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CDFA Bond Finance Update - December 19, 2023

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Bond Finance Update
December 19, 2023
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CDFA Bond Finance Update


Join CDFA for the Return of the Fundamentals of Economic Development Finance Course
Join CDFA as we kick off the new year with the return of the Fundamentals of Economic Development Finance Course on January 24-25, 2024! This course is the foundation for all of CDFA's educational offerings and will help attendees understand the variety of development finance tools available including bonds, tax credits, tax increment financing (TIF), federal financing programs, RLFs, Opportunity Zones, and access to capital lending resources.

CDFA is Hiring a New Vice President of Development Finance
The Council of Development Finance Agencies is now accepting applications for Vice President, Development Finance. This position leads CDFA's development finance practice and is responsible for ensuring CDFA delivers on its research projects, resource collection, educational offerings, partnerships, and content creation. Want to join the CDFA family in Columbus, Ohio? Email your cover letter, resume, salary request, and three professional references to jobs@cdfa.net.

Virginia Governor Youngkin Announces $2B World-Class Entertainment District
Virginia's Governor Glenn Youngkin has announced a $2 billion public-private partnership to create a world-class Entertainment District in the City of Alexandria at Potomac Yard. The $2 billion transformational investment will be supported through bonds issued by the to-be-created Authority, as well as a $403 million investment by Monumental Sports & Entertainment (MSE). The bonds will be repaid through annual rent paid by MSE, arena parking revenues, District naming rights, and incremental taxes generated by the Arena and Phase 1 development.

South Dakota Approves $12.5M Bond for Dairy Producer
The South Dakota Governor's Office of Economic Development Board of Economic Development and the Economic Development Finance Authority approved a $12.5 million Livestock Nutrient Management Bond for County Line Dairy, LLC, a 5000-head dairy. The bonds will be used for the construction of structures to properly dispose of waste animal manure generated by dairy operations and are expected to add 30 new full-time positions.

Assured Guaranty Insures $800M in Bonds for New York's JFK International Airport Project
Assured Guaranty Municipal Corp. (AGM), a subsidiary of financial guaranty insurer Assured Guaranty Ltd., has insured $800 million of bonds for the JFK International Airport's New Terminal One project. The bonds insured by AGM are part of a $2 billion issue of fixed-rate bonds that have been designated as Green Bonds. They have been issued to refinance a portion of the costs relating to the redevelopment of the New York airport's Terminal One.

Over $100M in Affordable Housing Bonds Issued for Two California Cities
The California Statewide Communities Development Authority (CSCDA) issued over $100 million in affordable housing bonds for the cities of Wildomar and Palm Desert. In Wildomar, the joint powers authority issued $25.4 million in tax-exempt, affordable housing bonds to build 88 affordable housing units. For Palm Desert, CSCDA issued $74 million in tax-exempt and taxable multifamily affordable housing bonds for 176 new units of affordable housing.

South Carolina JEDA Issues $30.5M for Greenville Housing Fund Apartment Project
The Greenville Housing Fund is using a $30.5 million bond issued by the South Carolina Jobs-Economic Development Authority (JEDA) to acquire and rehabilitate a 212-unit affordable workforce housing complex. The tax-exempt Economic Development Revenue Bonds will be used to acquire and rehabilitate Century Plaza Apartments (previously named The Ivy Apartments) development located at 151 Century Drive in Greenville.

Calvert County, MD Commissioners Approve $70M Bond for Capital Projects
Calvert County, MD's commissioners unanimously approved up to $70 million in bonds to fund 22 capital projects. The largest line item — $45 million — is for the county administration building project. A completed project - Beach Elementary School - and one nearing completion - Twin Beach Library - are also included on the list. The elementary school project fund calls for the sale of $4 million in bonds while the library project seeks $5.9 million in bonds.

$10.7M in Bonds Approved for Special Needs Apartment Complex in Chattanooga, TN
Chattanooga, TN is moving forward with an apartment complex project for people with intellectual disabilities. The AIM Center joined with the Chattanooga Housing Authority in approving $10.7 million of tax-exempt bonds to be issued for the nonprofit Espero GP Corp. The bond proceeds and other funds, including a $500,000 National Housing Trust Fund grant, will help finance the planned 60-unit apartment complex on a city-donated property.

Oklahoma County, OK may use County Buildings as Collateral for $30M Bond Issue
Oklahoma County, OK officials will consider using their own buildings as collateral to secure $30 million in bond money for the new county jail and other capital projects. Commissioners will consider approving a resolution in their roles as trustees of the Oklahoma County Public Buildings Authority that would, if approved, authorize the Oklahoma Industries Authority to issue the revenue bonds.

Market Reports

Weekly Market Outlook
Moody's Analytics | Dec. 14 | Bond Finance | Market Reports

Capital Market Outlook
Merrill | Dec. 11 | Bond Finance | Market Reports

Upcoming Events
Fundamentals of Economic Development Finance WebCourse

CDFA // BNY Mellon Development Finance Webcast Series: Financing Childcare Facilities with Bonds
December 19, 2023 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, experts will discuss challenges faced in financing childcare facilities and share examples of how bond financing can be used to support such businesses.

Intro Bond Finance WebCourse
March 4-5, 2024 - Daily: 12:00-5:00 PM Eastern
The Intro Bond Finance Course provides an in-depth look at governmental and qualified private activity bonds, with a focus on industrial development bonds (IDBs), 501(c)(3) non-profit bonds, exempt facility bonds, and other special bond programs authorized by the federal government.

News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

Citi is Exiting the Muni Business
Citigroup will close its municipal division by the end of the first quarter of 2024, leaving behind a historic tenure in a market it once dominated in underwriting, secondary market-making, and strategy and analysis. The firm decided to "wind down our municipal underwriting and market-making activities" after a "broad-based review" of its muni business, according to a company memo from the firm's head of markets Andrew Morton, and head of banking Peter Babej.

City of Chicago, IL, Sales Tax Securitization Corp. Win Deal of the Year
The city of Chicago and its Sales Tax Securitization Corporation won The Bond Buyer's 22nd annual Deal of the Year award for its $1.7 billion financing that addressed initiatives related to affordable housing, homelessness support services, environmental justice, and community development.

CDFA is proud to partner with The Bond Buyer as our Official Media Sponsor. Read more about this partnership and all of its benefits here.

Bond Finance Headlines

Connecticut Bond Commission Approves Over $150M for Various Projects
Hartford Business Journal | Dec. 15 | Bond Finance | Brownfield Financing | Housing Finance

Painesville, OH Approved for $6M Bond Issue for River Walk Development
The News-Herald | Dec. 15 | Bond Finance

Fitch Affirms Washington, D.C. Water Revenue Bonds at 'AA+'/'AA'; Outlook Stable
Fitch Ratings | Dec. 14 | Bond Finance | Bond Rating Agencies

Small Business Administration Delivered $50B in Funding to Small Businesses in 2023
U.S. Small Business Administration | Dec. 11 | Access to Capital | Bond Finance | Federal | U.S. Small Business Administration (SBA)

Mitchell, SD Approves $17M Bond Issue for High School Construction
Mitchell Republic | Dec. 11 | Bond Finance | Development Finance Toolbox

State of Ohio Receives Top Bond Ratings Across all Credit Bureaus
The Times Leader | Dec. 9 | Bond Finance | Bond Rating Agencies

Missouri Approves Millions in Tax Credits, Bonds for Housing
Missouri Independent | Dec. 8 | Access to Capital | Bond Finance | Housing Finance | Tax Credits | Private Activity Bonds

California's Holocaust Museum Los Angeles Receives $37M from Bond Issue
California Enterprise Development Authority | Dec. 6 | Bond Finance | Community Development

Federal Bill Introduced to Create Climate Resiliency Project Bond Program
Office of U.S. Senator Durbin | Dec. 6 | Bond Finance | Green Finance | Legislative

Fitch Affirms West Virginia's IDR and GO Bond Rating at 'AA'; Outlook Stable
Fitch Ratings | Dec. 5 | Bond Finance | Bond Rating Agencies

Millcreek Township, PA School Board Approves $33M Bond Issue
The Erie Times-News | Nov. 29 | Access to Capital | Bond Finance | 501(c)(3) Bonds

University of Connecticut Bond Ratings Upgraded from 'A+' to 'AA-'
The Daily Campus | Nov. 27 | Bond Finance | Bond Rating Agencies

Mansfield, TX Water and Sewer Revenue Bonds Rated 'AAA'
FitchRatings | Nov. 22 | Bond Finance | Water Finance | Bond Rating Agencies

The Council of Development Finance Agencies is a national association dedicated to the advancement of development finance concerns and interests. CDFA is comprised of the nation's leading and most knowledgeable members of the development finance community representing public, private, and non-profit entities alike. For more information visit CDFA.net or email info@cdfa.net

For more information about sponsoring one of CDFA's electronic newsletters, please contact CDFA or call 614-705-1300.

Council of Development Finance Agencies
100 E. Broad Street, Suite 1200
Columbus, OH 43215
(614) 705-1300


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CDFA National Sponsors

  • Alliant Insurance Services, Inc.
  • BNY Mellon
  • Bricker Graydon LLP
  • Business Oregon
  • CohnReznick
  • Frost Brown Todd LLP
  • Grow America | Formerly NDC
  • Hawes Hill and Associates LLP
  • Hawkins Delafield & Wood LLP
  • Ice Miller LLP
  • KeyBanc Capital Markets
  • Kutak Rock LLP
  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
  • PGAV Planners, LLC
  • Raza Development Fund
  • SB Friedman Development Advisors
  • Stifel Nicolaus
  • The Bond Buyer
  • U.S. Bank
  • Wells Fargo Securities
Become a Sponsor