The Massachusetts Health and Educational Facilities Authority last week created an eight-member advisory committee to evaluate a possible merger with its sister authority, the Massachusetts Development Finance Agency.

The new panel will submit a report to MassHEFA’s board 90 days after its first meeting. It will review legal matters, including any necessary legislative approvals, and evaluate the financial impact on HEFA’s borrower clients, according to a memo detailing the motion to create the advisory committee.

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