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CDFA Bond Finance Update - March 21, 2023

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Bond Finance Update
March 21, 2023
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CDFA Bond Finance Update


Register Today for the 2023 Federal Policy Conference!
Reserve your spot at the 2023 CDFA Federal Policy Conference on April 11-12, 2023, in Washington, D.C. CDFA, with sponsorship by Ice Miller LLP and the National Development Council, will bring together leaders from the Biden administration, Congress, federal agencies, and the development finance industry to discuss the massive infrastructure investments made by the 117th Congress as well as the development finance challenges that state and local governments continue to face. Space is limited; act fast!

Worthington, OH Renovations for 'Premier' Park to be Financed by Bonds
Worthington City Council is expected to approve the issuance of almost $4 million in bonds to continue upgrades at McCord Park. Phase one was replacing the playground outside the center, re-locating the little train caboose, and adding a shelter house and new ball fields. Phase 2 calls for renovating four baseball/softball diamonds, replacing nearby restrooms and a storage building, and completing a half-mile of multi-use trail around the park.

Churchill Stateside Group Closes $16M in Construction in Knoxville, TN
Churchill Stateside Group, LLC, a real estate and renewable energy financial services company, is pleased to provide the financing for a new-construction affordable housing community in Knoxville, Tennessee. The apartment community will consist of 112 units catering to family tenancy. The improvements will be constructed utilizing equity from the sale of 4% Low-Income Housing Tax Credits; issuance of private activity bonds; and CSG's Private Tax-Exempt Loan Program.

Bayonne Council, NJ Approves $65M Bond & 30-Year PILOT for $925M 1888 Studios
The Bayonne City Council passed three ordinances last night to transform the former Texaco site into 1888 Studios, which included a $65 million bond and 30-year payment in lieu of taxes (PILOT) agreement, on the third time they considered the measures. The complexity of the deal led to it being carried twice in the past month. Togus Urban Renewal is the studio's owner responsible for the development of the old Texaco site at the end of the peninsula by the Bayonne Bridge.

New Bill Would Allow Washington Schools to Use P3 For Energy Savings Projects
House Bill 1777 was passed unanimously by the state House. The bill, which deals with financing for school capital projects, was cosponsored by state Rep. Joel McEntire, R-Cathlamet, of the 19th Legislative District. According to McEntire, the program HB 1777 would create could be used to fund projects schools need. Their energy savings would be used to pay the cost over time.

Biden Administration Proposes Additional $28B Investment in Affordable Rental Housing
The Affordable Housing Tax Credit Coalition (AHTCC) has applauded housing provisions recently proposed in the Biden Administration's FY 2024 federal budget, including a proposal that would strengthen the Low-Income Housing Tax Credit (Housing Credit), the federal government's primary tool to produce affordable rental housing.

Bonds Issued for Galesburg Community Center in Illinois; Engineering Agreement Delayed
The city of Galesburg has issued $5 million in general obligation bonds to help fund a new community center. A resolution to authorize the city to issue the bonds was approved on a 4-3 vote by the city council in January. Then the city moved forward with establishing a credit rating and other steps in the process to issue the bonds.

Queensbury School District in New York to Spend $430K on Classroom Tech
As part of New York State's Smart Schools Bond Act, the Queensbury Union Free School District will receive $430,500 for classroom technology upgrades. The district was among dozens statewide awarded grants in the latest round of funding under the 2014 Smart Schools Bond Act, approved by voters allowing $2 billion in bond financing used to improve technology needs in New York schools.

Market Reports

Weekly Market Outlook
Moody's Analytics | Mar. 20 | Bond Finance | Market Reports

Capital Market Outlook
Merrill | Mar. 20 | Bond Finance | Market Reports

Upcoming Events
2023 CDFA Federal Policy Conference

CDFA // BNY Mellon Development Finance Webcast Series: Utilizing TIF with Brownfield Redevelopment Projects
April 18, 2023 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, TIF experts will introduce this financing tool and explore new strategies that local governments are employing to bring investment to otherwise unusable spaces.

CDFA Food Systems Finance Webinar Series: Access to Capital Tools & Food Systems
April 25, 2023 - 2:00 PM - 3:30 PM Eastern
During this installment of the CDFA Food Systems Finance Webinar Series, we will explore how these tools can be used in strengthening local and regional food systems and address some of the challenges that come with financing this sector.

News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

Munis Follow USTs in Flight to Quality as Credit Suisse Imperiled
As a result of the expanding crisis in the banking sector, with Credit Suisse now in trouble, bond yields fell Wednesday in choppy trading with municipals continuing to follow U.S. Treasuries in a flight to quality as market volatility persists.

Munis Little Changed, as Silicon Valley Bank Collapse Fallout Continues
Municipals were little changed Tuesday in secondary trading as the $1.25 billion deal from the New York City Transitional Finance Authority took focus in the primary. Days after the Silicon Valley Bank collapse, U.S. Treasuries reversed course and sold off on the heels of the most recent inflation report. Equities ended up.

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

Nehalem Bay Health District, OR Refers Proposed Bond Measure to Voters
Tillamook Headlight Herald | Mar. 20 | Bond Finance

Moody's Assigns (P)Aaa (sf) to Louisiana Local Government Environmental Facilities and Community Development Authority's Series 2023 System Restoration Bonds
Moody's | Mar. 20 | Bond Finance

Lexington-Richland Five in South Carolina Eyes 2024 Bond Referendum
The Post and Courier | Mar. 20 | Bond Finance

U.S. Regional Banks First Republic And PacWest Plunge as Silicon Valley Bank Collapse
Fortune | Mar. 20 | Bond Finance

Oakland, CA Poised to Give $18M for 766-Unit Retail Village
The Real Deal | Mar. 20 | Bond Finance | Housing Finance

Westfield, NJ Council Authorizes $57M in Bonds For Redevelopment
Tap Into | Mar. 16 | Bond Finance | Economic Development | Infrastructure Finance | Urban Development | Planning & Land Use | Downtown Revitalization

Silicon Valley Bank Failure May Prompt Closer Look at Municipal Bonds
The Bond Buyer | Mar. 15 | Bond Finance | Federal | Bond Deal Structuring

CDFA is Excited to Share a New Croatan Institute Report - Soil Wealth Areas
Croatan Institute | Mar. 13 | Access to Capital | Agriculture Finance | Bond Finance | Community Development | Food Systems Finance | Resiliency | Rural Development | Social Finance

Council Approves Cole Bonds in Columbus, IN
The Republic | Mar. 13 | Bond Finance | Economic Development | Redevelopment | Tax Increment Finance (TIF)

West Sioux, IA to Vote on Nearly $15M Bond
KTIV.COM | Mar. 7 | Bond Finance

$21M Acquisition Financing for Seniors Housing Development in Nashville, TN
Rebusiness Online | Mar. 3 | Bond Finance | Community Development | Housing Finance | Tax Credits | Urban Development | Low Income Housing Tax Credits (LIHTCs)

School Districts Face Millions as Texas Program That Backs Bond Debt Hits Its Limit
KVUE | Feb. 27 | Bond Finance

Highlights from the Online Resource Database

Soil Wealth Areas: Place-based Financing for Conservation, Rural Communities & Regen Ag
Access to Capital | Agriculture Finance | Bond Finance | Community Development | Crowdfunding | Energy Finance | Federal | Food Systems Finance | Foundations | Green Finance | Innovation Finance | Legislative | Property Assessed Clean Energy (PACE) | Revolving Loan Funds (RLFs) | Resiliency | Rural Development | Social Finance | Special Assessment Districts | State Finance Program | Tax Credits
A new report from Croatan Institute highlights how the Soil Wealth Area model can facilitate more investment in regenerative agriculture, enhance conservation, and support resilient rural economies. The report provides specific recommendations for implementing Soil Wealth Areas in each of the regions analyzed and creating a wider Soil Wealth Community for practitioners to share learnings about their experiences with place-based financing.

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

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  • MuniCap, Inc.
  • NW Financial Group, LLC
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  • The Bond Buyer
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  • Wells Fargo Securities
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