The mission of the California Educational Facilities Authority (CEFA) is to provide students with better access and broader opportunities in higher education by providing qualified non-profit higher education institutions with the assistance needed to reduce their capital costs of financing academic related facilities through a tax-exempt revenue bond program.

CEFA provides funding to assist private non-profit institutions of higher learning in the expansion and construction of educational facilities. CEFA is also authorized to issue bonds, notes, and other forms of indebtedness to finance the costs of attendance (student loans) at institutions of higher education.

CEFA is a public instrumentality of the state consisting of five members: the Director of the Department of Finance, the State Controller, the State Treasurer, and two public members appointed by the Governor, serving four-year terms or until reappointed or a successor has been appointed.