About CHEFA
About CHEFA Menu
Connecticut Health and
Educational Facilities Authority
CHEFA’s Vision
Be the State’s “go to” resource for innovation financial solutions that serve Connecticut residents and enhance their quality of life.
CHEFA was established by the Connecticut General Assembly in 1965 pursuant to Chapter 187 of the Connecticut General Statutes. Created to strengthen Connecticut’s nonprofit infrastructure, CHEFA provides access to tax-exempt bond financing and other financial tools for healthcare providers, educational institutions, childcare providers, and other eligible nonprofit organizations. Since its founding, CHEFA has issued more than $26.7 billion in tax-exempt bonds and awarded over $53.4 million in grant funding statewide. Through its subsidiary, the Connecticut Higher Education Supplemental Loan Authority (CHESLA), CHEFA has also provided more than $652 million in affordable student loans and over $12.6 million in scholarships to Connecticut students. CHEFA carries out this essential public purpose without the use of state appropriations or taxpayer funds.
A Letter from the Chair
Dr. Peter Lisi
Chair, Board of Directors
The Connecticut Health and Educational Facilities Authority provides Connecticut’s nonprofit institutions access to low cost financing in the public municipal markets. Formed in 1965, CHEFA currently has in excess of $9.4 billion in bonds outstanding. Hospitals, institutions of higher education, independent schools, childcare providers, cultural institutions, and human service providers have benefited from this financing to expand their physical plant and equipment and increase services to their clients.
Over its many years of service to the citizens of Connecticut, CHEFA has accumulated a knowledge base in the markets that it serves and makes this data available to both nonprofit and public stakeholders on a pro bono basis. The sharing of unbiased information, including industry trends and metrics, both provides insight to the sectors we serve and informs public policymakers about the many challenges our clients face as they provide the infrastructure and services that are so critical to the State.
The Authority’s operations do not rely upon any State appropriations either from the General Fund or from bond funds.
CHEFA generates revenue from fees for the services it provides to the client base and from investment income, often generating a surplus that it reinvests into the State through contributions to the State and through a series of proprietary grant programs intended to provide vital financial support to our clients and other nonprofit organizations whose missions contribute to the well-being of the State’s citizens.
Nearly $52.5 million has been awarded to hundreds of Connecticut nonprofit organizations to date. As funds are available for this program, additional grants will be awarded.
CHEFA’s Staff and Board are committed to the highest ethical standards. The organization has adopted standards that meet all State ethics laws and has comprehensive practices in place, including effective financial controls governed by the Audit-Finance Committee. We are proud to report that the Authority has consistently received clean audits from the Authority’s independent auditors and the State Auditors of public accounts.
Please take a few moments to browse this website, and feel free to contact us with any questions you may have. We are a service organization, and our goal is to provide the best service possible to our clients. Let us know how we might be able to help you.
Sincerely, Dr. Peter Lisi, Chair
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The CHEFA Board is appointed by the Governor with its Chair nominated by the Governor and confirmed by the State Legislature. The Vice Chair is elected by the Board from the membership.
The Board draws its members from the public and private sectors, including from the markets served by the Authority. Board members receive no compensation.
CHEFA Subsidiaries
The Connecticut Higher Education Supplemental Loan Authority (CHESLA) supports Connecticut students and helps to expand educational opportunities and develop the State’s workforce. CHESLA’s mission is to expand higher educational opportunities and enhance the State’s economic development through higher education by providing cost-effective education financing programs and information resources to Connecticut students, alumni, and their families. Learn More
A related subsidiary, the Connecticut Student Loan Foundation, is a Connecticut State chartered not-for-profit corporation and quasi-public agency that was established pursuant to Title IV of the Higher Education Act of 1965. CSLF is no longer making student loans but continues to administer its existing portfolio.
The CHEFA Community Development Corporation (CHEFA CDC) was created to provide financial assistance to nonprofits who are in and/or serve low-income communities.
CHEFA Community Development Corporation’s (“CHEFA CDC” of the “Corporation”) mission is to provide financial assistance by serving and/or providing investment capital to qualified nonprofit organizations in low-income communities located in the State of Connecticut.