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Development Finance Review Weekly - December 25, 2025

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Development Finance Review Weekly
December 25, 2025
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CDFA Development Finance Review Weekly

Spotlight

Happy Holidays from CDFA!
During the season of gratitude and celebration, CDFA would like to share our sincere appreciation to all those in our network for their support and engagement throughout the year. Happy holidays!

Features

CDFA Winter Institute — Five Core Development Finance Course in One Week!
The all-new CDFA Winter Institute debuts February 23-27, 2026! We're excited to bring you five executive format courses that were a hit at the 2025 Summer Institute. Designed for busy professionals, courses are scheduled without overlap, allowing you to complete multiple core classes in a single week while building a practical, integrated understanding of development finance. This is one of your only opportunities in 2026 to complete CDFA's core introductory training courses. Knock out your DFCP requirement courses this February! Learn more about the courses offered and register today!

Corporate Debt Surges as AI Infrastructure Fuels Historic Bond Issuance
The U.S. corporate bond market experienced a remarkable surge, with companies issuing approximately $1.7 trillion in bonds — a near-record volume that ranks second only to the pandemic-driven frenzy of 2020. This wave of debt financing has been propelled largely by the explosive demand for artificial intelligence (AI) infrastructure, including massive data centers, advanced servers, and energy-intensive computing resources.

Revisiting How Kansas STAR Bonds Will Finance the Chiefs' New Stadium
Even though both states base stadium financing on sales taxes, each state's proposals could hardly be more different. In Missouri, Jackson County calls the shots. It currently has a ⅜-cent county sales tax (0.375%) approved in 2006 to fund improvements to both stadiums in the Truman Sports Complex. It expires in 2031. In April, voters rejected another ⅜-cent tax to replace the 2006 tax and run it through 2064. It was expected to bring in $2 billion to pay the lion's share of modernizing Arrowhead and building a new Royals stadium downtown.

2026 CDFA Opportunity Zones Learning Series Kicks Off January 15
The CDFA Opportunity Zones Learning Series, presented in partnership with Grow America, is a resource to help communities develop a comprehensive understanding of Opportunity Zones. The first installment of the CDFA Opportunity Zones Learning Series will provide an overview of the Opportunity Zones program, with insights into key dates for 2026. Participants will leave this session with an understanding of the Opportunity Zones program. Register for one session or the full series. Save with significant discounts for CDFA member organizations and those who register for the full series!

Netflix Secures Revolving, Term Loans for Warner Bros Deal – Lines Up $25B in Fresh Credit
Netflix Inc. (NFLX) has secured a significant new financing structure to support its acquisition of Warner Bros. Discovery, Inc. (WBD), by replacing part of its previous bridge loan with a more stable funding structure for the high-profile deal. On December 5, Netflix inked a deal with WBD to acquire Warner Bros., including its film and television studios, HBO, and HBO Max, in a cash-and-stock transaction totaling $82.7 billion.

Up In Smoke: The Declining Health of NYC's Tobacco Settlement Bonds
The Tobacco Settlement Asset Securitization Corporation ("TSASC") is a local development corporation created pursuant to the Not-For-Profit Corporation Law of the State of New York (the "State"). TSASC was created as a financing entity whose purpose is to issue and sell bonds and notes to fund a portion of the capital program of the City of New York (the "City"). The City sold its right to receive tobacco settlement revenues ("TSRs") to TSASC and issued debt secured by the TSRs, which are paid by cigarette companies as part of their settlement with 46 states, including the State of New York, and other U.S. Territories.

Vermont Housing Solutions Start Here — CHIP Webinar Series
Start your year strong! Join CDFA for a three-part webinar series on Vermont's new Community and Housing Infrastructure Program. Designed for local municipalities, this series will build a solid foundation in Tax Increment Financing and guide responsible implementation of this important new tool. Register now!

House Advances New Bipartisan Bill Targeting Housing Affordability Crisis
A new bill aimed at tackling the housing affordability crisis has advanced out of committee in the U.S. House, renewing hopes that the federal government will take action to address soaring costs. The House Financial Services Committee on voted 50-1 to advance H.R. 6644, the Housing for the 21st Century Act, setting the stage for a vote in the full House. The bill would also need Senate approval and President Donald Trump's signature to become law.

HUD Hikes FHA and HECM Loan Limits for 2026 to Keep Pace with Rising Home Prices
The U.S. Department of Housing and Urban Development (HUD) has announced a comprehensive increase in Federal Housing Administration (FHA) loan limits for 2026, a move aimed at mirroring the continued appreciation of home values across the country. Effective for all FHA cases filed on or after Jan. 1, 2026, the new loan limits will see the floor for single-family homes rise to $541,287, while the ceiling will increase to $1,249,125. HUD aims to ensure that low- to moderate-income borrowers and first-time homebuyers are not priced out of FHA-insured financing in an increasingly competitive market.

Upcoming Events

2026 CDFA Opportunity Zones Learning Series
January 15, March 12, May 14, July 16, September 10, December 16 - 1:00 PM - 2:30 PM Eastern
The CDFA Opportunity Zones Learning Series is designed to help attendees develop a comprehensive understanding of Opportunity Zones and provide guidance on how to prepare communities to strategically leverage this unique finance tool.

Job & RFP Postings

CDFA - Coordinator, Knowledge & Networks
The Council of Development Finance Agencies seeks a motivated, well-organized and energetic individual to fill the position of Coordinator, Knowledge & Networks. This position is critical to the continued success of CDFA's education, advocacy, research, resources, and networking efforts. This position is responsible for assisting with CDFA's research projects, resource collection, information sharing, newsletter publications, headlines review, and educational efforts. This is an exciting opportunity for an enthusiastic person to contribute to a great organization, working to create economic prosperity across the country. This is a hybrid position is located in Dublin, OH. A cover letter, resume, salary request, and three professional/academic references should be emailed to jobs@cdfa.net

Knoxville's Community Development Corporation - Chief Financial Officer
KCDC is seeking its next Chief Financial Officer (CFO) to join a high-performing team dedicated to creating lasting impact in communities. From revitalizing residential neighborhoods to energizing commercial business districts, this position serves as a strategic and operational leader who works in close partnership with the CEO and the executive leadership team. This individual is responsible for attracting capital, leveraging the balance sheet and borrowing capacity, and ensuring strong financial policies, procedures, and reporting systems are in place. Applications are accepted electronically at kcdc.org. The position is open until filled with a first review of applications beginning December 19, 2025.

This Week's Headlines

Bond Risk: How Rates, Duration, and Structure Drive Fixed-Income Performance
Britannica Money | Dec. 24 | Bond Finance

Chief Signs Directive to Spur Economic Growth
CHEROKEE PHOENIX | Dec. 24 | State Small Business Credit Initiative (SSBCI) | Tribal Finance

Is PDBZX a Strong Bond Fund Right Now?
Yahoo Finance | Dec. 24 | Bond Finance

Is SWRSX a Strong Bond Fund Right Now?
Yahoo Finance | Dec. 24 | Bond Finance

Looking Ahead to Data Centers in the New Year
Indianapolis Recorder | Dec. 24 | Innovation Finance

Mortgage Interest Rates Today: Rates Fall to 6.18%, Reflecting an Up-and-Down Bond Market
Yahoo Finance | Dec. 24 | Bond Finance

New Bill: Representative Kristen McDonald Rivet introduces H.R. 6464: Affordable Clean Water Infrastructure Act
Quiver Quantitative | Dec. 24 | Federal | Legislative | Water Finance

Oklahoma City Municipal Bonds, December 24: Chamber Eyes Jail, Rail
Meyka | Dec. 24 | Bond Finance

Orlando's Brownfields Program
City of Orlando | Dec. 24 | Brownfield Financing | U.S. Environmental Protection Agency (EPA)

Abbeville Gets $5.6 million to Upgrade Treatment Plant, Improve Water Quality
The Advocate | Dec. 23 | Infrastructure Finance | Revolving Loan Funds (RLFs) | Water Finance

Bond Markets Clear Path for Stock Rally by Ignoring a Near-Term Risk
MSN | Dec. 23 | Bond Finance

California Supreme Court Approves Pension Obligation Bonds
JD SUPRA | Dec. 23 | Bond Finance

Dehm Column: Building a Resilient Local Economy — How Glenwood Springs Supports Businesses
Post Independent | Dec. 23 | Economic Development | Local Finance Program

GUC Seeks Savings with Bond Refinancing
Reflector | Dec. 23 | Bond Finance

The Coming Opportunity Zone Investment Surge
OpportunityZones.com | Dec. 23 | Opportunity Zones

The Delaware Division of Small Business Will Release its Next Allocation of SSBCI
Delaware Public Media | Dec. 23 | State Small Business Credit Initiative (SSBCI)

2025 Opportunity Zones Survey Reveals Strong Excitement For OZ 2.0
OpportunityZones.com | Dec. 22 | Legislative | Opportunity Zones

Alta Metro Center Breaks Ground in Aurora, Colorado
Multifamily Dive | Dec. 22 | Housing Finance | Opportunity Zones

APR Energy Doubles Revolving Credit Facility to $300 Million to Fund Data Center Power Growth
Top Ranks | Dec. 22 | Energy Finance | Innovation Finance | Revolving Loan Funds (RLFs)

Jackson County Pitches Domed Arrowhead in Last-Minute Plea Before Kansas Announcement
KY3 | Dec. 22 | Legislative | Opportunity Zones | Tax Credits

Japan Eyes $7 Trillion Household Savings Pile For Fresh Bond Demand
Reuters | Dec. 22 | Bond Finance | International

Single- and Multi-Family Homes Could Get Energy Help
New Britain Herald | Dec. 22 | Revolving Loan Funds (RLFs)

VDH Awards $6.2 Million to Town of Bowling Green to Address Water Issues
Fredericksburg Free Press | Dec. 22 | Revolving Loan Funds (RLFs) | Water Finance

Village Nails Down Contract Decision
Fillmore County Journal | Dec. 22 | Local Finance Program | Revolving Loan Funds (RLFs)

Cabela's Headquarters Back In Local Hands And An Economic Development Corporation Is On The Way In Sidney
NCN | Dec. 21 | Economic Development | Revolving Loan Funds (RLFs)

How Catastrophe Bonds Help Manage Climate Risks
World Economic Forum | Dec. 20 | Bond Finance | Green Finance

HRA Director Reflects on 2025, Looks to Future Goals
WTIP | Dec. 20 | Housing Finance

Indiana Finance Authority Approves More Than $29 Million in Residential Infrastructure Funding
953MNC | Dec. 20 | Housing Finance | Revolving Loan Funds (RLFs)

Connecticut To Establish New State Program, $18M RLF for Home Energy Efficiency Upgrades
CT.gov | Dec. 19 | Bond Finance | Energy Finance | Revolving Loan Funds (RLFs)

FAO-Led Projects to Make Agriculture Sustainable in Support of 1M People
FAO.org | Dec. 19 | Agriculture Finance | Economic Development | Food Systems Finance

Leawood, OKs $152M Incentive Package for State Line Project Slated to be New Lockton HQ
Johnson County Post | Dec. 19 | Infrastructure Finance | Tax Increment Finance (TIF)

NYC Transitional Finance Authority Announces Successful Sale of $2B Future Tax Secured Subordinate Bonds
Office of the New York City Comptroller | Dec. 19 | Bond Finance

Real Estate Industry Seeks Certainty for Qualified Opportunity Zones
Tax Notes | Dec. 19 | Internal Revenue Service (IRS) | Legislative | Opportunity Zones

SLR Capital Partners Enters $175MM in Senior Debt Financing with Treace Medical Concepts
www.abladvisor.com | Dec. 19 | Revolving Loan Funds (RLFs)

St. Paul, MN City Council Approves $9M TIF District at Victoria and Grand
yahoo!finance | Dec. 19 | Economic Development | Tax Increment Finance (TIF)

Tucson IDA Releases Its 2025 Annual Report
Tucson IDA | Dec. 19 | Member News


New Additions to the Online Resource Database

CDFA Recognizes William Smith, DFCP
CDFA Press Releases | Member News
CDFA is pleased to announce William Smith, Economic Development Manager for the City of Douglasville, Georgia, as the newest graduate of the prestigious Development Finance Certified Professional (DFCP) program. Mr. Smith joins the ranks of fellow graduates who are recognized as the most qualified leaders in the development finance industry.


National Sponsor Spotlight

Stifel Nicolaus Stifel Nicolaus
Stifel Nicolaus, founded in 1890, is a full-service securities firm dedicated to development finance. Stifel Nicolaus has developed innovative public financing structures for private developments saving millions of dollars for our public and...
The Bond Buyer The Bond Buyer
The Bond Buyer is the only independent information resource serving municipal finance professionals, offering an unparalleled blend of news, analysis, and data that sets it apart in the industry. Moreover, it provides comprehensive education on...
U.S. Bank U.S. Bank
U.S. Bancorp (USB), with $416 billion in assets, is the parent company of U.S. Bank, the fifth largest commercial bank with more than 65,000 employees, and 3,151 offices in the United States.

CDFA Bookstore

Cover thumbnail Revolving Loan Fund Reference Guide
The Revolving Loan Fund Reference Guide offers an in-depth look at RLF program development, implementation and management. This guide demonstrates how an RLF program can complement economic development strategies, encourage investment and assist traditionally underserved businesses.

New Members

SB Friedman Development Advisors - Chicago, IL

Delaware Department of Natural Resources and Environmental Control, Envionrmental Finance - Dover, DE

Sparrow Ventures GP - cookeville, TN

Vita Nuova LLC - Newtown, CT

We Strategize LLC - Miami, FL

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 about CDFA, visit www.cdfa.net or e-mail info@cdfa.net.

Council of Development Finance Agencies
425 Metro Place N., Suite 460
Dublin, OH 43017
(614) 705-1300
info@cdfa.net

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CDFA President's Club

  • Alliant Insurance Services, Inc.
  • BNY
  • Bricker Graydon Wyatt LLP
  • Business Oregon
  • CohnReznick
  • FTB Gibbons
  • 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.
  • PGAV Planners, LLC
  • RDF
  • SB Friedman Development Advisors
  • Stifel Nicolaus
  • The Bond Buyer
  • U.S. Bank
  • Wells Fargo Securities
Become a CDFA President's Club Member