps use a bit of RTV sealant to make sure it stays in place, being careful of course to make sure none gets into the vacuum tube. The newer design also requires the vacuum hose to be bent rather sharply. Slipping the vacuum hose through a short length of rubber or vinyl tubing as a protective sleeve can help prevent the vacuum hose from kinking at the sharper turn.
Other designs being sold by aftermarket suppliers such as those under the Dayco brand I can't say as I would trust so much. I've also used ones sold under the MTC brand name (IPD carried them, still 6 in stock) that are identical to the original Volvo design, but I've found they don't last any longer than the original Volvo ones, and in one case a lot less (although that was in part due to excessive cooling system pressure from a head gasket leak, still it was the MTC heater valve that was the weakest link in the chain). The one currently being sold under the MTC brand name looks the same as the ProParts one.
For additional information and a slightly humorous take on the issue, refer to this old brickboard post Revenge of the 940 -Heater valve and heater hose
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Dave -still with 940's, prev 740/240/140/120 You'd think I'd have learned by now
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