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CDFA Bond Finance Update - May 15, 2018

Bond Finance Update
May 15, 2018
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CDFA Bond Finance Update


Invitation to Complete Survey on Portfolio Management Software
CDFA is currently collecting basic information about the portfolio management software used by Development Finance Agencies across the country. This will help CDFA to provide best practices in software that DFAs can use for underwriting, servicing and ongoing management of bond, loan and other incentive portfolios. Fill out the survey today!

Munis as HQLA Comes Closer to Reality
The U.S House of Representatives is set to vote on a bill that if passed, would enable banks to treat some munis as level 2B HQLAs, the same level as for mortgage backed securities. That's a level down from the 2A HQLA securities the market was hoping munis would be placed into alongside sovereign debt.

$40.6M WHEFA Bond Financing Supports Health Center in Monroe, WI
Bond financing facilitated by WHEFA was used to help SSM Health Care of Wisconsin acquire certain assets of The Monroe Clinic and subsequently defease a similar outstanding amount of bonds previously issued by WHEFA in 2016.

Jacksonville U. to Issue $125M in Bonds
Jacksonville University is preparing for a $125 million bond issue to continue projects to advance programs at its Arlington campus. The funds would support residence hall renovation projects, the construction of a welcome center, and for several other capital improvements purposes.

Action Guidelines Released for Changes to Tax Advantaged Bonds
Revenue Procedure 2018-26 introduces guidelines for effecting remedial actions in connection to certain categories of bonds. These guidelines apply to nonqualified uses in respect of tax-advantaged bonds that take place on or after April 11, 2018, and may apply to such situations occurring prior to April 11, 2018.

Freeport, IL Uses TIF Bond to Support Micro-Loans
The Freeport City Council has approved a roughly $1.05 million bond issue that will be used make loans of between $5,000 - $100,000 to entrepreneurs who want to open a business in downtown Freeport. The bond issuance is backed by the downtown TIF district.

Monarch Private Capital Closes $14.4M HTC Transaction
Monarch Private Capital (MPC), the most diversified national tax credit investment provider, today announced it closed a $14.4 million equity investment in Kemper Arena, a historic event center located in Kansas City, Missouri. The investment will generate federal historic tax credits and Missouri state historic tax credits.

Indianapolis, IN Theatre Considering, TIF, NMTC, Bonds
The Phoenix Theatre is hoping to get some help from the city of Indianapolis to finalize financing for its $11 million new home. The theatre hopes to finance the project through a $4.5 million bond backed by the city and an allocation of federal New Markets Tax Credits that could generate $2.5 million in equity.

SC JEDA Uses $45.3M Bond for Tidelands Health
Tidelands Health is using a $45,295,000 tax-exempt bond issue through the South Carolina Jobs-Economic Development Authority (JEDA) to finance a new medical campus on the southern Grand Strand.

Small Business Development & Impact Investing White Paper
CDFA's new Small Business Development & Impact Investing White Paper documents the potential of a collaboration between Impact Investors and high performing Development Finance Agencies (DFAs) to fill the capital gaps facing small businesses and to accelerate DFAs as a major source of capital to enable small businesses to grow, create jobs and spur economic and community development.

Market Reports

Weekly Capital Markets Update
Wye River | May. 14 | Bond Finance | Bond Finance\Market Reports

Weekly Rate Update
KPM Financial | May. 14 | Bond Finance | Bond Finance\Market Reports

Weekly Market Outlook
Moody's | May. 14 | Bond Finance | Bond Finance\Market Reports

Upcoming Events
Intro EB-5 Finance WebCourse

CDFA Federal Financing Webinar Series: U.S. Department of Agriculture (USDA)
June 14, 2018 - 2:00 PM Eastern
In this webinar, experts on USDA financing programs will be on hand to discuss the myriad rural development finance programs offered by the USDA, as well as how rural communities can effectively access and deploy USDA grants and loans. The focus of the webinar will be on the Community Facilities (CF) Program, the Rural Energy for America Partnership (REAP), and Rural Business Development Programs.

News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

Cleveland, OH Approves $156M in Bonds for Capital Improvements
The Cleveland City Council gave approval to Mayor Frank Jackson's administration to borrow more than $156 million for capital improvements, including a new police station and equipment to make Cleveland's streets safer.

AL Zoo Financed by $27M in Bonds
The Alabama Gulf Coast Zoo is constructing a new facility, financed with $27 million of municipal bonds, outside of an existing flood zone with buildings that can withstand severe category 5 hurricanes.

SF Proposes $425M Bond Measure to Repair Embarcadero
A proposed $425 million San Francisco bond measure to kick-start vital repairs to the city's fragile Embarcadero seawall has cleared an important hurdle, pushing it closer to a spot on the November ballot.

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

Lonsdale, MN Approves $2.12M Bond Resolution
Lonsdale News Review | May. 14 | Bond Finance

NJ American Dream Complex to Open in 2019
North Jersey | May. 10 | Bond Finance

California Private Activity Bond Market Took a Big Dive in 2017
Novogradac & Company | May. 10 | Access to Capital | Bond Finance

Sendero Midstream Pursuing IRBs for NM Plant
Area Development | May. 9 | Bond Finance

K&D Launches Work On Terminal Tower Remake in Cleveland, OH
Crain's Cleveland Business | May. 7 | Bond Finance | Brownfield Financing | Tax Credits

Southaven, MS to Hold Hearing on $5M TIF Bond
DeSoto Times-Tribune | May. 3 | Bond Finance | Infrastructure Finance | Tax Increment Finance (TIF)

$250M Bond Plan Would Create an Island in Fort Worth, TX
The Bond Buyer | May. 3 | Bond Finance | Tax Increment Finance (TIF)

What Would $1B Do For Baltimore's Struggling Neighborhoods?
Baltimore Sun | May. 3 | Bond Finance | Brownfield Financing

Van Buren, AR Approves $16M in IRBs for Plant Expansion
Times Record | May. 2 | Bond Finance

$39M WHEFA Bond Financing Supports Care Center in St. Francis, WI
WHEFA | May. 2 | Bond Finance

Key Considerations on Tax Reform and the Muni Market
Court Street Group Research | May. 1 | Bond Finance

Rep. Lofgren Introduces Clean Energy Victory Bond Act
U.S. Congress | May. 1 | Bond Finance | Energy Finance | Green Finance

Hiring: Executive Director - Rhode Island Health and Educational Building Corporation
Rhode Island Health and Educational Building Corporation | Apr. 26 | Bond Finance | Job Postings & RFPs

Hiring: Vice President of Investment Banking - MassDevelopment
MassDevelopment | Apr. 23 | Bond Finance | Job Postings & RFPs

St. George, UT Provides Tax Incentives, IDBs for Manufacturer
St. George News | Apr. 22 | Bond Finance | Incentives

Commissioners Approve $25M in Bonds in Spokane, WA
Spokesman | Apr. 20 | Bond Finance | Brownfield Financing

Denison, TX Approves $1M Bond for Main Street Work
Herald Democrat | Apr. 20 | Bond Finance | Tax Increment Finance (TIF)

Allegheny College Seeks Approval for $41M Issuance
The Meadville Tribune | Apr. 19 | Bond Finance

Somerville, MA Nonprofit Receives $6.9M
Banker and Tradesman | Apr. 19 | Bond Finance

Healthcare Facility Planned in Moreau
Saratogian News | Apr. 18 | Access to Capital | Bond Finance

Mission Valley's Civita Breaks Ground on Low-Income Rentals
The San Diego Union-Tribune | Apr. 18 | Access to Capital | Bond Finance | Tax Credits

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

  • Baker Tilly Virchow Krause
  • BNY Mellon
  • Bricker & Eckler LLP
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
  • CohnReznick
  • FBT Project Finance Advisors LLC
  • Fifth Third Bank
  • Frost Brown Todd, LLC
  • Hawkins Delafield & Wood LLP
  • Ice Miller LLP
  • KeyBanc Capital Markets
  • Kutak Rock LLP
  • McCarter & English, LLP
  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
  • SB Friedman Development Advisors
  • Stern Brothers
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
Become a Sponsor