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CDFA Bond Finance Update - November 19, 2019

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Bond Finance Update
November 19, 2019
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CDFA Bond Finance Update


Chesterfield, NH Broadband Bond Wins Innovation Award From CDFA
In honor of its work to fund the town's broadband project, Chesterfield has been awarded the Excellence in Development Finance Innovation Award by the Council of Development Finance Agencies. Chesterfield teamed with Consolidated Communications to install a fiber-based data network in the town to deliver fiber-optic Internet services for every resident and business.

CA Kicks Off $2B Bond Program to Fight Homelessness
Officials will sell the first offering of $500 million of municipal bonds under the initiative aimed at providing permanent housing and assistance to those afflicted with mental illness. The offering is part of a $2 billion program known as No Place Like Home that California voters authorized last year amid a deepening crisis.

Kansas City, MO Voters Approve $800M Bond Package for Streets, Sidewalks, Flood Control
For years, Kansas City residents have pleaded for better roads, bridges, sidewalks, shelters, and flood control. On Tuesday, voters put those community priorities ahead of individual pocketbook concerns and approved a massive, $800 million infrastructure package and the property tax increases to help pay for it.

Multifamily Private Activity Bond Issuances Decline 3.7 Percent in 2018
Housing finance agencies issued $14.7 billion in tax-exempt multifamily rental housing bonds in 2018, a 3.7 percent decrease in multifamily issuance from last year, according to the Council of Development Finance Agencies (CDFA). The issuance of single-family mortgage revenue bonds increased more than 50 percent, from $5.6 billion in 2017 to $7.4 billion in 2018.

CDFA's Bond Volume Cap Report Receives National Coverage
The 2018 CDFA Volume Cap Report was released last week. It has since received coverage from The Bond Buyer, Novogradac, the National Council of State Housing Associations, the Virginia Economic Development Association, and others. The report found that Private Activity Bond issuance slightly decreased to $24.14 billion in 2018.

$31.9M WHEFA Bonds Helps Marquardt Village Expand and Refinance in Watertown, WI
Bond financing facilitated by WHEFA will be used to help Marquardt Village finance costs associated with the construction of a 24-unit independent living facility, as well as renovation, remodeling, improvements and equipping at the existing town center, independent living facilities, community-based residential facility, and senior apartments.

San Francisco, CA Voters to Weigh $600M Affordable Housing Bond
Right now in San Francisco, bringing an affordable housing development to fruition generally takes around 5 years and $700,000 per unit. That's a big reason why officials and advocates are rallying behind November's Proposition A. The $600 million measure is the largest affordable housing bond in the city's history, which reflects the magnitude of the affordable housing crisis.

Major Credit Agency Upgrades CA's Credit Rating
Recognizing California's decisions to build the state's fiscal reserves and pay down long-term liabilities, as well as continued economic growth, a major credit agency – Moody's Investors Service – has upgraded California's outstanding general obligation bonds to Aa2 from Aa3.

Market Reports

Weekly Market Outlook
Moody's Analytics | Nov. 14 | Bond Finance | Bond Finance\Market Reports

Capital Market Insights
Wye River Group | Nov. 11 | Bond Finance | Bond Finance\Market Reports

Upcoming Events
Intro Bond Finance WebCourse

CDFA-Ice Miller Broadband Financing Bootcamp
December 4, 2019 - 1:00 PM - 4:00 PM Eastern
The CDFA-Ice Miller Broadband Financing Bootcamp will provide a high-level discussion on issues impacting broadband development, deployment, and financing. Topics include an overview of the current broadband landscape and the challenges faced by urban and rural markets, approaches to expanding broadband access including using public/private partnerships, and discussing the innovative financing for broadband at the federal, state, and local levels. This comprehensive bootcamp will also provide attendees with critical information for accessing the plethora of financing available to support broadband expansion into underserved markets throughout the country.

CDFA // BNY Mellon Development Finance Webcast Series: Sourcing Local Capital for Community Projects
Tuesday. December 17, 2019 - 1:00 PM Eastern
From crowdfunding to co-ops, during this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will learn about the tools that are being used to bridge the financing gap and make local economies work.

News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

Portland, ME, to Issue its First Airport Green Bond Deal
The City of Portland, Maine, is issuing its very first green bond deal and the first-ever airport green bond deal. The Portland Jetport is scheduled to sell $56.37 million of general airport refunding revenue non-AMT green bonds, expected to mature serially from 2021 through 2040.

Higher Loan Limit Proposed for Aggie Bonds
The lending limit for tax-exempt private activity bonds issued for first-time farmers would be raised to $543,800 from the current ceiling of $450,000 under bipartisan legislation introduced by six House members from farm states. Iowa accounted for $16 million of the approximately $36.1 million in aggie bonds issued in 2017, according to CDFA's Volume Cap Report.

Volume Caps for Private Activity Bonds May Hinder 3 States
The limits set annually by the IRS may constrain California, Massachusetts, and New York - states with high housing costs - as they seek to finance multifamily housing bonds, single-family mortgage revenue bonds, and qualified student loan bonds. The three came closest to utilizing their volume caps for PABs in 2018, according to a recent survey by CDFA.

New York, NY Reports Issuing $6.2B of Bonds in Fiscal 2019
New York City and its Transitional Finance Authority issued $6.18 billion of long-term bonds to finance capital needs in fiscal 2019, according to the comprehensive annual financial report that Comptroller Scott Stringer released.

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

Detroit, MI City Council Seeking Feedback on Proposed $250M Demolition Bond
WXYZ 7 | Nov. 18 | Bond Finance | Housing Finance

Big Housing Bonds Pass in San Francisco, CA, and Durham, N.C.
Next City | Nov. 14 | Bond Finance | Housing Finance

Wichita City, KS Council Approves up to $23M in IRBs for Spirit AeroSystems
Wichita Business Journal | Nov. 12 | Bond Finance | Economic Development

Working to Make Santa Fe, NM a Food Hub
Albuquerque Journal | Nov. 3 | Access to Capital | Bond Finance | Food Systems Finance | Public-Private Partnership (P3) Financing

Funding Granted to Help Remediate Nine Brownfields in RI
Eco RI News | Nov. 1 | Bond Finance | Brownfield Financing

Positive Operating Performance Boosts Plant's Bond Rating
Valdosta Daily Times | Oct. 30 | Bond Finance | Green Finance | Public-Private Partnership (P3) Financing | Water Finance

Mall of America Water Park Targets Approval Date
Finance & Commerce | Oct. 30 | Bond Finance | Public-Private Partnership (P3) Financing | Water Finance

New Development Authority Proposed to Help Finance Virginia Beach, VA Project
Wavy.com | Oct. 30 | Bond Finance | Infrastructure Finance | Public-Private Partnership (P3) Financing

$12.3M in SC JEDA Bonds to Build New Senior Living Facility
SC JEDA | Oct. 29 | Bond Finance | Social Finance

School Board Approves Financing for $11.9M Bond for Energy Services Contract
Dothan Eagle | Oct. 28 | Bond Finance | Energy Finance | Green Finance

Consolidated Lands Another Public-Private Broadband Partnership Project for Broadband
Telecompetitor | Oct. 25 | Bond Finance | Infrastructure Finance | Public-Private Partnership (P3) Financing

Westminster Development Uses JEDA Bonds for Lexington, SC Memory Care
SC JEDA | Oct. 22 | Bond Finance | Member News | Social Finance

Bartow County, GA Development Authority Approves $39M in Bonds for Warehouse Project
The Daily Tribune News | Oct. 19 | Bond Finance | Economic Development

Solar Projects Will Boost Clean Energy Effort
Mail Tribune | Oct. 17 | Bond Finance | Energy Finance | Green Finance

Las Vegas, NV to Los Angeles, CA High-Speed Train is Realistic if Bonds Approved
Las Vegas Review-Journal | Oct. 16 | Bond Finance | Infrastructure Finance

NY Governor's Thruway Toll Plan Shadows $2.7B Bond Sale
Transportation Topics News | Oct. 16 | Bond Finance | Infrastructure 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


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