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CDFA Bond Finance Update - January 16, 2024

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Bond Finance Update
January 16, 2024
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CDFA Bond Finance Update

Features

Join CDFA for the Return of the Fundamentals of Economic Development Finance Course
Join CDFA as we kick off the new year with the return of the Fundamentals of Economic Development Finance Course on January 24-25, 2024! This course is the foundation for all of CDFA's educational offerings and will help attendees understand the variety of development finance tools available, including bonds, tax credits, tax increment financing (TIF), federal financing programs, RLFs, and access to capital lending resources.

What 2024 May Hold for Municipal Bonds
Interest rate trends, investor demand, and the 2024 elections could all impact the municipal bond market. State and local governments spent about $2.7 trillion on public construction between 2014 and 2022, with more than $2 trillion coming from new-money municipal bond sales. Yet while these sales had been steadily increasing over the past decade, they fell slightly in 2022 and 2023 but will continue to serve as a reliable source of revenue for cities going forward.

Climate Change May Threaten Municipal Bond Market
U.S. Senator Sheldon Whitehouse (D-RI), Chairman of the U.S. Senate Budget Committee, delivered the opening statement at the Senate Committee on the Budget's hearing, titled "Investing in the Future: Safeguarding Municipal Bonds from Climate Risk." He argued that climate change undermines the stability of municipal bonds through the physical impacts of natural disasters on infrastructure but also with the loss of revenue to pay for outstanding debt obligations.

McKinney, TX City Council Recommends $485.5M Municipal Bond
McKinney, TX City Council heard a recommendation to move forward with a proposed $485.5 million municipal bond. The proposed bond includes several city projects that are currently unfunded, including city facility renovations and new construction, roadway improvements, parks and recreation projects, and more, according to city documents.

CDFA is Hiring a New Vice President of Development Finance
The Council of Development Finance Agencies is now accepting applications for Vice President, Development Finance. This position leads CDFA's development finance practice and is responsible for ensuring CDFA delivers on its research projects, resource collection, educational offerings, partnerships, and content creation. Want to join the CDFA family in Columbus, Ohio? Email your cover letter, resume, salary request, and three professional references to jobs@cdfa.net.

Mountain Views, VT School District Seeks Authorization for $99M Bond Issue
The Mountain Views, VT School District (MVSD) Board of Directors is asking Town Meeting voters in seven towns to authorize a $99 million bond issue to finance the construction of a new Woodstock Union High School and Middle School (WUHS/MS) on the site of the 55-to-65-year-old current school off Route 4 in Woodstock. The school board also voted to seek approval of a system-wide budget of $29.75 million for the fiscal year.

Fitch Rates $600M "Build Illinois Bonds" 'A+'; Outlook Stable
Fitch Ratings has assigned an 'A+' rating to the following state of Illinois' Build Illinois bonds: $300 million junior obligation series A; $150 million junior obligation series B; $150 million junior obligation series C. Fitch has also affirmed the outstanding state of Illinois Build Illinois senior and junior obligation sales tax revenue bonds at 'A+'. The Rating Outlook is Stable.

KeyBank Provides $90.7M for Affordable Housing Property Near Pittsburgh, PA
KeyBank has provided $90.7 million in financing for the acquisition and rehabilitation of Cambridge Square Apartments, a 204-unit affordable housing property in Monroeville, an eastern suburb of Pittsburgh. The financing consists of a $35 million construction loan, an $18 million Fannie Mae permanent loan, $15.7 million in Low-Income Housing Tax Credit (LIHTC) equity, and $22 million in tax-exempt bonds that were sold by KeyBanc Capital Markets.

Fitch Rates Massachusetts $2B GO Bonds 'AA+'; Outlook Stable
Fitch Ratings has assigned 'AA+' ratings to approximately $2 billion Commonwealth of Massachusetts general obligation (GO) bonds, consisting of $850 million GO Bonds Consolidated Loan of 2024 Series A; $540 million GO Refunding Bonds 2024 Series A; $600 million GO Refunding Bonds 2024 Series B. Bond proceeds will finance or reimburse the Commonwealth for various capital expenditures and refund outstanding bonds. The Rating Outlook is Stable.

Hawai'i Issues $750M in General Obligation Bonds
The Hawai'i Department of Budget and Finance announced that the state of Hawai'i has issued $750 million in general obligation bonds. The bonds will provide critical funding for various public buildings and facilities, elementary and secondary schools, community college and university facilities, public libraries, parks, and highways, among other public improvement projects. 

Market Reports

Capital Market Outlook
Merrill | Jan. 8 | Bond Finance | Market Reports

Weekly Market Outlook
Moody's Analytics | Dec. 21, 2023 | Bond Finance | Housing Finance | Market Reports

Upcoming Events
Fundamentals of Economic Development Finance WebCourse

Intro Bond Finance WebCourse
March 4-5, 2024 - Daily: 12:00-5:00 PM Eastern
The Intro Bond Finance Course provides an in-depth look at governmental and qualified private activity bonds, with a focus on industrial development bonds (IDBs), 501(c)(3) non-profit bonds, exempt facility bonds, and other special bond programs authorized by the federal government.

Advanced Bond Finance WebCourse
March 6-7, 2024 - Daily: 12:00 PM - 5:00 PM Eastern
The Advanced Bond Finance Course is designed for professionals who already have an understanding of tax-exempt financing and seek detailed instruction on complex financing techniques. Expert speakers will explore topics including the application of financial derivatives, advance refundings, investing bond proceeds, and how to spot arbitrage issues.

Bond Finance Headlines

Chester, WV May Issue $1.7M Replacement Bond for Water Infrastructure
The Review | Jan. 11 | Bond Finance | Water Finance

Clearfield County, PA Career Tech Center Issuing $4.1M in Bonds for Renovation Project
The Progress | Jan. 10 | Bond Finance | Development Finance Toolbox

Jefferson Parish, LA Finance Authority Introduces Bond Program for Homebuyers
Biz New Orleans | Jan. 10 | Bond Finance | Housing Finance | Private Activity Bonds

Indiana Makes Historic $557M Affordable Housing Investment
Building Indiana | Jan. 6 | Bond Finance | Housing Finance | Tax Credits | Low Income Housing Tax Credits (LIHTCs)

Hannibal, MO's School District Approves $14.3M in GO Refunding Bonds Sale
Hannibal Courier Post | Jan. 5 | Bond Finance | Bond Deal Structuring

Fitch Rates SCPPA's Linden Wind Energy Project Rev Bonds 'AA-'; Outlook Stable
Fitch Ratings | Jan. 4 | Bond Finance | Bond Rating Agencies

Jefferson County Port Authority Issued $145M Bond for JSW Steel USA Ohio Inc. 
Fifth Third Securities | Jan. 3 | Bond Finance | Infrastructure Finance | Case Studies

Miami-Dade County, FL's Seaport Revenue Bonds Receive 'A' Rating
Miami Today | Jan. 2 | Access to Capital | Bond Finance | Infrastructure Finance

Iredell, NC to Consider $40M to Help Pay for High School Construction
Iredell Free News | Jan. 1 | Access to Capital | Bond Finance | Development Finance Toolbox

Watsonville, CA Public Hospital May Stabilize Finances with $116M Bond Sale
Lookout Santa Cruz | Dec. 29, 2023 | Bond Finance | Healthcare | 501(c)(3) Bonds

Knox County, OH Approves $3.1M in Bond Sales
Knox Pages | Dec. 27, 2023 | Bond Finance

Ocean City, DE to Issue $10M Bond to Acquire Former Car Sales Lot
Press of Atlantic City | Dec. 22, 2023 | Bond Finance

Fitch Takes Various Rating Actions on U.S. Enhanced Municipal Bonds and TOBs
Fitch Ratings | Dec. 22, 2023 | Bond Finance | Bond Rating Agencies


Highlights from the Online Resource Database

Tax-Exempt Bond Financing for Middle-Income Housing
Bond Finance | Housing Finance
As housing costs have risen in the first part of the 21st century, American households have struggled to compete for high-quality housing near areas of employment. Many individuals and families in these areas do not earn enough to afford market-rate housing but earn too much to qualify for traditional "low-income housing" support. Housing advocates, developers, policymakers, and others have responded by looking for new ways to support the housing needs of this "missing middle" population.


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

  • Alliant Insurance Services, Inc.
  • BNY Mellon
  • Bricker Graydon LLP
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
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  • Frost Brown Todd LLP
  • Grow America | Formerly NDC
  • Hawes Hill and Associates LLP
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  • 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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