Florida Development Finance Corporation

What Florida Development Finance Corporation does

The Florida Development Finance Corporation (FDFC) is a state-wide, special development financing authority established in 1993 under Florida Statute 288.9603, headquartered in Winter Springs, Florida, and operated by a small staff of 5-10 employees with day-to-day oversight by an Interim Executive Director. FDFC functions as a conduit issuer of industrial revenue bonds, meaning it does not lend its own capital but rather facilitates access to tax-exempt and taxable municipal bond markets on behalf of Florida-based for-profit and not-for-profit borrowers, including 501(c)(3) organizations. Its bond programs span Private Activity Bonds, Manufacturing Bonds, Renewable Energy Bonds, Taxable Bonds, and Non-Profit Facilities financing, with terms up to 35 years and exemption from doc stamps; FDFC charges no annual issuance fees and does not receive state appropriations, sustaining operations through transaction-level fees.

Since 2014, FDFC has expanded beyond traditional bond issuance into Property Assessed Clean Energy (PACE) financing. The PACE program, bond-validated by the Florida Supreme Court in 2015, evolved from residential to a Commercial PACE focus beginning with its first C-PACE closing in May 2019 and the wind-down of the residential program in June 2020. More recently, FDFC has launched the Florida Resiliency and Energy District (FRED) special district initiative and continued to scale closing volume across hospitality, mixed-use real estate, healthcare, education, waste management, and non-profit facilities, supported by a partner ecosystem of bond counsel (Nelson Mullins), financial advisors (PFM, Larson Consulting), capital providers (Peachtree Group, FASTPACE by Allectrify, CounterPointeSRE, Nuveen Green Capital), and senior underwriters (Barclays, BofA Securities, J.P. Morgan). As of May 2018, FDFC had issued approximately $2.10 billion in tax-exempt and taxable bonds for over 100 Florida businesses across 119 bond transactions, growing to 180+ total closings and an estimated 8,900+ jobs created through financed projects.

FDFC's go-to-market combines direct engagement with borrower finance teams, interlocal agreements with Florida counties, and referrals from bond counsel, financial advisors, and capital providers. The organization is governed by a Board of Directors appointed by the Governor's Executive Office, expanded to seven directors in 2020, and is structured as a government instrumentality rather than a privately-held business with external investors. The technology stack is non-technical by design: a Wix-hosted corporate website and a Salesforce-based borrower portal support intake and information delivery, while the core competency is statutory authority, validated bond structures, and human-relationship underwriting.

Name

Florida Development Finance Corporation

Legal name

Florida Development Finance Corporation

Website

https://fdfcbonds.com

Company type

Private

Founded year

1993

Operating status

Operating

Headcount range

1–10 employees

Short description

Florida Development Finance Corporation is a state-wide conduit bond issuer formed in 1993 under Florida Statute 288.9603, providing tax-exempt and taxable bond financing plus Commercial PACE programs to for-profit and not-for-profit Florida businesses across the state's counties.

Ownership category

akta.pro rank

Headquarters

HQ city

Winter Springs

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Others

Revenue model

1. Bond Issuance Services: FDFC issues bonds as a conduit issuer for businesses. While they have no annual issuance fees, revenue is derived from facilitating bond transactions that provide lower-cost financing to borrowers through tax-exempt terms up to 35 years. The organization does not receive state appropriations.

Pricing tiers

Go-to-market motion2 records

Distribution channels2 records

Marketing channels3 records

Core offering

Florida Development Finance Corporation is a state-wide conduit bond issuer that provides tax-exempt and taxable bond financing to Florida for-profit and not-for-profit businesses for project financing including construction, expansion, equipment, and real property improvements. FDFC also administers the Commercial PACE program, which allows commercial property owners to finance energy efficiency, resilience, and water conservation improvements repaid through property assessments. Bond terms extend up to 35 years with no annual issuance fees and exemption from doc stamps.

Product overview

Florida Development Finance Corporation (FDFC) operates as a state-wide conduit financing authority offering two primary product lines: Bond Financing programs (including Tax-Exempt Bonds, Taxable Bonds, Private Activity Bonds, 501(c)(3) Non-Profit Bonds, Manufacturing Bonds, and Renewable Energy Bonds) and Commercial PACE (Property Assessed Clean Energy) financing. FDFC acts as a conduit issuer, facilitating access to capital markets for Florida businesses without state appropriations. The organization supports economic development through bond issuances up to 35-year terms with no annual issuance fees and exemption from doc stamps. The C-PACE program enables commercial property owners to finance energy efficiency and resilience improvements repaid through property assessments.

Differentiator

Problem solved

Functional benefit

Products and services

• Bond Financing (Tax-Exempt and Taxable Bonds) Conduit bond issuance program enabling Florida for-profit and not-for-profit businesses to access capital markets through tax-exempt or taxable municipal bonds, with terms up to 35 years and exemption from doc stamps.
• Commercial PACE (Property Assessed Clean Energy) Property Assessed Clean Energy financing program for commercial property owners to fund energy efficiency, resilience, and water conservation improvements, repaid through property assessments.
• Private Activity Bonds Tax-exempt bond financing for qualified private activity projects as defined under federal tax law.
• 501(c)(3) Non-Profit Organization Financing Bond financing programs specifically designed for tax-exempt non-profit organizations under Section 501(c)(3) of the Internal Revenue Code, supporting facility financing for educational institutions, healthcare, and community services.
• Manufacturing Bonds Bond financing for manufacturing facilities and equipment in Florida to support industrial development and job creation.
• Renewable Energy Bonds Tax-exempt bond financing for renewable energy projects including solar, wind, and other clean energy infrastructure.
• Taxable Bonds Bond financing for projects that do not qualify for tax-exempt status, offering flexible terms for commercial and industrial developments.
• Project Financing Long-term infrastructure and industrial project funding assistance combining bond financing or Commercial PACE options with experienced staff guidance through the issuance process.
• Florida Resiliency and Energy District (FRED) Special district initiative supporting Florida communities with resilience and energy efficiency improvements through PACE financing.

Named customers6 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Nelson MullinssupportingImplementation/ SI/ Consulting PartnerLegal counsel partner providing full range of legal services in connection with bond issuances, including review of proposed transactions to ensure compliance with FDFC policy.

Scale indicators4 records

Recent moves11 records

Expansion highlights5 records

Direct peers

• Empire State Development: New York's chief economic development agency offering bond financing, tax incentives, and economic development programs for NY businesses — same state mandate and conduit financing model.
• New Jersey Economic Development Authority (NJEDA): State DFI providing bond financing, tax-exempt conduit issuance, and economic development incentives — directly comparable state DFI structure and product mix.
• California Infrastructure and Economic Development Bank (I-Bank): California's state development finance institution providing conduit bond issuance and infrastructure financing programs — closely comparable role as a state-level DFI facilitating project financing.
• California Statewide Communities Development Authority (CSCDA): Joint powers authority issuing conduit revenue bonds for non-profit and affordable housing projects across California counties — parallel statewide conduit bond issuer model to FDFC.
• Massachusetts Development Finance Agency (MassDevelopment): State-chartered development finance agency providing tax-exempt bond financing, C-PACE, and economic development tools for Massachusetts businesses — same state-DFI model as FDFC with parallel product set.
• Connecticut Green Bank: State-chartered green bank providing clean energy financing including C-PACE — directly comparable to FDFC's Commercial PACE and FRED programs.

Broad incumbents

• Nuveen Green Capital: Major national C-PACE capital provider operating across multiple states including Florida (e.g., as a capital provider for FDFC projects like The Mohawk at Wynwood) — adjacent role as a C-PACE funder.
• Petros PACE Finance: National C-PACE capital provider active in Florida's C-PACE market — comparable as a commercial property-assessed clean energy financier within FDFC's ecosystem.

Emerging players

• Colorado Clean Energy Fund: Mission-driven clean energy financing organization in Colorado providing C-PACE and clean energy loans — emerging peer with overlapping clean energy finance mandate.

Regional players

• Build NYC Resource Corporation: NYC-based conduit bond issuer providing tax-exempt bond financing for non-profits and manufacturing businesses — comparable conduit model but focused on a single city rather than a statewide footprint.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/florida-development-finance-corporation

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Florida Development Finance Corporation