CHFFA Bond Financing Program

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
Funding Details
How to Apply
State agencies/departments recommend you read the full grant guidelines before applying.
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