The Authority does not have a formal application, but requires all prospective borrowers to submit a written request stating the institution's intent to issue tax-exempt debt through the Authority.  The request should include a description of the project to be financed, and the estimated amount to be financed.  Upon receipt of the request for financing from the institution, CHEFA will send an application letter to be executed by the borrower.

The prospective borrower also submits payment with the commitment letter in the amount of $20,000 for the transaction, of which $5,000 represents CHEFA's total up-front fee. The remaining $15,000 will be used to offset costs of issuance. This fee is non-refundable, regardless of whether the CHEFA Board approves the proposed issue or it fails to close for any reason.

Some of the information needed from the borrower and responsibilities for the financing include the following:

• Required authorizations from the borrower's Board regarding the financing project.
• Information on current strategic plans, recent development activities and any other relevant information regarding the borrowing institution. This information will be used to create the "Appendix A," which is a critical piece of the bond offering document.

Contact our New Business Department by e-mail or by calling (860) 520-4700.