CDFA Legislative and Federal Affairs Update - December 3, 2018
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| Spotlight |
CDFA Supports Rep. Stivers, New Co-Chair of Muni Caucus
The Municipal Bonds for America Coalition, of which CDFA is a founding member, has released a letter congratulating Rep. Steve Stivers (R-OH) on becoming the new Co-Chair of the Municipal Finance Caucus. Rep. Stivers replaces the outgoing Republican Chair Randy Hultgren and joins current Democrat Co-Chair Dutch Ruppersberger (D-MD).
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| Legislative Features |
Another Government Shutdown? Congress Has Four Days to Pass a Spending Bill
The government will run out of money at midnight Dec. 7 unless Congress passes a spending bill to keep the lights on. If lawmakers fail to act, some government agencies will no longer have the necessary funding to keep operating and will be forced to close their doors.
Sen. Scott Introduces Bill to Reauthorize NFIP
Sen. Tim Scott has introduced S. 3670, a bill that would reauthorize the National Flood Insurance Program. The Program is set to expire Thursday, December 7th.
Muni Industry to Wait for 2019 to Lobby on Tax Bill
Muni market advocates won't try to pursue their goal as part of a package of tax extenders and technical corrections under consideration during the current lame duck session. The three-week session of Congress that convened this week may include passage of a tax bill released by Rep. Kevin Brady.
Study Urges Expansion of PABs
A new paper from the Reason Foundation argues that Congress should expand the permissible uses of tax-exempt private activity bonds and lift the PAB volume cap to facilitate financing of long-term infrastructure leases that could generate as much as $885 billion for state and local governments.
How the Elections Impact the Muni Industry
The Republican co-founder of the House Municipal Finance Caucus is among the muni industry allies who lost their recent re-election bids. While a Democratic House likely means more favorable treatment of muni-related legislation, the cost includes the loss of some industry allies such as Rep. Randy Hultgren.
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| Upcoming Events |
CDFA - PFM Capital Markets Webinar Series
November 28, January 10, February 7, March 14, April 16, May 7 - Monthly: 2:00 - 3:30 PM Eastern
The Webinar Series will feature the industry's top leaders discussing case studies, challenges, opportunities and critical issues in today's capital markets. Topics covered include bond market insights, understanding the regulatory environment, refunding and structuring strategies, effects of tax reform, and tips for engaging municipal advisors.
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| Federal Features |
Apply for EPA Brownfields Funding FY2019
The U.S. EPA has released a new RFP and Application Guidelines for the FY 2019 Brownfields Multipurpose, Assessment, and Cleanup Grants (MAC Grants). Applications for these grants are due January 31st, 2019. These grants are offered by the EPA Brownfields Program and may be used to address sites contaminated by hazardous substances.
Port of Long Beach, CA Seeks Second TIFIA Loan
The Port of Long Beach, California, is seeking a second Transportation Infrastructure Finance and Innovation Act loan to complete the $1.5 billion Gerald Desmond Bridge replacement. A $325 million TIFIA loan awarded in May 2014 was a key financing tool for the project. The port wants to borrow $175 million more through TIFIA.
How Opportunity Zones Could Transform Communities
Opportunity Zones represent a breakthrough approach to community development. The program relies on an ingenious mechanism for spurring investment: Instead of tax credits or other traditional subsidies, investors are offered a temporary tax deferral for capital gains reinvested in designated opportunity zones.
Kresge Supports Opportunity Zones Incubator
The Kresge Foundation has announced a $390,000 grant to Calvert Impact Capital that will support the Opportunity Zones Incubator, a technical assistance program for social impact entities that are interested in or exploring taking a Qualified Opportunity Fund to market.
Opportunity Zones Investment Prospectus Guide
The Opportunity Zones Investment Prospectus was designed to speed the process by which a broad group of cities adopt the Opportunity Zones tool and build Investment Prospectuses that are customized to local assets and advantages and scalable across cities by asset classes and product types.
How IRS Ruling Will Impact Airport Projects
Airport authorities will have an easier time signing leases at their bond-financed terminals for prohibited uses under a new Internal Revenue Service private letter ruling. The ruling allows floating private equity to be used for a prohibited use for a tax-exempt bond-financed airport terminal renovation.
Will Opportunity Zones Work? We May Never Know, Here's Why
The OZ incentive has one potentially huge flaw: As the Treasury Department finalizes the program's rules in preparation for its launch in 2019, researchers and economists are increasingly worried that the agency is leaving out critical requirements to track the law's effects—and as a result, we may never know if Opportunity Zones actually work.
EPA Provides $614M WIFIA Loan to San Diego, CA
The U.S. Environmental Protection Agency (EPA) issued a $614 million Water Infrastructure Finance and Innovation Act (WIFIA) loan to the City of San Diego, Calif., to help finance its Pure Water project. With the loan, San Diego will construct a new advanced facility to produce 30 million gallons per day of high-quality drinking water.
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| Federal Financing Clearinghouse Spotlight |
CDFA's Federal Financing Clearinghouse is the only online resource cataloging the development finance programs offered by the federal government. Check out our featured agencies and programs below. >>> Learn More
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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
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Council of Development Finance Agencies
100 E. Broad Street, Suite 1200
Columbus, OH 43215
(614) 705-1300
info@cdfa.net
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