Boston Industrial Development Financing Authority (BIDFA) plays a major role in the economic growth of the Boston city. The employment opportunity in the city is also broadened by the effort of the Boston Industrial Development Financing Authority. Under the Massachusetts General Laws Chapter 40D, BIDFA was established in 1971. In the next year the Industrial Development Financing Authority of Boston started its operation. BIDFA has an active association with the Economic Development and Industrial Corporation of Boston (EDIC). The Boston Redevelopment Authority (BRA) also has an affiliation with BIDFA. At present, Frank Tocci chairs the honorable post of the Deputy Director for Financial Services of BIDFA.
BIDFA issues different categories of bonds to facilitate the growth of the institutions and businesses of Boston.
The categories of bonds of Boston Industrial Development Financing Authority include:
- Tax-Exempt Industrial Development Bonds - These bonds facilitate in the expansion or renovation of existing properties and also in
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acquiring land to develop the business. Those projects dealing with creation of tangibleproducts, supplying gas or energy locally are mostly facilitated by these bonds. The restriction of state's volume cap is applied on these types of bonds.
- Taxable Bonds - Those institutional projects or commercial enterprises not subjected to 501 (c) (3) organizations are issued these bonds. Restriction of size limit or volume cap is not applicable for these bonds. The interest charged on these bonds is inclusive of federal taxes.
- Tax-Exempt Bonds for Non-Profit Institutions - These bonds are issued to those health-care, educational and cultural institutions running on 501(c) (3) status. The state's volume cap is not applicable for these bonds.
- Tax-Exempt Enterprise Zone Facility Bonds - Only the businessperson running an Enterprise Zone business is entitled to apply for this bond.
The bonds issued by BIDFA meet the financial needs of the profitable as well as non-profitable business institutions of the city.
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