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New statutes resulting from the 2007 Legislative Session allowed the IFA to acquire management of the Indiana Health and Educational Facilities Financing Authority (IHEFFA) to create further efficiencies for its clients. As of July 1, 2007, the IHEFFA will be referred to as the Health and Educational Facilities Bond Program under the IFA.
The former IHEFFA was a result of the merger of the Indiana Health Facility Financing Authority (IHFFA) and the Indiana Educational Facility Financing Authority (IEFFA), effective May 15, 2005. The IHFFA was established by the 1983 General Assembly (IC5-1-16) and IEFFA was created by legislation enacted into law in 1979 (IC 20-12-63).
The IFA's Health and Educational Facilities Bond Program provides financing for capital expenditures and refinancing of outstanding indebtedness for Indiana health care organizations and private institutions of higher education. The bonds are payable solely out of loan or lease payments from the health care organizations and higher educational institutions, resulting in materially lower financing costs to the borrowing institution.
Since 1979, IHEFFA and its predecessor authorities have exceeded $9 billion in total financings by providing a number of programs to meet the divergent financial needs of Indiana health care organizations and institutions of higher education. Loans are given for all types of capital expenditures including construction projects, equipment, remodeling, acquisition, refinancing, and where applicable, reimbursement of prior expenditures. Health care organizations eligible for tax-exempt financing through the IFA's Health and Educational Facilities Bond Program includes hospitals, senior living facilities, blood banks, community mental health facilities and rehabilitation facilities.