The CMFA is a Joint Powers Authority formed to assist local governments, non-profit organizations and businesses by promoting economic, cultural and community development, with the financing of economic development and charitable activities throughout California.
Property Assessed Clean Energy (PACE) Bonds
The CMFA PACE Program is an innovative way to finance or refinance the installation of distributed generation renewable energy sources, energy efficiency improvements, water efficiency improvements, electric vehicle charging infrastructure, seismic strengthening improvements and such other work to existing commercial and residential buildings. Interested residential and commercial property owners (“Property Owners”) enter into a voluntary assessment to receive up to 100% project financing, which assessment is repaid together with, and collected as part of, their property taxes for up to 25 years. One of the most notable characteristics of PACE programs is that the loan is attached to the property rather than belonging to an individual. Therefore, when the owner sells the property, the loan may be paid off during the sale or stay with the property and be paid off by the new owner, who also benefits from the upgrades that were completed.
CMFA BOLD: A Program for Financing New Development
The Bond Opportunities for Land Development (“BOLD”) program is designed to help developers, municipalities and schools throughout the State work together to cost effectively finance public infrastructure projects and development fees through bonds issued by a community facilities district (“CFD”) formed under the Mello-Roos Community Facilities Act of 1982 (California Government Code Section 53311 et seq.). Administration of the Program, bond offerings and related CFD formation and ongoing administrative responsibilities are handled by CMFA, without cost or burden upon the municipality or developer.
Private Activity Bonds
The CMFA is committed to promoting public benefit, economic and social programs in our member communities. Tax-exempt bond financing is a proven low-cost method of raising capital. The CMFA can provide access to this market for qualified borrowers by acting as the conduit issuer. Eligible costs for a CMFA financing may include the purchase of land, project design costs, construction, rehabilitation, improvement, equipment purchase and installation and legal fees.
The following types of projects are eligible to be financed on a tax-exempt basis through the CMFA:
- Nonprofit Projects Including:
- Health Care
- Cultural Facilities
- Affordable Multi-Family and Senior Housing
- Manufacturing Facilities & Equipment
- Pollution Control: Solid Waste, Water, Wastewater Treatment projects
- Infra-Structure Projects
- Government Sponsored Financing
- Other Financings