Undertaking a new project anywhere in California can be an expensive prospect. Finding the appropriate funding for a development can present a challenge. Further complicating matters is the fact that in today’s society, an environmentally conscious public demands construction projects to include “green” elements, processes and materials. If a developer intends for a new project to this demand as much as possible, the California Pollution Control Financing Authority could provide options for funding and financing not previously considered.
The CPCFA administers “high-impact financing programs” that provide qualifying stakeholders access to private capital. If a project helps improve the water supply and control pollution here in California, a developer could receive low-cost financing and tax-exempt private activity bonds. The agency also handles the administration of the California Capital Access Program, which encourages lenders to work with small businesses that work to improve infrastructure through its building efforts.
Through these and other programs, the state also works to help with Americans with Disabilities Act compliance. Investors and developers may receive incentives to make industrial developments more environmentally sound through bond financing programs. These private and public partnerships could allow a developer to more easily comply with the state’s environmental requirements when it comes to developments.
With funding from alternative sources, a development could enjoy a greater chance for success by incorporating as many environmentally friendly elements as possible. The CPCFA and its partners may provide what a developer needs to do just that. Finding and receiving these types of funding and financing will undoubtedly include complying with certain laws and requiring the resolution of certain legal issues, so involving an experienced real estate attorney could prove useful.
