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Committee hears proposal to move Health and Education Facilities Authority into Business Finance Authority
Summary
Grant Bosse, deputy chief of staff of the New Hampshire Senate, introduced Senate Bill 56 on behalf of Sen. Dan Innes, asking the committee to consolidate the New Hampshire Health and Education Facilities Authority into the Business Finance Authority.
Grant Bosse, deputy chief of staff of the New Hampshire Senate, introduced Senate Bill 56 on behalf of Sen. Dan Innes, asking the committee to consolidate the New Hampshire Health and Education Facilities Authority (HEFA) within the New Hampshire Business Finance Authority (BFA).
Proponents told the committee the two quasi‑state entities perform similar financing functions for nonprofit higher‑education and health institutions and that consolidation would reduce duplicated administrative costs. "We can trim out a lot of overhead — rent, copiers, third‑party auditors — now it's one audit instead of two," James Key Wallace, executive director of the BFA, said. He added that combining staffs would let the BFA offer HEFA services at little or no fee while preserving work for current employees.
The sponsors said HEFA issued nine series of bonds in fiscal 2024 totaling nearly $153 million and closed multiple loans for schools, a continuing‑care retirement community and youth development organizations. Wallace said the transfer would include HEFA’s rules and outstanding obligations and would add board seats with higher‑education and health‑care experience to ensure subject‑matter expertise.
Wallace requested the committee keep the hearing open while attorneys and the Office of Legislative Services prepare technical, "mechanical" statutory edits to replace references to a separate HEFA board and otherwise align the statutes. The committee agreed to hold the hearing open pending a friendly amendment to address those drafting changes.
No formal vote was taken in the hearing record for SB 56; sponsors asked the committee to consider the draft amendment once OLS and the sponsor prepare it.
The hearing record contains no fiscal note listing a state cost; witnesses said the authorities are self‑funded and that consolidation is expected to produce savings through lower overhead rather than requiring general‑fund dollars.
A follow‑up amendment and additional review by OLS were requested before the committee acts further.
