About CIDFAC

Overview

• Program Summary
• Background
• Commission Members
• Governing Statutes, Regulations and Policies
• CIDFAC Budget Information
• CIDFAC Strategic Plan

Programs

Tax-exempt, industrial development bonds (IDBs) are an important tool that helps local communities grow their economies and provide good-paying jobs. Working with a team of experienced professionals, CIDFAC operates the State’s IDB and empowerment zone bond financing programs.

Procedural Information and Requirements

Applicants for CIDFAC financing must meet certain eligibility, public benefit and other requirements. Additionally, they must provide certain documentation concerning the proposed IDB project and the project sponsor and user, pay application and closing fees, and fulfill other procedural requirements.

In 2008, the IDB approval process was streamlined when the state’s IDB allocation was transferred to CIDFAC. The practical result is a more user-friendly CIDFAC that gives applicants quicker access to capital. Applicants now are not required to go through a two-step process – first obtaining approval for project financing from CIDFAC, then obtaining tax-exempt allocation from the California Debt Limit Allocation Commission (CDLAC). Instead, applicants now can receive financing approval and tax-exempt IDB allocation at a single CIDFAC meeting.  The new process puts applicants in position to issue bonds after just one stop. For more information regarding the CIDFAC allocation process, see Tax-Exempt Allocation from the Industrial Development Bond Pool.