California Health Facilities Financing

What Sets CHFFA Apart


California Health Facilities Financing Authority (CHFFA) management and staff will work with the borrower and its financing team through the bond application process. Once submitted, the application will be processed, and bonds can typically be priced and closed within less than two months of application submission. Additionally, CHFFA is amenable to scheduling a meeting for a financing approval to accommodate a borrower’s expedited timeline.

Experienced Staff

Having been in business since 1979, CHFFA has issued over $42 billion in bonds to approximately 170 California health institutions. Over five decades, collaborating with its Financial Analysts and Municipal Advisors, CHFFA has honed its ability to provide expert advice to bond applicants to ensure a smooth application process, to work closely with financing teams in providing favorable bond pricing scenarios, and to make the closing process as straightforward as possible. The California State Treasurer is the Agent for Sale on all transactions financed with CHFFA as the conduit issuer, which also provides borrowers access to experienced bond financing staff from the California State Treasurer’s Office, Public Finance Division.

Cost Effectiveness

CHFFA has one of the lowest fee structures in the business.

  • Initial fees are 5 basis points of the par amount (capped at $100,000), and
  • a flat $1,000 for smaller private and all public health facilities.

This structure may, at times, subsidize smaller bond transactions, where the cost to process and close a transaction exceeds the fee charged.

  • Annual fees are 1.75 bps (capped at $150,000) and based on the outstanding balance as of January 1 of each year.
  • Annual fees for smaller private and all public health facilities can be as low as $500.

Simplified Processes

  • As a state agency, CHFFA conducts one public Tax Equity and Fiscal Responsibility Act (TEFRA) hearing at its offices in Sacramento, regardless of the locations of the projects being financed.
  • In the case of other issuers, a TEFRA hearing is required to be held in the cities where each project will be completed.
  • Any eligible borrower may apply to CHFFA, regardless of its location.
  • In addition, TEFRA notices may be posted on CHFFA’s website, saving thousands of dollars that would be otherwise required to publish the public hearings in the newspapers of the cities where the projects are located.


CHFFA is an authority housed in the California State Treasurer’s Office.

All financings are approved by a nine member board consisting of

  • the State Treasurer (chair),
  • State Controller,
  • Director of Finance, and
  • six representatives appointed by the Governor, the Senate Rules Committee, and the Assembly Speaker.

Meetings are held in an open, public setting, and materials (including agendas, minutes, and staff reports) are posted on CHFFA’s website well in advance of the meeting dates.

Historical and current meeting materials as well as audit and annual reports also are available to the public through CHFFA’s website.