The Columbus-Franklin County Finance Authority partnered with the Huntington Bank in refinancing $4.7 million in existing debt for the Heinzerling Foundation, closing on the financing on December 30, 2010. The project allowed Heinzerling to take advantage of the tax benefits available through the Federal Stimulus package that expired at year end in 2010.
The financing provided for the renovation and expansion of Heinzerling’s intermediate care facility for non-ambulatory children and young adults with severe mental retardation by constructing and equipping a one-story building of approximately 23,800 square feet. Under the American Recovery and Reinvestment Act of 2009, the Heinzerling refinancing is the fourth Finance Authority project that took advantage of changes to the bank qualified bond rules. These changes allowed each 501(c)(3) institution to issue up to $30 million in tax-exempt financing annually for capital projects and allowed banks buying their bonds to deduct the carrying costs, thus allowing for lower interest rates for the borrower.
“Heinzerling’s long-term commitment to helping people with profound disabilities provides a tremendous resource to the Central Ohio community. The Finance Authority is pleased to help Heinzerling, and other 501(c)(3) non-profits, access tax-exempt financing, lowering their overall cost of borrowing”, said Jean Carter Ryan, Executive Director of the Columbus-Franklin County Finance Authority.
The Finance Authority has issued $296 million in financing, closing on 19 projects that will invest more than $357 million and create over 1,440 jobs in Central Ohio.
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