CALED Innovates with Development Financing!

Looking for innovative ways to organize and delivery development financing? Take a look at what the California Association of Local Economic Development (CALED) is doing through a Joint Powers Authority (JPA).

The CEDA Difference: What is a JPA?Under the laws of the State of California, a JPA can be created by two or more jurisdictions to undertake certain activities permitted by each. While all cities and counties in California have the ability to issue conduit revenue bonds for qualifed housing and economic development projects, many utilize JPAs to gain transaction economies of scale, access specialized transaction skills and avoid using precious staff time on these types of transactions. While there are a small number of statewide issuers, there are no issuers dedicated to economic development. The California Enterprise Development Authority will be dedicated to the issuance of conduit revenue bonds for economic development projects.

CEDA offers a focused economic development financing program, combining tax-exempt and taxable IDBs with low-interest subordinate loans resulting in a low down payment and a low blended interest rate. CEDA has secured a commitment from its partner Community Reinvestment Fund (CRF) to provide these subordinate loans, providing CRF's credit requirements are met. Click on the link above to learn more.