The Council of Development Finance Agencies (CDFA) has named MassDevelopment as the winner of the 2013 CDFA Distinguished Development Finance Agency Award for the state agency category.

"CDFA is proud to honor MassDevelopment for their excellence in development finance. Their work as a state agency is cutting edge, innovative and an example of best practices in our industry," Toby Rittner, president and CEO of CDFA, said in a statement.

 The CDFA Excellence in Development Finance Awards honor excellence in the use of financing tools for economic development, as well as the individuals who champion these efforts.

"We’re thrilled that CDFA has recognized our work stimulating the Massachusetts economy with this coveted award," MassDevelopment President and CEO Marty Jones said in a statement. "MassDevelopment is proud of our programs for tax-exempt bonds, loans and community development, and we are grateful that CDFA has chosen us for this honor."

The CDFA Excellence in Development Finance Awards will be formally presented at the 2013 CDFA National Development Finance Summit in Washington, DC on August 8.