Conduit Financing Programs

Federal tax law allows certain categories of private companies, nonprofit organizations, and public entities to access capital through the issuance of tax-exempt municipal bonds. These tax-exempt bonds must be issued through a government agency or authority, known as a conduit issuer, specifically created to issue these types of bonds.

California State conduit issuers, listed below, finance a wide range of public-benefit projects including non-profits, healthcare facilities, K-12 schools, colleges, housing, and other private businesses.

California State Financing Entities

California Educational Facilities Authority (CEFA)

CEFA issues revenue bonds to help nonprofit colleges and universities finance the construction and expansion of educational facilities.

CEFA

California Health Facilities Financing Authority (CHFFA)

CHFFA provides non-profit health facilities access to low-interest rate capital markets through the issuance of tax-exempt and taxable revenue bonds.

CHFFA

California School Finance Authority (CSFA)

CSFA provides School Districts, County Office of Education, Community College Districts and Non-profit borrowers access to the capital markets.

CSFA

Capital Programs & Climate Financing Authority (CPCFA)

CPCFA administers programs that support investments in projects advancing California’s environmental, economic, and climate goals.

CPCFA

California Infrastructure and Economic Development Bank (IBank)

IBank finances public infrastructure and private development projects that support jobs, strengthen California’s economy, and improve community quality of life.

IBank