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CDFA COVID-19 Recovery & Relief Update - August 18, 2020

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COVID-19 Recovery & Relief Update
August 18, 2020
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COVID-19 Recovery & Relief Update


Muni Yields Hit Lowest Since 1952 as Fiscal Crisis Tests a Haven
America's municipal bondholders have never been paid so little for taking on so much risk. The yields on state and local government bonds have steadily dwindled over the past month, even as the resurgent coronavirus pandemic is threatening to prolong the deep recession that's dealing a financial setback to borrowers in virtually every corner of the $3.9 trillion markets.

Fed to Lower Rates for Cities, States Seeking Short-Term Loans
The Federal Reserve said it would reduce the rates it charges cities and states seeking short-term loans from an emergency lending program that has seen little takeup so far. Changes to the program must be agreed upon by the Treasury Department, which has approved $35 billion to cover losses on up to $500 billion in loans extended by the Fed.

Can Opportunity Zones Recover from the COVID-19 Crisis?
Do Opportunity Zones have the potential to create a more optimistic and hopeful outlook, and to help build national recovery and resiliency in the wake of the COVID-19 pandemic and economic crisis? On August 5, OpportunityDb co-hosted a live national webinar briefing with Egils Milbergs at OZ Accelerator. The webinar featured opening remarks from Senator Tim Scott (R-SC) and a panel with guests from Urban Institute, Sen. Scott's office, Sorenson Impact Foundation, Emsi, EIG, and SBA.

Failure to Provide Additional State, Local Aid Would Cause a Double-Dip Recession
The chief economist for Moody's Analytics is predicting the U.S. economy will dip back into a recession if Congress and the Trump administration don't agree on additional federal aid for state and local governments.

Facing Pandemic Squeeze, Universities Worldwide Hit Bond Markets for Cheap Cash
Universities, waiting to see how hard the coronavirus pandemic will hit overseas enrolments and government grants, have gone on a borrowing spree in the bond markets this year that outpaces a rise in companies' bond sales.

Senate Finance Chairman Introduces Bill to Extend CARES Act Spending Deadline
Senate Finance Committee Chairman Chuck Grassley (R-Iowa) and Sen. Maggie Hassan (D-N.H.) introduced the State and Local Coronavirus Relief Fund Extension Act on Tuesday to lengthen CARES Act funding for municipalities by one year to the end of 2021. The deadline to use COVID-19 funding is by the end of 2020.

Schumer Backs $120B Restaurant Fund
Senate Minority Leader Chuck Schumer is backing a bipartisan bill that would create a $120 billion fund for restaurants, which have been ravaged by the coronavirus pandemic, as senators headed home until September without a broader accord for a new stimulus package. His support increases the possibility that the bailout for independent restaurants could move forward on its own.

Seattle, WA Will Have to Borrow Nine-Figures to Fund West Seattle Bridge Mitigation
The ongoing emergency closure of the West Seattle Bridge, a vital and heavily used work of infrastructure that needs to be either repaired or replaced altogether posthaste after large cracks were discovered in it this past March, would put any city in a massive financial bind under any circumstances. But during a global pandemic when cities are confronting severe and still largely yet unknown economic fallout, Seattle might be facing a budgetary nightmare.

More Long Bonds From the U.S.? Not a Problem for the Fed
The U.S. Treasury is now issuing more longer-term debt to finance the $3 trillion budget deficit, raising the possibility that yields on those maturities will rise as investors demand greater compensation to swallow the additional supply. But the Federal Reserve is trying to suppress longer-term yields to support the economy. Which side will win out?

Upcoming Events
CDFA Federal Financing Webinar Series

CDFA-Bricker PACE Webinar Series: Policy and the Future of PACE
Tuesday, August 25, 2020 - 11:00 AM - 1:00 PM Eastern
This webinar will examine the next decade of PACE with a forward-looking view of how PACE will continue to evolve nationwide. PACE experts will explore ways in which the industry can expand PACE use to places that have yet to take advantage of this modern development finance tool. Learn how to tackle public policy hurdles and how to educate community leaders on the pros of PACE while ensuring accountability, transparency, and program effectiveness.

CDFA // BNY Mellon Development Finance Webcast Series: Investing in Childcare Facilities
Thursday, August 27, 2020 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will showcase various childcare facilities financing programs from across the country and highlight projects that have successfully utilized these tools.

State & Local Programs

Business Oregon Offers $10M in Grants for Broadband Access
Business Oregon | Aug. 11 | Disaster Recovery & Relief | Infrastructure Finance | Member News | Rural Development | State Finance Program | COVID-19 | Broadband

Federal Financing Programs

Agency Seal U.S. Dept. of Health & Human Services (HHS)

CARES Act Provider Relief Fund
The Provider Relief Funds supports American families, workers, and the heroic healthcare providers in the battle against the COVID-19 outbreak. HHS is distributing $175 billion to hospitals and...

Agency Seal U.S. Dept. of Treasury

Commercial Paper Funding Facility
The Facility serves as a funding backstop for commercial paper issuers to support the flow of credit to households and businesses.

Agency Seal U.S. Small Business Administration (SBA)

Community Advantage (CA) Pilot Program
The Community Advantage (CA) Pilot Program is a pilot program to increase SBA-guaranteed loans to small businesses in underserved areas.

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

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


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CDFA National Sponsors

  • BNY Mellon
  • Bricker Graydon LLP
  • Bryan Cave Leighton Paisner 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
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
Become a Sponsor