CHFFA Commercial Paper Program

The CHFFA Commercial Paper Program, administered by the California State Treasurer’s Office, offers eligible nonprofit health facilities and public health agencies access to low‑interest capital through the issuance of tax‑exempt or taxable commercial paper notes. Borrowers must be 501(c)(3) nonprofits or public health entities, have operated for at least three years, and demonstrate fiscal soundness. Funds can be used for construction, renovation, land acquisition, equipment, debt refinancing, start‑up working capital, and related costs. Loans are issued in $100,000 denominations, must receive a minimum short‑term rating of A‑1/P‑1/F‑1, and may have a maturity up to 40 years. Fees include a 0.05 % initial fee (capped at $100,000) and an annual administrative fee (greater of $5,000 or 0.0175 % of outstanding notes). Required documentation includes three years of audited financial statements. The program has $5 billion in total available funding, with award amounts ranging from $1 to $5 billion, and no set application deadline (ongoing). • Eligible applicants: nonprofit health facilities and public health agencies (e.g., district hospitals). • Uses: construction/renovation, land/equipment acquisition, debt refinancing, start‑up capital, bond‑related costs. • Loan terms: $100k denominations, up to 40‑year maturity, minimum A‑1 rating. • Fees: 0.05 % upfront (max $100k) + annual admin fee ≥ $5k. • Documentation: 3‑year audited financials. • Funding pool: $5 billion total, award size $1–$5 billion, ongoing availability.