CHFFA Bond Financing Program

Portal ID:
1584
Status:
Active (6 total applications submitted)
Opportunity Type:
  • Loan
Last Updated:
 | 

Details

Purpose:

This program will provide a borrower with access to low interest rate capital markets through the issuance of tax-exempt and taxable revenue bonds.

Description:

Eligibility

General Requirements

-Must be a health facility as defined in the Authority's Act (Section 15432(d) of the California Government Code)

-Must be a non-profit 501(c)(3) corporation or  public health facility (e.g., district hospital) as defined in the Authority's Act (Section 15432(e) of the California Government Code)

-Must have been in existence for at least three years, providing the same types of services

-Must demonstrate evidence of fiscal soundness and the ability to meet the terms of the proposed loan

Use of Funds

Funds may be used for:

-Construction, remodeling, renovation, and/or improvements

-Land acquisition

-Acquisition of existing health facilities

-Equipment and/or furnishings

-Refunding of prior debt

-Working capital for start-up facilities

-Costs of bond issuances, feasibility studies & reimbursement of prior expenditures

Loan Terms

-Market determined fixed or variable rate interest rate, depending on maturity

-No loan maximum

-Maximum loan maturity typically 40 years

-Loan security provisions and bond covenants that correspond with bond rating

Fees

-No application fee

-Initial fee of 0.05% of the issue amount (maximum $100,000), set fee of $1,000 for smaller health systems and public health facilities

-Annual administrative fee of 0.0175% of the bonds outstanding (maximum $150,000), maximum of $500 for small health systems and public health facilities

Required Documentation

-Three most recent fiscal years of audited financial statements

 

 

Eligibility Requirements

Eligible Applicants:

  • Nonprofit
  • Public Agency

-Must be a health facility as defined in the Authority's Act (Section 15432(d) of the California Government Code   -Must be a non-profit 501(c)(3) corporation or a public health facility (e.g., district hospital) as defined in the Authority's Act (Section 15432(e) of the California Government Code)

Eligible Geographies:

None.

Important Dates

Application deadline The date (and time, where applicable) by which all applications must be submitted to the grantmaker. Time listed as “00:00” equates to midnight.
Ongoing
Expected award announcement The date on which the grantor expects to announce the recipient(s) of the grant.
Ongoing
Period of performance The length of time during which the grant money must be utilized.
Ongoing

Funding Details

Total estimated available funding The total projected dollar amount of the grant.
$5,000,000,000
Expected number of awards A single grant opportunity may represent one or many awards. Some grantors may know in advance the exact number of awards to be given. Others may indicate a range. Some may wish to and wait until the application period closes before determining how many awards to offer; in this case, a value of “Dependent” will display.
Dependent
Estimated amount per award Grant opportunities representing multiple awards may offer awards in the same amount or in varied amounts. Some may wish to wait until the application period closes before determining per-award amounts; in this case, a value of “Dependent” will display.
$5,000,000 – $5,000,000,000
Letter of Intent Required? Certain grants require that the recipient(s) provide a letter of intent.
No
Requires Matched Funding? Certain grants require that the recipient(s) be able to fully or partially match the grant award amount with another funding source.
No
Funding Source: The funding source allocated to fund the grant. It may be either State or Federal (or a combination of both), and be tied to a specific piece of legislation, a proposition, or a bond number.
  • Other

Funding Source Notes:

Revenue bond debt issuance

Funding Method: The manner in which the grant funding will be delivered to the awardee. Funding methods include reimbursements (where the recipient spends out-of-pocket and is reimbursed by the grantor) and advances (where the recipient spends received grant funds directly).
  • Advances & Reimbursement(s)

How to Apply

State agencies/departments recommend you read the full grant guidelines before applying.

Resources

For questions about this grant, contact:
1-916-653-2799, chffa@treasurer.ca.gov