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What is BOLD Financing?

The CMFA’s Bond Opportunities for Land Development (BOLD) Program has been designed to help both developers and local public agencies in California finance public infrastructure needed for new development using municipal bonds issued by the CMFA. The CMFA recognizes that new residential development often creates challenges for the mission of municipalities to provide needed infrastructure and schools, since new development triggers the requirement to construct, acquire, or otherwise provide additional public facilities to accommodate the growth. By working directly with developers, the BOLD program facilitates financing for infrastructure and fee obligations of developers such as impact fees imposed under California law, and fees related to schools and mitigation agreements. The Program efficiently and effectively provides financing of infrastructure projects and development fees through the Mello-Roos Act, all on a cost-effective basis. Administration of the Program, bond offerings, and related CFD formation and ongoing administrative responsibilities are handled by the CMFA.

Community Facilities District (CFD) Bonds to Finance Development

The CFD may be formed early in the development process, with the issuance of bonds at a later date and/or in multiple series. When it’s time for bond financing, the BOLD program is flexible to meet development needs and our user-friendly financing team will work closely with the developer to ensure reasonable interest rates and municipal bond market acceptance at the time of issuance. While each bond issue is structured to meet particular credit parameters, the program offers great flexibility to accommodate varying needs of developers as they build better communities.

Participating in the BOLD Program

Participation in the BOLD Program is easy – the process starts with the submission of a no-cost preliminary application setting forth information about the development project and financing needs. CMFA’s financing team will review the information and advise on eligibility, timing and next steps. Bond offerings through CMFA can be facilitated on a stand-alone or pooled basis and can be done at any time.


For questions regarding the program or application process, please refer to the list of contacts below:

Bond and Disclosure Counsel
Jones Hall 
475 Sansome Street, Suite 1700
San Francisco, CA 94111

Dave Fama
Tel: 415-391-5780 x260

James Wawrzyniak
Tel: 415-391-5780

Piper Sandler & Co.
50 California Street, Suite 3100
San Francisco, California 94111
Fax: 415-616-1620

Ralph Holmes
Managing Director,
1777 Botelho Drive, Suite 345
Walnut Creek, California 94596
Direct: 925-472-8750
Cell: 415-304-9695

Dennis McGuire
Managing Director,
Public Finance
8880 Cal Center Drive, Suite 400
Sacramento, California 95826
Tel: 916-361-6520

Special Tax Consultants
Koppel & Gruber Public Finance
334 Via Vera Cruz, Suite 256
San Marcos, California 92078
Fax: 760-510-0288

Scott Koppel
Tel: 760-510-0290 x101

Lyn Gruber
Tel: 760-510-0290 x102

Goodwin Consulting Group, Inc.
655 University Avenue, Suite 200
Sacramento, California 95825
Fax: 916-561-0891

Susan Goodwin
Managing Principal
Tel: 916-561-0890