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About the Authority
ABOUT THE AUTHORITY
The Hospitals and Higher Education Facilities Authority of Philadelphia (the “Authority”) is a body corporate and politic created in 1974 by the Council of the City of Philadelphia pursuant to the Municipality Authorities Act of 1945. The Authority was created to provide funds through the issuance of revenue or special obligation bonds and notes to assist non-profit hospitals in projects determined to be primarily for the health, safety and welfare of the people in the Philadelphia area.
The Authority helps non-profit institutions including hospitals, higher educational institutions, long-term care and assisted-living providers, mental health and mental retardation residence facilities and secondary schools obtain low-cost, tax-exempt financing and re-financing for a variety of needs including new construction, renovations, equipment purchases and working capital. The Authority is also willing to consider financing for projects not listed above.
The governing body of the Authority is a Board consisting of five members appointed by an affirmative vote of two-thirds of all members of City council from nominations made by the Mayor of the City of Philadelphia. Members of the Board are appointed for staggered five-year terms and each serves until death, disqualification, resignation, removal or appointment of a successor.
Affiliated Entity
The Healthcare Resources Foundation (the “Foundation”), a Pennsylvania nonprofit corporation, was established by the Authority in 1990 for the purpose of objectively identifying and researching critical healthcare and education delivery needs and seeking responsible solutions to these issues.
For additional information, please contact the Authority.