MARYLAND HEALTH & HIGHER EDUCATIONAL FACILITIES AUTHORITY

ORIGIN & FUNCTIONS

[photo, World Trade Center (a pentagonal building), 401 East Pratt St., Baltimore, Maryland] In 1970, the Maryland Health and Higher Educational Facilities Authority was created by the General Assembly (Chapter 408, Acts of 1970).

The Authority assists hospitals, related health-care organizations, and educational institutions with financing and refinancing for construction, renovation, and equipping of facilities; site acquisition; and capital equipment. Private nonprofit health and higher educational facilities may use the Authority as a vehicle to issue tax-exempt bonds and thereby pay a lower rate of interest.

The Authority is authorized to enter into leases and subleases of projects and contracts for the operation and management of projects for nonprofit hospitals, colleges, universities, noncollegiate schools, retirement communities, nursing homes, assisted-living facilities, and other long-term care facilities. It also may make loans to participating institutions to finance projects, including hospital facilities, ambulatory care centers and other outpatient facilities, parking garages, research facilities, academic buildings, dormitories, dining halls, libraries, and athletic facilities.

World Trade Center, 401 East Pratt St., Baltimore, Maryland, August 2001. Photo by Diane F. Evartt.

To reduce financing costs and provide enhanced access to capital markets, the Authority establishes and administers pooled loan programs.

From interest earnings on investments, and fees charged to participating borrowers, the Authority is funded.

Nine members constitute the Authority. Eight are appointed to five-year terms by the Governor. The State Treasurer serves ex officio. Annually, the Governor designates the chair and vice-chair. With the Governor's approval, the Authority names the Executive Director (Code Economic Development Article, secs. 10-301 through 10-356).

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