CDFA Bond Finance Update - October 19, 2021
Hear Analysis of Private Activity Bonds and Volume Cap Trends at the CDFA Virtual National Summit
CDFA has been tracking comprehensive information about the issuance of private activity bonds and volume cap trends throughout the pandemic. Register now for the CDFA Virtual National Summit on November1-5 and tune into our session discussing how states are issuing bonds and allocating volume cap to meet local needs.
Housing, Streets, Drainage Considered for Record $1.2B Bond Proposal for San Antonio, TX
San Antonio leaders are preparing a $1.2 billion, five-year bond program to send to voters next spring. The projects the bond program would include haven't been decided yet, but housing, streets, and drainage are all poised to take sizable chunks. But despite this proposal's record size - 41% larger than the 2017 program - it is still dwarfed by both the requests the city has already received and its overall infrastructure needs.
Freddie Mac Launches Multi-Billion Dollar Bond Program for Affordable Housing
Freddie Mac announced that the company plans to offer at least $3 billion in Single-Family affordable housing bonds. This new bond program will support affordable homeownership and serve historically underserved markets. To underscore this effort, the company will offer approximately $285 million in Uniform Mortgage-Backed Securities™ backed by loans purchased through its Home Possible program.
Treasury Department Guarantees $100M in CDFI Bond Funding
The U.S. Department of the Treasury's Community Development Financial Institutions Fund announced today the approval of a $100 million guarantee under the fiscal year 2020 round of the Community Development Financial Institutions (CDFI) Bond Guarantee Program. The guarantee will be issued to the Community Reinvestment Fund, USA on behalf of Clearinghouse Community Development Financial Institution.
Carmel City Council Approves $49.5M TIF Bond to Support Republic Airways Project
The Carmel City Council on Oct. 4 unanimously voted to approve $49.5 million in developer-backed bonds to support a transformation of the former Hamilton Crossing retail center into the Republic Airways headquarters, training facility and hotel for employees and guests. The bonds, to be repaid through tax increment financing, will finance two parking garages planned as part of the project.
City of Asheville, NC Issues Water Revenue Bonds
The City of Asheville successfully issued a series of Water Revenue Bonds on September 30, 2021. In 2018, the City of Asheville took out a $40 Million bank loan to pay for the North Fork Dam improvement project. The Water Revenue Bonds will cover that loan.
Dayton Children's to Sell $235M in Bonds for New Center, Debt
Dayton Children's Hospital has received approval to issue as much as $290 million worth of bonds to help finance a new specialty care outpatient center and repay debt. The hospital is constructing a five-story structure on its main Dayton campus that officials say should reduce waiting times and improve specialty care.
Minnesota May Issue Bonds for $200M Abbott Northwestern Project
A major expansion and renovation of Abbott Northwestern Hospital, announced by Allina Health System just prior to the beginning of the Covid-19 pandemic, is still on the table, and could get an assist in financing from Minneapolis. Finance & Commerce reports that the Minneapolis City Council's business and zoning committee voted to hold a public hearing on issuing municipal bonds to help finance the $200 million project. Discussion is scheduled for Oct. 12.
JEDA Bonds Finance, Refinance GREEN Charter Schools
GREEN Charter Schools is using a $50.25 million bond issue through the South Carolina Jobs-Economic Development Authority (JEDA) to refinance investments in its first two campuses, acquire one of the leased campuses, and open two new facilities. GREEN Charter Schools offer the only schools of their kind in the Southeast that specialize in engineering and renewable energy education.
$30M Bond for New Rockingham County Complex Approved
The Rockingham County delegation voted Monday to bond up to $30 million toward building a new county complex to house the sheriff's office, registry of deeds and county attorney's office. A quorum of the county's 90 state representatives voted 46-3 to approve the project, which will be combined with $25 million of federal American Rescue Plan Act monies to construct the $50 million complex.
Weekly Market Outlook
Moody's Analytics | Oct. 18 |
Capital Market Insights
Wye River Group | Oct. 18 |
CDFA-Bricker PACE Webinar Series: PACE 2.0 - The Next 10 Years
Tuesday, November 30, 2021 - 2:00 PM - 4:00 PM Eastern
It has been approximately 10 years since the first PACE programs began. During this workshop, our speakers will provide insights related to expanding PACE assessments to benefit buildings and properties for other non-energy related improvements such as indoor air quality, lead water pipe replacement, surface storm water mitigation, and sewer overflows.
Intro Property Assessed Clean Energy (PACE) Finance WebCourse
December 8-9, 2021 - Daily: 12:00 - 5:00 PM Eastern
The Intro Property Assessed Clean Energy (PACE) Finance WebCourse will explore the process of creating, operating, and maintaining a community-based PACE program. This two-day course will feature a comprehensive overview of PACE including program design, capital markets analysis, investor attraction, legal and regulatory considerations, market potential, and operations.
|News from |
The latest municipal finance headlines from The Bond Buyer.
Governor Newsom Vetoes California Judgment Obligation Bond Disclosure Bill
California Gov. Gavin Newsom vetoed a bill that asked municipalities to post information on their websites on the cost of settlements and judgments resulting from allegations of improper police conduct, including any bonds issued to pay for them. Assembly Bill 603 was approved in the Assembly on a 77-1 to vote and in the Senate on a 39-1 vote.
Ohio Treasury May Extend New Debt Support to Public Universities, Hospitals
Ohio would offer a boost to some forms of hospital and public university financings under legislation being promoted by Treasurer Robert Sprague. The Ohio Gains Initiative would provide support for variable-rate demand obligation debt issued by hospitals and health systems through a state backstop in the event of a failed remarketing.
Alabama Highway Authority Comes to Market With a $1.5B Bond Deal
The Alabama Federal Aid Highway Finance Authority is in the market with one of its biggest deals ever — a $1.5 billion offering of taxable special obligation bonds. BofA Securities as the lead book-running manager is pricing the $1.525 billion of Series 2021 taxable and tax-exempt special obligation revenue bonds.
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.
|Legislative & Federal Affairs|
CDFA is the national leader for development bond advocacy on Capitol Hill. A look at the latest discussions from Washington, DC:
Sen. Schumer Visits Western New York; Touts Broadband Internet Funding In Infrastructure Bill
Erie News Now | Oct. 14 | Bond Finance | Infrastructure Finance | Legislative
DASH Act Introduced in Senate Would Expand LIHTC, Create MIHTC, NHTC, Renter Tax Credit
Novogradac | Sep. 23 | Bond Finance | Housing Finance | Legislative | Rural Development | Tax Credits | Tribal Finance
Visit CDFA's Advocacy Center to view the latest legislative and federal updates, explore CDFA's Policy Agenda, track legislation relevant to bond finance, get involved in CDFA-led initiatives, and more.
|Bond Finance Headlines|
Shenandoah County School Board, VA Approves Leasing of School for Lease Revenue Bond
The Northern Virginia Daily | Oct. 18 |
WHEFA Bond Financing Helps PHW Muskego, Inc, Construct in Muskego, WI
WHEFA | Oct. 15 |
Forbright Bank Launches Commercial PACE Business, Strengthens Sustainable Finance Division
Businesswire | Oct. 13 |
Ripple Partners Nelnet for Green Energy, Announces $44M Fund
Coinspeaker | Oct. 13 |
Blackfoot School District, ID, Breaks Ground for New Projects
East Idaho News | Oct. 13 |
Letting the Sunlight in: When Appalachian Solar Dreams Become Realities
WFPL | Oct. 11 |
Closing the Funding Gap for Housing Developers of Color
Next City | Oct. 8 |
Marshall County, WV Eyeing Another TIF District
WTOV9 Fox | Oct. 7 |
Tampa, FL Issues $36M Green Bond in Effort to Stave Off Stormwater Flooding
Tampa Bay Business Journal | Oct. 7 |
UNM to Receive $4M in EPA Funding for Small, Rural and Tribal Wastewater Systems
The University of New Mexico | Oct. 7 |
Sheldon, lA Council to Put ARP Funds to Tower
N'West lowa | Oct. 6 |
City of Raleigh, NC: Affordable Housing Bond Supports Expansion at Healing Transitions
Patch News | Oct. 6 |
Fairfax School Bond Referendum Seeks Renovations for 14 Schools
Patch | Oct. 4 |
CFFA Financing Helps Bring King-Lincoln Project to Life
CFFA | Sep. 30 |
County Supervisors Approve $6M Loan for School, County Projects
The Northern Virginia Daily | Sep. 29 |
World Bank Launches Initiative to Issue $10B in Sustainable Development Bonds for Climate Action
relifweb | Sep. 23 |
U.S. DOT Announces $465M for Central 70 Project in Colorado
Transportation Today | Sep. 22 |
Horse Creek Academy Charter School Expands with JEDA Bonds
SC JEDA | Sep. 21 |
|Highlights from the Online Resource Database|
Analyzing the Impact of Lowering the 50% Test for 4% Tax-Exempt Bond Financed Properties
Bond Finance | Economic Development | Federal | Housing Finance | Legislative | Tax Credits
Novogradac conducted an analysis of the private activity bond (PAB) financed by test for low-income housing tax credits (LIHTCs). The analysis determined that lowering the financed by test for PAB test from the current law threshold of 50 percent to 40 percent would "free" nearly $37.5 billion in PAB cap over 2021-30 that could be allocated for more affordable rental housing or other PAB-eligible uses.
GASB Fact Sheet: Disclosure Framework (September 2021)
The Governmental Accounting Standards Board (GASB) published a Fact Sheet about its proposed Concepts Statement on notes to financial statements. The public comment period for the Revised Exposure Draft ends October 15, 2021.
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 email@example.com
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
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