In 2008, CHFF assisted Alternatives in Whitinsville, MA in obtaining long-term, permanent financing through the issuance of tax-exempt bonds by MassDevelopment. Alternatives has brought an 18th century mill complex back to life as a multiuse community center that also will serve as Alternatives headquarters. The complex has an array of green technology, including solar and geothermal energy as well as a turbine that will use the river for power. The green initiatives will generate 88 percent of its electricity and 100 percent of its heating and cooling needs. Alternatives is a nonprofit agency serving more than 550 adults with developmental and psychiatric disabilities in 45 programs throughout Central Massachusetts.
The Community Health Facilities Fund (CHFF) assists non-profit, community-based behavioral care providers in accessing capital through low-cost, fixed-rate loans. Loans provided by CHFF generally have a 25-year term. The interest rate is very competitive and is fixed for the term of the loan. CHFF lends up to 90% of the asset's appraised value.
We have set up a loan program that can finance borrowers one at a time and on their own schedule. Since CHFF was established, we have financed 30 transactions for about $100 million in loans.