What is BOLD?
The Bond Opportunities for Land Development (BOLD) program is a public financing tool administered by the California Municipal Finance Authority (CMFA). It supports infrastructure development for both residential and non-residential projects by enabling developers and property owners to finance public improvements and development impact fees through tax-exempt bonds issued under the Mello-Roos Community Facilities Act of 1982.
Since its inaugural issuance in February 2020, BOLD has facilitated approximately $550 million in financing across 65+ projects, supporting the development of more than 12,000 housing units statewide.
How does it work?
BOLD finances development impact fees and public infrastructure through long-term special tax levies on properties located within a Community Facilities District (CFD). Participating cities and counties receive upfront funding from bond proceeds, while future property owners repay the debt over time through an annual levy of special taxes.
Key Steps:
- Preliminary Application: Developers submit an application outlining the project and financing needs.
- CFD Formation: CMFA collaborates with the developer and local agency to form a CFD tailored to the project.
- Bond Issuance: Bonds may be issued in one or more series, aligned with development milestones.
- Ongoing Administration: CMFA manages preparation of annual special tax levies, disclosure reports, and managing delinquencies throughout the life of the bonds.
Who can participate in the program?
- Developers: Residential, commercial, office, and industrial developers seeking to finance infrastructure and impact fees.
- Property Owners: Owners of land slated for development can initiate financing and repay costs over time via annual special taxes/s.
- Local Agencies: Cities and counties receive upfront funding for public improvements without issuing their own bonds. CMFA handles all financing and administration.
How much does it cost to participate?
Participation costs vary by project. Aside from jurisdiction-specific application fees, all other costs - such as issuance, administration, capitalized interest, and reserves - are bundled into the financing structure. These costs are not paid out-of-pocket by the developer and are fully disclosed in advance as part of the bond documentation.
Here's what developers can expect:
- Sacramento County Fees: $3,800 application fee and 0.25% of par amount for each bond financing to recover County costs.
- Bond Issuance Costs: Legal, financial, and administrative fees.
- Capitalized Interest: Covers interest for up to 24 months.
- Program Administration Fees: For ongoing district management and compliance.
- Reserves: May include debt service or contingency reserves depending on structure.
What fees are eligible?
In Sacramento County, current eligible fees include:
- Sacramento County Transportation Development Fees (SCTDF)
- Plan Area Roadway Impact Fees (Antelope, Vineyard, North Vineyard Station, Mather)
Fees must be:
- Spent within three years
- Used for infrastructure owned by a public agency
Other fee types (e.g., school, housing, library, fire, park, water supply, drainage, sewer) may be added based on agency policy.
What improvements are eligible?
- Frontage (pavement, curb, gutter)
- Street and Roads
- Sidewalks
- Parking
- Landscaping
- Street Lighting
- Bridges
- Bike and Pedestrian Trails
- Other improvements
Contact Information
For questions or to begin the application process:
California Municipal Finance Authority (CMFA)
(844) 467-2232
Sacramento County Contact
Special Districts
Phone: 916-874-6525
