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CDFA Bond Finance Update - February 15, 2022

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Bond Finance Update
February 15, 2022
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CDFA Bond Finance Update


Announcing the 2022 CDFA-FFWS: Capacity Building Programs from EDA and NIST
The CDFA Federal Financing Webinar Series is an exclusive, six-part online offering that will convene finance experts from several federal agencies to discuss the variety of federal programs available. Register now for this upcoming session of the FFWS, which will highlight the resources available at the Department of Commerce to support projects in communities of all sizes.

LA County, CA Provides Nonprofit Builder Land, $72M for Affordable Housing Project
Nonprofit developer Bridge Housing Corp. has received $72.4 million in bond financing to build an affordable housing complex on a long-blighted lot in South Los Angeles. The Los Angeles County Board of Supervisors approved the funds to construct 180-unit apartment buildings on 4.2 acres owned by the county at Vermont and Manchester avenues.

Town, County Approve Bonds Up to $25M for Airport Improvements in Jackson, WY
The Teton County Board of County Commissioners and Jackson Town Council have voted unanimously to allow the Jackson Hole Airport Board to issue one or more private-activity revenue bonds in an amount not to exceed $25 million. The money will go to financing and/or refinancing the design, construction, remodel, and improvement at the Jackson Hole Airport,

Private Activity Bonds: An Introduction
The federal tax code classifies state and local bonds as either governmental bonds or private activity bonds. This report provides a brief review of bond fundamentals and a more detailed examination of the rules and definitions surrounding private activity bonds to help clarify the impact of proposed modifications.

Private Activity Bonds for Qualified Broadband Projects
Much attention is rightly being paid to the many billions of dollars that the National Telecommunications and Information Administration will distribute to states in the coming months to ensure broadband networks reach everyone in America. However, there's been less attention given to a provision in the new law creating a new vehicle for broadband deployment: private activity bonds.

New Council Members in Kansas Get Crash Course in STAR Bonds
The state's STAR Bond Act allows the use of incremental sales tax revenues – the difference between predevelopment base sales taxes and the increase in sales taxes following new construction/redevelopment – from a specified district to fund STAR bond projects. Available taxes to help in that funding are the state sales tax, local sales tax, and transient guest tax.

Great Lakes Platform Helps Connect Green Investors With Regional Projects
The Great Lakes Impact Investment Platform is helping to promote investment opportunities that benefit the environment, including renewable energy, clean water, and ecological restoration. The platform features 40 projects representing nearly $4.5 billion in investments, including household energy efficiency retrofits, coal mine reclamation, and utility-scale solar development.

Black-Owned Firms Hired to Distribute Bond Issuances
Citi announced that it worked exclusively with five Black-owned firms to distribute a $2.5 billion bond issuance, reinforcing the firm's commitment to increasing racial equity in the capital markets and the broader financial services industry.

New Report Recommends Financial Innovations to Accelerate Sustainable Agriculture
The Alliance for Sustainable Agriculture released a new report, Financial Innovations to Accelerate Sustainable Agriculture: Blueprints for the Value Chain, highlighting the need for innovative financial mechanisms and incentive strategies to accelerate the transition to sustainable agriculture. 

Market Reports

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

Capital Market Insights
Wye River Group | Feb. 14 | Bond Finance | Market Reports

Upcoming Events
Advanced Revolving Loan Fund Course

CDFA // BNY Mellon Development Finance Webcast Series: Analyzing the Impact of COVID-19 Emergency Loan Funds
Tuesday, February 22, 2022 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we take a look at some takeaways from the deployment of CARES Act funds and other emergency pandemic response programs, including how communities designed emergency loan funds and what impacts the funds had on small and micro businesses.

CDFA Federal Financing Webinar Series: Capacity Building Programs from EDA and NIST
Tuesday, March 1, 2022 - 2:00 PM - 3:30 PM Eastern
This session of the Federal Financing Webinar Series will highlight the resources available at the Department of Commerce to support projects in communities of all sizes. Learning about these programs can help fund projects in your community such as investing in physical infrastructure, developing new small business access to capital tools, building scalable startups, and creating and retaining manufacturing jobs.

News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

Buttigieg Highlights P3s, Pledges Flexible Infrastructure Funding
Public-private partnerships have a big role to play in U.S. transportation infrastructure over the next decade, said Department of Transportation Secretary Pete Buttigieg. Buttigieg spoke to the National Governors Association's winter meeting Saturday, fielding questions about P3s and promising flexibility and speed when partnering with states on the $1.2 trillion IIJA.

Ratios Rise, As Do Short Muni Yields
Selling pressure on the short end continued on Monday and triple-A benchmark yields were cut by as much as five basis points there while U.S. Treasuries pared back earlier gains and equities rebounded from a large selloff earlier in the day.

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

State Treasurer Fiona Ma Announces Sale of $35M of Bonds for Art Center College of Design
Orange County Breeze | Feb. 15 | Bond Finance

WHEFA Provides the Medical College of Wisconsin With Low Cost, Tax-Exempt Funds
WHEFA | Feb. 14 | Bond Finance

City Council Approves Historic $1.2B Bond in San Antonio, TX ; Voters Get Their Turn in May
San Antonio Report | Feb. 14 | Bond Finance | Housing Finance | Infrastructure Finance

LA Supervisors Approve Bond for Vermont-Manchester Complex
Construction Review Online | Feb. 10 | Bond Finance | Housing Finance

Commissioners Take Out $9M Bond in McKean County, PA
The Bradford Era | Feb. 10 | Bond Finance

Santa Clara County Greenlights $75.5M for Six New Affordable Housing Developments
sanjoseinside | Feb. 9 | Bond Finance | Energy Finance | Green Finance | Housing Finance

L.A. County, CA Signs Off on $72.4M for Vermont-Manchester Development
Urbanize LA | Feb. 9 | Bond Finance | Housing Finance

Durango School District, CO Lines Up Bond Projects
The Durango Herald | Feb. 7 | Bond Finance

Proposals Regarding Bond Issue, Street Maintenance Presented in Hays City, KS
The Hays Daily News | Feb. 7 | Bond Finance | Education | Incentives | Infrastructure Finance | Tax Credits

California Announces Tax-Exempt Debt Allocation for Affordable Housing Development
Orange County Breeze | Feb. 3 | Bond Finance | Housing Finance | Tax Credits

Princeton Board of Education, MO Approves General Obligation Bond Refunding
KTTN | Jan. 31 | Bond Finance | Education

City of Long Beach, CA May Seek Bond Funding to Secure Affordable Units
Long Beach Post News | Jan. 28 | Bond Finance

Rehoboth Beach, DE Sells $18M in Bonds
Delaware Business Times | Jan. 28 | Bond Finance

New and Expanded Incentives Announced for Burlington, VT for EVs, Heat Pumps
Vermontbiz | Jan. 28 | Bond Finance | Energy Finance | Green Finance

Corpus Christi, TX Council to Review Financing for Affordable Multi-Family Apartment
Kris 6 News | Jan. 23 | Bond Finance | Community Development | Housing Finance | Tax Credits

JEDA Bonds Help Refinance and Expand York Preparatory Academy in Rock Hill, SC
JEDA | Jan. 19 | Bond Finance | Education

Highlights from the Online Resource Database

Private Activity Bonds: An Introduction
Bond Finance
This report provides a brief review of bond fundamentals and a more detailed examination of the rules and definitions surrounding private activity bonds to help clarify the impact of proposed modifications.

Financial Innovations to Accelerate Sustainable Agriculture: Blueprints for the Value Chain
Access to Capital | Agriculture Finance | Bond Finance | Food Systems Finance | Revolving Loan Funds (RLFs) | Resiliency
The purpose of the report is to equip value chain actors with innovative financial mechanisms and incentive strategies that can be employed in agricultural sustainability projects to support producers in scaling conservation adoption.

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
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  • Frost Brown Todd LLP
  • Grow America | Formerly NDC
  • Hawes Hill and Associates LLP
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  • 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
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
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