The Washington Health Care Facilities Authority was created by the Legislature in 1974 to provide a new source of capital funding for modern, well equipped, and reasonably priced health care facilities. The Authority was further charged with minimizing costs of capital construction, as well as costs to the public for using health care facilities, thus contributing to improved quality of health care in Washington. (RCW 70.37.010)

The goal of minimizing capital costs is accomplished by offering tax exempt financing to nonprofit health care facilities. Without Authority assistance, health care providers would have to borrow at the more expensive interest rates or taxable bonds and notes.

Agency Mission

Assist non-profit health care providers in Washington minimize their capital costs of construction, financing and use thereof in an effort to lower the expense of health care services by providing a combination of:

• Access to the tax-exempt capital markets
• Information on the capital markets, and
• Low cost financing alternatives.

Agency Summary

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Interest Rate Reduction Realized by Our Clients

By providing tax-exempt interest rate financing for non-profit health care providers in Washington, the Authority assisted providers in reducing their interest costs by over $43.2 million in calendar year 2021.

Debt Service Report

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Services Provided to Clients

• Access to tax exempt interest rate financing
• Knowledge of capital markets
• Current interest rates
• Financing process timeline projections
• RFP’s for services: Underwriter and Trustee services. Call or e-mail for sample form.
• Average useful life computation program. Call or e-mail for sample form.
• Debt capacity analysis, rating analysis. Call or e-mail for these services.
• Quick Notes: Summaries of legal requirements for tax exempt financing – federal tax and security laws.

Quick notes topics include:

• A Brief Expose on Due Diligence or (Don’t Lawyers Have Anything Better To Do Than Read Minutes?).
• “Federally Guaranteed” Bonds Are Not Tax-Exempt . Limitations on Contracts in Bond Financed Facilities.
• Reimbursement of Prior Expenditures From Tax-Exempt Bond.
• “TEFRA” Notice: Public Hearing and Approval Requirements With Respect to Private Activity Bonds.
• Call or e-mail for copies.
• Loan Programs