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CDFA Bond Finance Update - November 21, 2023

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Bond Finance Update
November 21, 2023
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CDFA Bond Finance Update

Features

CDFA Coalition Submits $2B Clean Investment Accelerator for DFAs Proposal Under Greenhouse Gas Reduction Fund Competition
CDFA and its coalition partners submitted a $2 billion Clean Investment Accelerator for Development Finance Agencies (DFAs) proposal for the Clean Communities Investment Accelerator competition under the Greenhouse Gas Reduction Fund. Under this program, CDFA and its coalition partners will launch a 6-year accelerator program designed to serve a community lender network of DFAs to build the expertise and financial capacity of DFAs to fund qualified projects that reduce or avoid emissions of greenhouse gas and other pollutants in low-income and disadvantaged communities.

North Texas Transportation Infrastructure Boosted by $286M Bond Issuance
The Texas Private Activity Bond Surface Transportation Corporation is issuing $286 million of private activity bonds (PABs) to refinance the costs related to the designing, constructing, financing, operating, and maintaining portions of the Interstate 35W corridor (I-35 West) within the Dallas-Fort Worth region (DFW) in the State of Texas. 

Join CDFA for Our New Intro Federal Finance Course
Register for CDFA's Intro Federal Finance Course taking place on December 13-14 to learn the federal funding resources available to help advance economic development. Our panel of expert speakers will discuss how federal support tools can work in coordination with other development finance tools for programs and projects on the local level.

Des Moines, IA Voters Approve $350M Bond for Airport
Polk County, IA has been authorized to issue up to $350 million in bonds for the Des Moines International Airport's terminal expansion project. The proceeds from the sale of the bonds will help fund the first phase of construction, replacing the existing terminal, which airport officials say is no longer adequate as passenger traffic sets new records.

Phoenix, AZ Voters Approve $500M in GO Bonds
Phoenix, AZ voters approved issuing $500 million in bonds to finance major infrastructure projects. Funding is divided into four categories: $214 million for public safety, streets, and pedestrian infrastructure; $108 million for library, parks, and historic preservation projects; $114 million for education, economic development, arts, and culture projects; and $63 million for low-income housing and senior center projects.

CDFA Presents the Bond Finance Reference Guide
With the help of 18 individual authors and contributors, CDFA successfully released the new Bond Finance Reference Guide. As an enhanced version of two previous publications, Intro and Advanced Bond Guides, these guides have equipped readers with an understanding of bond finance and insight into how this critical tool has supported economic development in the last two decades.

South Carolina JEDA Issues $77M in Bond Funding for Affordable Workforce Housing
Affordable Housing Partners is using a $77 million bond issued through the South Carolina Jobs-Economic Development Authority (JEDA) to finance a new affordable workforce housing community in Columbia, SC. The bond proceeds will finance the acquisition, construction, and equipping of the Silver Station Apartment Homes, a 240-unit apartment community with a clubhouse, pool, playground, and other recreational areas.

Chandler, AZ Approves $195M Bond Sale for Capital Improvements
The Chandler, AZ City Council approved the sale of up to $195 million in bonds - $120 million in general obligation bonds approved by voters and $75 million in excise tax revenue obligations which are paid for with utility revenues. This bond sale will use a portion of the bond authorization to fund capital projects in process and some not yet started for FY 2023-24, which will allow departments to continue the many projects needed to maintain and improve the community. 

New York Announces $149M in Bonds for Affordable Housing, $86M in Subsidies
The state of New York announced $236 million has been allocated through bonds and subsidies to create or preserve 732 affordable, supportive, and sustainable homes across New York State. The financing is made possible through New York State Homes and Community Renewal's October 2023 bond issuance, which provided $149 million in tax-exempt housing bonds and $86 million in subsidies.

Bricker Graydon Earns #1 Spot in Ohio Public Finance Rankings
Bricker Graydon is pleased to announce the achievement of being named the #1 ranked firm in Ohio for publicly-offered municipal bonds issued during the first half of 2023. The recognition underscores Bricker Graydon's leadership as public finance counsel and its legacy of excellence in serving clients in Ohio for many decades. With a dedicated team of 24 public finance attorneys and 5 non-attorney professionals, Bricker Graydon is the largest such group in Ohio. 

Market Reports

Weekly Market Outlook
Moody's Analytics | Nov. 16 | Bond Finance | Market Reports

Capital Market Outlook
Merrill | Nov. 13 | Bond Finance | Market Reports

Upcoming Events
Intro Federal Finance WebCourse

CDFA Food Systems Finance Webinar Series: Restoring Local Food Systems Through Finance
November 28, 2023 - 2:00 PM - 3:30 PM Eastern
In this installment of the CDFA Food Systems Finance Webinar Series, we will illustrate the Reframe, Build, Plan framework of critical success factors that are needed to expand financing and drive capital into local food systems.

CDFA // BNY Mellon Development Finance Webcast Series: Financing Childcare Facilities with Bonds
December 19, 2023 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, experts will discuss challenges faced in financing childcare facilities and share examples of how bond financing can be used to support such businesses.

News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

Miami-Dade County, FL Delayed its $500M Seaport Deal Due to Rising Rates
Miami-Dade County, Florida's almost $500 million taxable seaport revenue bond deal, which was expected in late summer, was postponed due to rising interest rates but is still expected to be sold.

New York City HDC Gets $1B Bonding Boost in New Housing Laws
New York City has received a boost of state support as it seeks to head off a worsening affordable housing crisis, including an increase in the bonding capacity of the New York City Housing Development Corp. Gov. Kathy Hochul signed into law a trio of bills passed by New York's Legislature leveraging state resources to accelerate the construction and preservation of "more affordable, sustainable and sorely needed housing" in New York City.

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

Harrison County, TX Affordable Housing Project Receives $20M Bond Approval
Marshall News Messenger | Nov. 12 | Bond Finance | Housing Finance

New Hampshire Backs $33.1M Bond to Expand Sig Sauer Gun Manufacturing
Foster's Daily Democrat | Nov. 10 | Bond Finance

Southern California Public Power Authority Issues $162M Green Bond
ImpactAlpha | Nov. 9 | Bond Finance | Energy Finance | Green Finance | Green Bonds

Kern County, CA to Hold Hearing on $150M Bond Issue for Recycling Facility
Kern Valley Sun | Nov. 3 | Bond Finance | Exempt Facility Bonds

University of Pittsburgh, PA to Issue $275M in Bonds for Capital Projects
University of Pittsburgh Times | Nov. 3 | Bond Finance | 501(c)(3) Bonds

MassDevelopment Issues $5M Bond for Longmeadow, MA Senior Living Community
New England Real Estate Journal | Oct. 27 | Bond Finance | Housing Finance

Myrtle Beach, SC may Issue $15M in Bonds for Stormwater Infrastructure
My Horry News | Oct. 24 | Bond Finance | Infrastructure Finance | Water Finance | Stormwater

New York Blood Center Approved for $52M Bond Financing for Facility Upgrades
Patch | Oct. 24 | Bond Finance | Healthcare | 501(c)(3) Bonds

Chattanooga, TN to Receive $125B in Bond Proceeds for Electricity Infrastructure
New Channel 9 ABC | Oct. 21 | Bond Finance | Energy Finance | Infrastructure Finance

Fitch Upgrades $1.2B South Carolina Transportation Infrastructure Bank Rev Bonds to 'AA-'
Fitch Ratings | Oct. 20 | Bond Finance | State Finance Program | Bond Banks

Leon County, FL Approves $35M Bond Issue for Affordable Housing
WFSU News | Oct. 19 | Bond Finance | Tax Credits | Exempt Facility Bonds | Low Income Housing Tax Credits (LIHTCs)

Oxnard, CA Receives $20M Bond Issue Proceeds for Affordable Housing
League of California Cities | Oct. 18 | Bond Finance | Housing Finance | Exempt Facility Bonds

Gadsden, AL to Issue Revenue Bonds for New Rehabilitation Services Building
Gadsden Times | Oct. 18 | Bond Finance

Wicomico, MD Issues $11.7M in Tax-Exempt and Taxable Bonds for Schools and Airport
WGMD 92.7 FM | Oct. 17 | Bond Finance



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
info@cdfa.net

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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
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