FAQ

Step 1 - Learn about the bonds

Read the Preliminary Official Statement (POS) available from this web site or from the participating brokers to learn more about the bonds, including their security, maturity dates, credit ratings, the types of projects they finance and other information that you may find important to help you make an informed investment decision. This website is not an offer to sell any bonds.

Step 2 - Open a brokerage account

You must have an account with one of the brokerage firms participating in the bond sale, or with another firm that can place an order through a brokerage firm participating in the bond sale. Please check to determine if your broker can place an order through the participating brokers. (If you have a brokerage account, go to Step 3.) If you do not have an account, you may open one and purchase bonds during the Retail Sale Order Period. A list of brokers participating in the sale can be found on the left side of this page.

Investors are encouraged to begin the New Account process well in advance of the sale date. Depending on the brokerage firm, internal new account procedures may take some time to process.

Step 3 - Place your order

Contact the broker with whom you have an account, either online or by phone, to get more information about how to buy bonds during the Retail Sales period. Discuss with the broker the number of bonds, the maturity date and the price at which you are willing to purchase the bonds, as well as any questions you may have from examining the Preliminary Official Statement (POS).

The name of the Authority is changing to reflect our expanded mission, granted August 2025, which now includes the power to finance capital projects for Minnesota-based healthcare organizations and facilities. The types of facilities that can be financed through MHEFA are broadly defined in the authorizing statute. One serendipitous result of our name change is that our Authority acronym “MHEFA” or “MnHEFA” doesn’t change.

We absolutely will continue to serve nonprofit higher education organizations as we have since 1971. There will be no change in our commitment to helping higher education finance projects.

Our financing processes, developed over 50+ years of operation, will allow efficient, cost-effective financing for borrowers. Our post-sale services, helping with regulatory filings, investor inquiries, rating agency updates, monitoring legislative changes, along with assisting with debt questions offers cost-effective service and reduced administrative burden for all borrowers. The expansion of our financing portfolio will provide the opportunity to keep costs low.

Healthcare organizations and Healthcare facilities that are eligible for financing through the Authority are defined in Minnesota Statutes.

A Healthcare organization means a nonprofit organization located within the state and authorized by law to operate a nonprofit healthcare facility in the state. For specific details about what is a qualified healthcare organization or project, please visit the Minnesota Office of the Revisor of Statues website: https://www.revisor.mn.gov/statutes/cite/136a. The 2025 revised statutes can be found by clicking “More info” in the yellow header. See revised statutes 136A.25 through 136A.29 for changes to the Facilities Authority.

The financial benefits include low fees, consistently applied, which gives borrowers budget predictability and reduces financial surprises. Additional financial benefits are reduced administrative costs for borrowers, since the Authority takes on a number of administrative tasks associated with financing, freeing borrower staff from those tasks. Our regular market access further reduces borrowers’ administrative costs.

The Minnesota Health and Education Facilities Authority is funded by fees we charge firms that borrow through the Authority. Our fees are based on the amount of outstanding debt of a borrower. It is important to note that bonds issued by MHEFA for borrowers are not debts of the State of Minnesota. The Authority receives no state funding, has no power to levy taxes and the state is not responsible in any manner for payment of Authority debt.

We recommend you contact us early in your project development process. We can assist you in planning and getting started on the financing journey in an efficient manner. In addition, we recommend you visit our website to familiarize yourself with the Authority and the services we offer. You may also download a financing application. We always urge you to talk with us to get any questions you may have answered and to provide you with additional information that you need.

• Barry W. Fick, Executive Director, (651) 296‑4690
• Amanda G. Lee, Operations Manager, (651) 296‑4690 Email: info@mnhefa.org
  • (Minnesota HEFA)