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 Committee (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.