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Distressed Hospital Loan Program

Grantor:
State Treasurer's Office
Departmental Grant ID:
n/a
Portal ID:
36311
Status:
Closed
Opportunity Type:
  • Loan
Last Updated:
 | 
Categories:

Details

Purpose:

It is intended to offer interest-free cashflow loans to not-for-profit and public hospitals in significant financial distress or to governmental entities representing a closed hospital to prevent the closure of or facilitate the reopening of the hospital.

Description:

Chapter 6, Statutes of 2023, (AB 112) established the Distressed Hospital Loan Program authorizing $150 million in one-time funding towards not-for profit and public hospitals in significant financial distress or to governmental entities representing a closed hospital to either prevent the closure or facilitate the reopening of closed hospitals.

The Program offers zero-percent interest, 72-month term loans, with an initial 18-month payment deferment at the start of the loan, for the purpose of supporting cashflow needs, and potentially may be forgiven or modified, with terms to be determined at a future date.

If the loan were to default, up to 20% of the hospitals Medi-Cal checkwrite payments would be intercepted by CHFFA.

Complete Application online. A link to the online application is located on the Distressed Hospital Loan Programs page of CHFFA’s website.

Eligibility Requirements

Eligible Applicants:

  • Nonprofit
  • Public Agency

Eligible hospitals cannot belong to an integrated health care system with more than two separately licensed hospital facilities.

Eligible Geographies:

none

Matching Funding Requirement:

none

Important Dates

The date (and time, where applicable) by which all applications must be submitted to the grantmaker. Time listed as “00:00” equates to midnight.
The date on which the grantor expects to announce the recipient(s) of the grant.
Aug. or Sept. 2023
The length of time during which the grant money must be utilized.
6/16/23 - 7/31/23

Funding Details

The total projected dollar amount of the grant.
$150,000,000
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
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.
Dependent
Certain grants require that the recipient(s) provide a letter of intent.
No
Certain grants require that the recipient(s) be able to fully or partially match the grant award amount with another funding source.
No
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.
  • State

Funding Source Notes:

The Distressed Hospital Loan Program Fund

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).
  • Advance(s)

Funding Method Notes:

none

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

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