The MHHEFA Program Officer coordinates the activities of the financing team and negotiates the terms of the transaction. The Program Officer is also responsible for obtaining approval of the MHHEFA board. 

The time it takes to complete a bond issuance varies and is largely dependent on the needs of the borrowing institution, the complexity of the transaction, and the interest of the investors. Three to four months is typical.

Tentative Approval:
Once the borrowing institution and its counsel have determined its financing needs, the institution will contact MHHEFA and provide an outline of the project (see below) and its approximate size. The Authority staff will review the following information and provide tentative approval to proceed with the formal application.

General Information:

• Brief description of the entity.
  
• Brief description of the project, including its purpose, and the facilities to be financed.
  
• Schedule of estimated total project costs, including cost of new construction, renovation, professional fees, equipment, and refinancing of existing indebtedness, if applicable.
  
• Schedule of funding sources, including bond proceeds, institution equity, and fund- raising (in-hand or pledged).
  
• Estimated timetable, including general contractor, approval agency, and institutional schedules.
  

Legal Information:
Brief description of existing indebtedness, including any restrictions on borrowing, and any encumbrances on property, revenue, or assets of the institution.

Financial Information:

• Audited financial statements for the past 5 years.


• Obtain the required authorizations from its Board.
  
• Gather five years of historical information on financial results, utilization/demand statistics and sources of revenue, as well as information regarding current strategic plans and any other information about the organization.
  
• Ensure that the required environmental reviews, zoning permits and approvals, and other planning tasks are completed to enable the project to go forward.