The Program efficiently and effectively provides financing of infrastructure projects and development fees through the Mello-Roos Act, all on a cost-effective basis. By working directly with developers, the BOLD program facilitates financing for infrastructure and fee obligations of developers such as impact fees imposed under California law, and fees related to schools and mitigation agreements. The CMFA recognizes that new residential development often creates challenges for the mission of municipalities to provide needed infrastructure and schools, since new development triggers the requirement to construct, acquire, or otherwise provide additional public facilities to accommodate the growth. The CMFA’s Bond Opportunities for Land Development (BOLD) Program has been designed to help both developers and local public agencies in California finance public infrastructure needed for new development using municipal bonds issued by the CMFA.
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