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CDFA Bond Finance Update - April 18, 2023

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Bond Finance Update
April 18, 2023
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CDFA Bond Finance Update

Features

Join CDFA for the Return of the Revolving Loan Fund Training Course Week!
Revolving Loan Fund Week is coming up next month, with the Intro Revolving Loan Fund Course on May 1-2 followed by the Advanced Revolving Loan Fund Course on May 3-4. Register for one or both of these courses to learn from experts about developing, implementing, and managing revolving loan fund programs that are efficient and impactful.

MassDevelopment Issues $151M in Bond Financing for Affordable Housing Projects
MassDevelopment, Massachusetts' state development finance agency and land bank, has issued $151.7 million in tax-exempt bonds to public housing authorities in the Boston suburbs of Brookline, Cambridge, Framingham, and Medford. The proceeds will be used to renovate and preserve 368 units of housing for families, seniors, individuals living with disabilities, and people experiencing homelessness.

Washington D.C.'s Howard University Announces Initial Closing of $500M Housing Deal
Howard University has closed on a $316 million tax-exempt bond transaction that enhances the student experience, addresses critical housing facility needs, and assures student residential environments commensurate with top-ranked higher education institutions.

CDFA Featured in "Bonding Time" - A Podcast by Bond Dealers of America
CDFA's Director of Government & External Affairs, Mitchell Smith, was interviewed by Brett Bolton, Bond Dealers of America's (BDA) Vice President of Federal Legislative & Regulatory Policy. On this episode of "Bonding Time," they discussed CDFA's legislative agenda for the 118th Congress, the overlapping priorities between CDFA and BDA, the growth of the municipal bond advocacy community in Washington, and the overall outlook for legislation in 2023.

Carolina Beach, NC Plans to Use Revenue Bonds to Fund Infrastructure Projects
Carolina Beach Town Council unveiled its 20-year infrastructure funding plan for $70 million worth of projects. At the council's regular meeting, First Tryon Advisors, hired by the town, presented a financial plan for the project; the main funding source comes from revenue bonds initiated every three years from 2025 to 2033. The plan also includes built-in rate increases.

Oregon Sells Bonds to Fund Projects
The Oregon State Treasury recently completed a $990 million General Obligation (GO) bond sale through its Buy Oregon Bonds Program. Proceeds from the sale will fund projects for affordable housing, facility improvements at K-12 schools and state universities, and emergency readiness. Of the nearly $1 billion in bond offerings, over $109 million was purchased by Oregon retail investors.

$29.2M in JEDA Bonds for South Carolina Retirement Community Expansion
Bishop Gadsden Episcopal Retirement Community is using a $29,2 million bond issue through the South Carolina Jobs-Economic Development Authority (JEDA) to expand the organization's life plan community in Charleston. The tax-exempt Economic Development Revenue Bonds will be used to construct and equip 15 new independent living units to be known as The Meade at Bishop Gadsden's 100-acre campus on James Island.

Bipartisan Legislation Introduced in House to Restore Advance Refunding
Congressmen David Kustoff (R-TN) and Dutch Ruppersberger (D-MD) introduced the "Investing in Our Communities Act." This bipartisan legislation will restore tax-exempt advance refunding for municipal bonds so state and local governments can more efficiently invest in projects throughout their communities. The bill was co-sponsored by Reps. Andy Barr (R-KY), Brian Fitzpatrick (R-PA), Andrew Garbarino (R-NY) Dan Kildee (D-MI), Derek Kilmer (D-WA), and Gwen Moore (D-WI).

Market Reports

Weekly Market Outlook
Moody's Analytics | Apr. 17 | Bond Finance | Market Reports

Capital Market Outlook
Merrill | Apr. 17 | Bond Finance | Market Reports

Upcoming Events
Intro Revolving Loan Fund Course

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.

Rising Construction Costs Nibble at Federal Infrastructure Funds
Add stress in the regional banking sector to the bevy of pressures facing the construction industry. Small and medium banks are tapping the brakes on construction loans as they struggle to manage interest rate-related pressures that sparked some failures.

Illinois' Rating Upswing Gives State's Public Universities a Boost
Moody's Investors Service last month upgraded Illinois State University's issuer and auxiliary facilities system ratings to A3 from Baa1 and its certificates of participation rose two notches to A3 from Baa2. The upgrade impacts $194 million of debt and further action could be coming.

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

Impact Muni Bond: Kansas City, MO Sustainable Light Rail to Improve Downtown Mobility
ImpactAlpha | Apr. 12 | Bond Finance | Economic Development | Infrastructure Finance | Opportunity Zones | Social Finance

Airport TIF District Earnings Continue to Do Well in Terra Haute, IN
The Goshen News | Apr. 12 | Bond Finance | Redevelopment | Tax Increment Finance (TIF)

State to Provide Financing for Stonington, CT Pier Project
Patch | Apr. 10 | Bond Finance | Infrastructure Finance

Second Zen-Inspired Senior Living Community in Simi Valley, CA
McKnights Senior Living | Apr. 10 | Bond Finance | Community Development | Housing Finance

Hays CISD in Texas Calls $367M May Bond, Largest in Its History
Community Impact | Apr. 10 | Bond Finance | Community Development | Economic Development

Swanton Town, VT Selectboard Discusses Potential Financing for Rec Center
Saint Albans Messenger | Apr. 6 | Bond Finance

Pinnacle Secures $72M for Affordable Housing Project in Miami, FL
Globest.com | Apr. 6 | Bond Finance | Economic Development | Housing Finance | Tax Credits | Planning & Land Use

Fargo-Moorhead Flood Risk Management P3 Wins Deal Of The Year
mondaq | Apr. 3 | Bond Finance | Public-Private Partnership (P3) Financing | Water Finance

Secretary Buttigieg Urged to Deny $2B in Tax-Free Bonds for Utah Oil Train Railway
Center for Biological Diversity | Apr. 3 | Bond Finance | Infrastructure Finance

Proposed Regional Bond Signals a Shift in How Bay Area, CA Affordable Housing is Funded
Mercury News | Apr. 3 | Bond Finance | Housing Finance

$53M in Bonds Marked for Fairfield, OH Trade Center Development
Journal-News | Apr. 3 | Bond Finance | Community Development | Economic Development | Tax Increment Finance (TIF)

DFC Approves $655M of Investments to Bolster Infrastructure, Energy Security, Food Security, and Healthcare
DFC | Mar. 31 | Agriculture Finance | Bond Finance | Economic Development | Energy Finance | Food Systems Finance | Healthcare | Infrastructure Finance | Rural Development

Greenville County, SC Could Fund Bypass With Road Fee Revenue Bonds
Greenville News | Mar. 27 | Bond Finance | Infrastructure Finance

$1.5-Cent Property-Tax Increase for Wilmington City, DE Purchase of Thermo Fisher Campus
Part City Daily | Mar. 27 | Bond Finance

Blockchain-Based Debt Protocol Obligate Records First Bond Issuance on Polygon Network
Yahoo! Finance | Mar. 27 | Bond Finance

Bobby George, Port Authority Reach Deal on Cleveland, OH Irishtown Bend Property
SCENE | Mar. 27 | 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
info@cdfa.net

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CDFA National Sponsors

  • Alliant Insurance Services, Inc.
  • BNY Mellon
  • Bricker Graydon 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
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  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
  • PGAV Planners, LLC
  • Raza Development Fund
  • SB Friedman Development Advisors
  • Stifel Nicolaus
  • The Bond Buyer
  • U.S. Bank
  • Wells Fargo Securities
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