Learn about California Pollution Control Financing Authority (CPCFA), including Green Bonds, Featured News, Key Projects, The Team, CPCFA's Board Members, and Programs.
Created in
Total Bonds Outstanding (as of 3/31/2024)
Total New Money Bonds Issued 1/1/2024 – 3/31/2024

About California Pollution Control Financing Authority (CPCFA)

Created in 1972, the California Pollution Control Financing Authority’s (CPCFA or “Authority”) original purpose was to provide access to the tax-exempt bond market for private companies serving a public purpose in the pollution control sector. Over the years CPCFA has evolved to provide businesses access to capital from a variety of sources and through a variety financing mechanisms. 

As a “conduit issuer” of tax-exempt private activity bonds, CPCFA is able to facilitate low cost financing to qualified waste and recycling projects. Other projects to control pollution and improve water supply can qualify for tax-exempt financing as allowed by federal tax law. Examples of recent assistance include projects to purchase clean-air vehicles by waste companies, construct and operate anaerobic digesters, recycle used oil, convert animal waste to clean burning fuel, and develop construction and demolition debris recycling programs. Bonds issued under this division shall, whenever practical, be aligned with generally recognized principles and best practice guidelines for financing climate mitigation, adaptation or resilience projects.

In addition, CPCFA administers the California Capital Access Program (CalCAP) which helps participating financial institutions extend credit to small businesses through microloans and larger loans for start-up, expansion and working capital up to $20 million.

CPCFA also assists with the clean-up of contaminated sites through a $60 million grant and loan program and a site-assessment loan program known as the California Recycle Underutilized Sites (CALReUSE) Assessment and Remediation Programs. CALReUSE assists with the creation of housing in California. The assessment and remediation of brownfield properties are critical steps in transforming vacant and underutilized properties to expand California’s housing inventory and accelerate local economic development opportunities, particularly in disadvantaged communities.

CPCFA partners with sister state agencies including the California Air Resources Board (CARB) and the California Energy Commission (CEC) to achieve the State’s environmental policy objectives by administering high-impact financing programs designed to assist regulated entities and other stakeholders with accessing private capital.

The CalCAP CARB Heavy-Duty Vehicle Air Quality Loan Program is a loan loss reserve program, which may provide up to 100% coverage on losses from certain loan defaults. With CalCAP portfolio support, a lender may be more comfortable underwriting small business loans to small fleet owners.

4 Step Process to Issue a Private Activity Bond with CPCFA

Green Bonds

Learn about our environmental, social, and governance program, and how we bring those values to life with green bonds, sustainable projects, and more.

View Program Details

Key Projects

View Projects

The Team

View Team

CPCFA's Board Members

CPCFA's Board Agendas

For more information surrounding CPCFA's Board please click here.

Board Members

Fiona Ma, CPA

State Treasurer

Ms. Fiona Ma was elected California State Treasurer in November 2018. She previously served as Chair and Vice Chair of the California State Board of Equalization from 2015 to 2019, representing more than nine million taxpayers. There, she led historic reforms to increase efficiency and transparency at the agency. As a state legislator, she was the first and only Asian-American woman ever elected California Assembly Speaker pro Tempore, the second-highest ranking office in the Assembly. During her time as a legislator, she passed landmark legislation to ban toxic chemicals in children’s toys, protect small business-owners and expand opportunities for homeowners. She previously served as a San Francisco Supervisor.

Read More…

Malia M. Cohen

State Controller

State Controller Malia M. Cohen was elected in November 2022, following her service on the California State Board of Equalization (BOE), the nation’s only elected tax commission responsible for administering California’s $100 billion property tax system. She was elected to the BOE in November 2018 and was Chair in 2019 and 2022. As Controller, she continues to serve the Board as its fifth voting member.

As chief fiscal officer of the world’s fifth-largest economy, Controller Cohen’s primary responsibility is to account for and protect the state‘s financial resources. Controller Cohen also independently audits government agencies that spend state funds, safeguards many types of property until claimed by the rightful owners, and administers the payroll system for state government employees and California State University employees. She serves on 70 boards and commissions with authority ranging from affordable housing to crime victim compensation to land management.

Read More…

Joe Stephenshaw

Director of Finance

Joe Stephenshaw was appointed as Director of the California Department of Finance by Governor Newsom in July of 2022. In this role, he serves as the Governor’s Chief Fiscal Policy Advisor. Prior to his appointment, Director Stephenshaw served in Governor Newsom’s Office as a Senior Counselor on Infrastructure and Fiscal Affairs.

Stephenshaw was Staff Director for the Senate Budget and Fiscal Review Committee from 2017 to 2022. He held multiple positions in the California Legislature from 2008 to 2017, including serving as a Policy Consultant in the Office of the Senate President pro Tempore, a Special Advisor to the Speaker of the Assembly, and as a Budget Consultant for both the Assembly Budget Committee and the Senate Budget and Fiscal Review Committee. Stephenshaw was a Budget Analyst for the California Department of Finance from 2005 to 2008. Stephenshaw is a graduate of Menlo College with a bachelor’s degree in Business Administration. He also earned a Master of Business Administration degree from California State University, Sacramento.

View CPCFA's Board Members


California Capital Access Programs – CalCAP

CalCAP provides support to financial institutions when they make loans to small businesses

The CalCAP programs incentivize participating financial institutions (PFIs) to make loans for a wide array of small business borrower (SBB) financing needs, as well as very specific small business capital needs. The original California Capital Access Program, now known as CalCAP for Small Business, began in 1994. Currently there are five programs active under the CalCAP umbrella, two of which are part of SSBCI 2.0. The CalCAP programs use two different mechanisms, loan loss reserve and collateral support, to help build a safety net for PFIs when they do the important work of making capital available to SBBs.

California Investment & Innovation Program (Cal IIP)

Grants to enhance the capacity and ability of CDFIs to serve California’s economically disadvantaged communities

The Legislature designed Cal IIP to provide grants enhancing the capacity and ability of community development financial institutions (CDFIs) to provide programs including technical assistance and access to capital to economically disadvantaged communities throughout California.

CDFIs can use the grants to fund services and operations that contribute to the CDFI’s overall community development mission. CDFIs can also use the grants to supplement their net assets and increase their capacity to attract additional funding.

California Recycle Underutilized Sites (CALReUSE) Program

Turning railyards, auto repair facilities, and contaminated properties into community assets.

The initial legislation enacted in 2000, Senate Bill 1986 (Chapter 915, Statutes of 2000), authorized the CPCFA to administer the CALReUSE Assessment Program to provide forgivable loans to finance the cost of brownfield site assessments, technical assistance, and other specified activities to assist in the reuse and redevelopment of underutilized properties with real or perceived contamination.

In response to the demand for the CALReUSE Assessment Program, the legislature directed bond proceeds from Proposition 1C, the Housing and Energy Shelter Trust Fund Act of 2006 approved by the voters at the November 7, 2006, election, be used for brownfield cleanup projects that promote infill residential and mixed-use development. Through an interagency agreement with the Department of Housing and Community Development (HCD), CPCFA used the funds to expand the scope of CALReUSE to include the CALReUSE Remediation Program, which administered grants and/or loans for the financing of brownfield remediation.

Projects financed by CALReUSE are located throughout California, from Humboldt to San Diego counties. CPCFA worked directly with each awardee through assessment, remediation, and as-needed monitoring, and consulted with the California Department of Toxic Substances Control (DTSC) for technical assistance through an interagency agreement.

View Programs