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The Borrowing Process

It has been our experience that the following timeline provides the best overall result for you the borrower. The timeline can be extended, if you request, with no adverse effect for your borrowing. In limited circumstances, we may be able to accommodate your request for a more compressed timeline.

1. Document Preparation

  • submit application iconBorrower Submits Application, Selects Other Finance Team Members
  • review application iconFinancial Advisor and Bond Counsel Review Application and Prepare Documents; Public Hearing Notices Published
  • application to MHEFA iconFinancial Advisor and Bond Counsel Submit Documents to MHEFA

2. Review

  • board meeting 1 icon
    MHEFA Board Meeting #1; Public Hearing
  • governor signature icon
    Governor Signs Application Resolution
  • financing documents to MHEFA icon
    Financial Advisor and Bond Counsel Prepare Financing Documents and Submit to MHEFA
  • board meeting 2 icon
    MHEFA Board Meeting #2


  • financial offering documents published icon
    Financing Offering/Marketing Documentation Published
  • bonds to sold to investors icon
    Bonds or Notes Sold to Investors
  • final preparation icon
    Preparation for Closing
  • funding icon
    Pre-closing, Closing, and Funding

IRS Tax-Exempt Financing Publications

Tax-Exempt Bonds for 501(c)(3) Organizations

Tax-Exempt Private Activity Bonds

Tax-Exempt Bond Notices

Internal Revenue Manual for Tax-Exempt Bonds