Home Loans and Guarantees Bond Financing Meetings
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Nonprofit Bond Financing BFA issues tax-free revenue bonds for federally recognized (501)(c)(3) nonprofit organizations. The bonds are not an obligation of the BFA or the State. Bonds can be used to acquire, renovate or construct buildings, acquire land and equipment and to refinance existing asset-based debt. A list of sample transactions is attached. For information regarding nonprofit bond financing, please contact Jack Donovan at (603) 415-0191 or JackD@nhbfa.com.
Process
Interested
nonprofits should contact the BFA for an application. The prospective borrower
completes an application and submits it to the BFA; there is no application fee
for nonprofits. A
summary of the nonprofit organization and its project, along with a resolution prepared by bond
counsel to determine eligibility, are presented to BFA's Board of Directors for
Official Intent. Borrowers must receive Official
Intent from the BFA Board of Directors, or have their governing body approve a
similar resolution, before costs are incurred to be eligible
for reimbursement from bond proceeds.
Once
a financing commitment has been obtained and documentation is completed, the
project will be presented to the BFA Board for Final Approval. After Final
Approval is granted, the project then must be approved by the Governor and
Council at a public hearing. The bonds can then be closed.
The
Directors of the BFA meet at least monthly. In order for an item to be placed on
the agenda, all materials must be in our office two weeks prior to the meeting
date.
New
Hampshire |
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