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CDFA Bond Finance Update - March 15, 2022

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Bond Finance Update
March 15, 2022
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CDFA Bond Finance Update

Features

Austin, TX to Get $150M in Major Transit Corridor Projects off The Ground
The Austin Corridor Program Office continues to make progress on the nearly $500 million in transportation upgrades it is overseeing following the passage of the city's 2016 mobility bond, with around $150 million in safety and other mobility projects expected to get off the ground in 2022.

MDOT Launches Pilot Project to Bundle Bridge Repair Work
The Michigan Department of Transportation launched a pilot program Monday to bundle bridge repair projects together, which officials say makes the projects more cost-effective. Bridge bundling combines several bridge locations into a single contract, which MDOT says streamlines coordination and permitting and increases economies of scale.

Social Bonds and Racial Equity: The "S" Gains Prominence in ESG
The growth of the social bond market has offered a unique opportunity for nonprofit issuers, like Community Development Financial Institutions (CDFIs), to connect with retail and institutional investors and expand the flow of capital to justice-focused work.

Gulf Coast Authority Provides Financing Opportunities for Texas Investment
HB 2390 modernizes the current statutory authority of Gulf Coast Authority (GCA) to allow its Industrial Development Authority (GCIDA) to provide governmental conduit bond services nationwide and to provide financial services for Property Assessed Clean Energy (PACE) projects also nationally. Both initiatives are focused on support of Texas' economic development.

New PAB Provisions for Qualified Carbon Dioxide Capture Facilities
A new category of tax-exempt private activity bonds was created as part of the Infrastructure Investment and Jobs Act, enacted in November 2021, to encourage private investment in carbon dioxide capture facilities. This edition of the Hawkins Advisory describes and explains the applicable provisions.

Innovative Solutions for Affordable Housing Finance
Expanding the inventory of affordable housing presents one of today's biggest challenges for multifamily developers, public agencies, and nonprofit organizations. To address the complex process of assembling the capital necessary to expand the inventory, unconventional alternatives are emerging.

Nevada Makes Historic Allocation of Tax-Exempt Bond Authority for Affordable Housing
The Nevada Housing Division announced that $300.7 million or 87 percent of Nevada's 2021 tax-exempt bonding authority has been earmarked for the development of affordable housing projects throughout the state. This historic investment is being made in the face of the acute and ongoing housing crisis that many Nevadans are facing. 

Hawaii Legislation Would Prioritize Permanent Supportive Housing in LIHTC Allocation
A bill introduced in the Hawaii Senate would give priority to permanent supportive housing units in the state's allocation of low-income housing tax credits (LIHTCs). S.B. 3368 also would provide an investment of $60 million in bonds to develop and build 100% permanent supportive housing units.

Market Reports

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

Capital Market Insights
Wye River Group | Mar. 14 | Bond Finance | Market Reports

Upcoming Events

CDFA // BNY Mellon Development Finance Webcast Series: Investing in Resiliency with Green and Blue Bonds
Tuesday, April 19, 2022 - 2:00 PM - 3:00 PM Eastern
To support local communities and our environment, innovative financing solutions have been created to allow corporate or personal investors to invest in these bonds. Experts in this session will discuss the market for green and blue bonds, public engagement, and ways to invest in resilient infrastructure projects.

Intro Tax Increment Finance WebCourse
April 25-26, 2022 - Daily: 12:00 - 5:00 PM Eastern
The Intro Tax Increment Finance WebCourse offers an in-depth look at the guiding principles and appropriate application of TIF. Topics discussed include the basics of TIF, negotiating and structuring TIF deals, understanding various financing structures, and combining TIF with different capital sources.

News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

Oklahoma Bonds Fund Dam Repairs, But Only Scratch The Surface
With about 100 flood-control dams in need of rehabilitation in Oklahoma, a state bond authority sold bonds last week to generate enough money to repair just a handful of them. Oklahoma is not alone in struggling to fund repairs for aging dams, whose failure could result in the loss of life. 

Idaho Voters Asked to Approve $288M of School Bonds, Tax Levies
Idaho school districts will ask voters to approve $288.4 million of bonds and tax levies during Tuesday's election to help districts deal with enrollment growth. The state has experienced rapid population growth over the past several years that has transformed its metropolitan areas from small towns into fast-paced cities. 

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

Greenville, SC Approves Wastewater Improvements, New Fire Truck, at Town Meeting
Monadnock Ledger-Transcript | Mar. 14 | Bond Finance | Infrastructure Finance | Water Finance

Lynn, MA to seek $18.75M in Bonds for Projects
Itemlive.com | Mar. 14 | Bond Finance | Economic Development

Development Authority Rejects Bond Financing Plan for Poplar Place in Coweta County, GA
The Newman Times-Herald | Mar. 7 | Bond Finance | Community Development | Infrastructure Finance

Oswego School District in Illinois to Spend $2M on Its High School Buildings
Shaw Local News Network | Mar. 7 | Bond Finance | Infrastructure Finance

Fall River, MA School Receives Tax-Exempt Bond to Buy Building
Fall River Report | Mar. 7 | Bond Finance

The Centennial Wins $40M in Tax Credits for ‘Transformational' Projects in Cleveland, OH
The Newark Daily Times | Mar. 3 | Bond Finance | Community Development | Federal | Historic Preservation | Housing Finance | Tax Credits

West Virginia Council Approves Financing Plan for Facility Improvements
Yahoo News | Mar. 2 | Bond Finance | Community Development

BRP Cos. Secures $294M for New York Project
Multi- Housing News | Mar. 2 | Bond Finance | Housing Finance | Public-Private Partnership (P3) Financing | Tax Credits

St. Louis, MO Eyes Bond Issue for New Downtown Parking
St. Louis Post-Dispatch | Feb. 24 | Bond Finance | Redevelopment

Louisiana Green Fuels Allocated $250M of PAB
Biomass Magazine | Feb. 22 | Bond Finance | Energy Finance | Green Finance

County to Provide $9.75M Loan for Affordable Housing Project
Mountain View Voice | Feb. 22 | Bond Finance | Housing Finance | Tax Credits

Nevada State Conservation Program to Funnel $217.5M to Projects in Next Decade
Sierra Nevada Ally | Feb. 22 | Bond Finance

ESG Bonds and Green Bonds May Help Colleges' and Universities' Sustainability Plans
JD Supra | Feb. 16 | Bond Finance | Energy Finance | Green Finance

California State Treasurer Fiona Ma Announces Sale of $35M of Bonds for Art Center College of Design
Orange County Breeze | Feb. 15 | Bond Finance


Highlights from the Online Resource Database

Private Activity Bonds: An Introduction
Bond Finance
This report provides a brief review of bond fundamentals and a more detailed examination of the rules and definitions surrounding private activity bonds to help clarify the impact of proposed modifications.

Financial Innovations to Accelerate Sustainable Agriculture: Blueprints for the Value Chain
Access to Capital | Agriculture Finance | Bond Finance | Food Systems Finance | Revolving Loan Funds (RLFs) | Resiliency
The purpose of the report is to equip value chain actors with innovative financial mechanisms and incentive strategies that can be employed in agricultural sustainability projects to support producers in scaling conservation adoption.


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
Become a Sponsor