Advancing California Finance Authority — ACFA

As a local conduit finance authority, ACFA provides a convenient, cost saving, and secure means to meet the capital borrowing and financing needs of public agencies and their partners serving the public interest.

Association of Bay Area Governments

ACFA is a service program of the Association of Bay Area Governments (ABAG).

All nine counties and 101 cities and towns within the Bay Area are voluntary members of ABAG, representing all of the region's population with more than seven-million people. An elected official from each member city, town, and county serves as a delegate to ABAG's General Assembly. ABAG was created by local governments to meet their planning and research needs related to land use, environmental and water resource protection, disaster resilience, and energy efficiency, and to provide financial services and staff training to local counties, cities and towns. Members receive direct benefit from ABAG's programs and services designed to meet the specific economic, social, and environmental needs.

ACFA, through its predecessor agency — ABAG Finance Authority — has provided conduit financing to various public and private entities throughout the State of California since 1978.

ACFA — Key Benefits

  • Low-cost conduit financing services
  • Operates under enhanced internal accounting controls and procedures
  • Staffed by experienced industry professionals
  • Ease of execution through on-line application process
  • Provides for a convenient and easy conduit borrowing, assisting with financing needs
  • ACFA staff understands local financing and development challenges.

To date, the Finance Authority has served as a conduit borrower for more than $8 billion in low cost investment capital for projects in more than 240 jurisdictions from around the State of California. ACFA helps ABAG members access low cost financing for affordable, multi-family housing; retirement facilities; new hospitals and medical clinics; transit systems; schools; non-profit cultural institutions; water and wastewater systems; and other essential member-owned infrastructure projects serving the community.


ACFA is governed by two committees: Governing Board and the Credit Committee. The Governing Board provides oversight and is made up of elected officials from ABAG Executive Board, specifically ABAG Finance Committee. The Credit Committee reviews applications and has members from around the Bay Area. Members for both are as follows:

ACFA Governing Board

Executive Board President David Rabbitt (Sonoma County Supervisor)
Finance Committee Chair Karen Mitchoff (Contra Costa County Supervisor)
Finance Committee member Cindy Chavez (Santa Clara County Supervisor)
Executive Board Vice President Greg Shaarf (Palo Alta Councilmember)
Immediate Past President Julie Pierce (Clayton Councilmember)

ACFA Credit Committee (same as FAN Executive Committee)

Charles Lomeli, Treasurer/Tax Assessor/County Clerk, County of Solano
Jonathan Kadlec, Assistant County Controller/Treasurer/Tax Collector, County of Sonoma
Paul McDonough, County of Santa Clara
Russell Watts, County Treasurer/Tax Collector, County of Contra Costa
+1 Vacancy

Focus on Affordable Housing

ACFA has a long history of assisting in the construction and preservation of affordable housing:

  • Providing financing for nearly 12,000 units in approximately 100 affordable apartment communities.
  • Providing direct access to the municipal bond market to help fund affordable housing projects.
  • Supporting local and regional housing policies that help local jurisdictions meet their housing needs.

As a program of the Bay Area's council of governments, ACFA can also help local governments advocate more effectively at the regional and state level.

Notable Financings

  • $71,400,000 Senior Living Revenue Bonds, Odd Fellows Home of California, Napa. The Meadows of Napa Valley, Series 2016A and Series 2016B, provided funding for the expansion and refinancing of existing debt for a retirement community in Napa.
  • $8,000,000 St. Paul's Day School of Oakland, 2013 Tax-Exempt Loan, to refinance existing debt and reimbursement for prior capital expenditures.
  • $3,720,000 Divine Senior Housing Apartments, Cloverdale, Multifamily Housing Revenue Bonds, Series 2005, provided funding for acquisition and rehabilitation.
  • $143,000,000 New de Young Museum Project, Series 2002 A and 2002 B for the construction of the de Young Museum in San Francisco.
  • $485,350,000 BART SFO Extension Bonds (FTA Capital Grant) 2001 Series A to finance costs of the BART to SFO Extension project.
  • $4,200,000 ARTech Building Project, Berkeley, Series 1999 Multifamily Housing Revenues Bonds, funding construction of a 20-unit mixed use property.


Brad Paul, Deputy Executive Director, Local Government Services, leads the marketing efforts for the ACFA team. In addition to over five years of senior management experience with ABAG and MTC, he has spent much of his career assisting with the planning, permitting, financing and implementation of major housing and mixed-use developments in the Bay Area.

On the financing side, Brad works closely with MTC/ABAG Chief Financial Officer Brian Mayhew, MTC/ABAG Director, Treasury Susan Woo and ACFA's legal and financing consultants.

Susan Woo, Director, Treasury

ACFA Legal Counsel
Chuck Wolfe, Nixon/Peabody

ACFA Financial Advisors
Public Financial Management (PFM)
Sperry Capital