The Washington Health Care Facilities Authority was created by the Legislature in 1974 to provide a new source of capital funding for modern, well equipped, and reasonably priced health care facilities. The Authority was further charged with minimizing costs of capital construction, as well as costs to the public for using health care facilities, thus contributing to improved quality of health care in Washington. (RCW 70.37.010)
The goal of minimizing capital costs is accomplished by offering tax exempt financing to nonprofit health care facilities. Without Authority assistance, health care providers would have to borrow at the more expensive interest rates or taxable bonds and notes.