The California Industrial Development Financing Advisory Commission (CIDFAC) creates employment opportunities and supports local economic development by approving local entities' issuance of Industrial Development Bonds (IDBs). The IDBs provide manufacturers with a low-cost financing option to build, expand, or equip their facilities in California. CIDFAC independently reviews IDB applications to ensure compliance with federal tax law and state statutes and regulations and approves the sale of IDBs by local authorities. Additionally, CIDFAC provides technical assistance to local issuers of IDBs, including cities, counties, industrial development authorities, and joint powers authorities.
The State Treasurer serves as chairperson of the CIDFAC. The other members are the Director of the Department of Finance, the State Controller, the Director of the Governor's Office of Business and Economic Development, and the Commissioner of the Department of Business Oversight.