Massachusetts Health and Educational Facilities Authority
The Massachusetts Health and Educational Facilities Authority was created by the Massachusetts legislature in 1968. HEFA provides a range of appropriate capital-related financial products and other services to eligible nonprofit institutions in the fields of health care, higher education, science, culture, and human services. HEFA enables them to reduce their cost of capital and secure low-cost, tax-exempt financing for important capital projects. While HEFA was created by the Massachusetts Legislature, and its nine members are appointed by the Governor, HEFA is fully fee-for-service and receives no taxpayer dollars.
HEFA is the largest issuer of tax-exempt revenue bonds in the Commonwealth and ranked sixth among the top issuers in the country last year. It typically facilitates access to more than two billion dollars for nonprofits each year, financing equipment, construction and renovation projects, and refinancing outstanding debt. Over the years HEFA has developed a range of programs to meet the changing needs of its nonprofit clients. Options for tax-exempt project financing include bond issues, pool loans, and capital leases.
HEFA believes strongly in the importance of providing financing help for the widest range of nonprofit organizations, from the small human service provider or cultural institution to the hospitals and universities that employ tens of thousands and have an enormous impact on the Commonwealth’s economy. HEFA closed approximately 50 financing deals in each of the last two calendar years (2007 and 2008) for a wide range of clients and project types, from million dollar equipment leases to capital projects valued in the hundreds of millions.
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