COMMUNITY FINANCE CORPORATION
333 N. Wilmot Road, Ste 227 Tucson, AZ 85711
CFC is governed by a Board of Trustees which at a minimum consists of the four (4) officers of the corporation, including the President, the Vice President, Secretary and Treasurer, plus one (1) other director-at-large elected from the membership of the Corporation. The Board of Trustees currently has five (5) members.
Community Finance Corporation (CFC) is an Arizona based nonprofit, non-stock corporation which exists for the purpose of lessening the burdens of government and to erect, finance the erection of, or maintain public buildings, monuments or works. CFC works on behalf of governmental entities to design a solution that meets its needs; services can include design, build, finance, operation and/or maintenance of governmental facilities. Our process ensures the best possible building for the least cost and burden to the governmental entity.
CFC has completed over $1 billion in projects, which are located throughout the western and southwestern United States.
ADOA Office Building and Parking Structure (Privatized Lease to Own)
ADOH Office Building and Parking Structure (Privatized Lease to Own)
Taylor Place – student housing for the ASU downtown Phoenix campus
City of Oxnard Fire Station
CFC’s approach to public-private partnerships blends tax-exempt debt with private development expertise. Typically the governmental entity will enter into a lease with a single purpose entity (SPE) created by CFC for the project. CFC will in turn obtain the necessary tax-exempt financing at the best possible rate and assist with the design, and construction of the facility. Projects can be structured so that the development team is under contract to take construction and delivery/completion risk. After construction is complete, the governmental entity takes possession and begins paying rent. The base rent is set at a level equivalent to the debt service. Once the debt service is retired the project is transferred to the governmental client at no additional cost. The tax exempt debt and project structure have several attractive characteristics:
- Off balance sheet financing to the governmental entity
- Typically 100% financing at best possible interest rates
- Real property tax abatement possible under state law
- No impact on statuary debt limitations
- Shifts construction and completion risk from the governmental entity to the development team