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Committee approves referral for bill to let higher‑education bond authority finance nonprofit health and senior‑living projects
Summary
House File 1165 would rename the Minnesota Higher Education Facilities Authority to permit financing of nonprofit health care and senior living projects; sponsors said the authority is self‑funded and has decades of experience. The committee voted to refer the bill to Higher Education Finance and Policy.
Representative Barner introduced House File 1165 to expand the Minnesota Higher Education Facilities Authority (MHEFA) so it may also finance nonprofit health‑care and senior‑living projects. "I want to introduce you today to one of the state's best kept secrets, the Minnesota Higher Education Facilities Authority," Representative Barner said, noting the authority has operated for more than 50 years, is self‑funded, and has low‑cost tax‑exempt bonding authority for capital projects.
Barry Fick, executive director of MHEFA, told the committee the authority already fields requests from nonprofit health organizations and that 14 other states permit a combined health‑and‑education authority or have separate but similar mechanisms. "We believe we can leverage our expertise and skill sets so that we can both have a strong vetting process to ensure the fiscal stability of the projects we finance," Fick said.
Members asked whether dental facilities would be included and whether the authority could finance projects that serve adjacent states; Fick said dental facilities are covered under the bill’s broad health‑care definition and explained the proposal allows financing of Minnesota‑based entities' projects that include facilities in neighboring states if those projects support the Minnesota entity. The committee voted to refer House File 1165 to the Committee on Higher Education Finance and Policy.
