Beginning in 1996, CHFF established the Tax Exempt Securities Trust, or TEST. Over a four-year period through 1999, this innovative program financed 21 borrowers for a total of $42 million with 11 separate financings. CHFF created a first loss position of approximately $5 million for this program. The TEST paid off in 2016 without a single, uncured default occurring in the program during its 17 year life. This one of a kind program involved CHFF, institutional bond investors, credit rating agencies, bond underwriters, multiple bond issuing authorities and specialized legal counsel.