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Development Finance Review Weekly - November 9, 2017

Development Finance Review Weekly
November 9, 2017
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CDFA Development Finance Review Weekly

Feature

CDFA Sends National Sign-On Letter to Congress
CDFA has sent a national sign-on letter with over 400 signatures to Congressional officials, urging them to preserve Private Activity Bonds.

Predicted Death Knell for PABs is Premature, Say Two Republicans
Reps. Jackie Walorski (R-IN) and Jim Renacci (R-OH) acknowledge the benefits of PABs, suggesting future amendments to H.R. 1. Jim Renacci is an original cosponsor of the Modernizing American Manufacturing Bonds Act.

Early Tax Reform Details Provide Good, Bad, In-Between News for Tax Credits
LIHTC is likely to stay in the proposed tax reform bill, but with the uncertainty of PABs their effectiveness is in limbo. Other federal tax credits were left out of the bill including NMTC, HTC, the renewable energy investment tax credit, and the production tax credit.

Loss of PABs Would Greatly Reduce Effectiveness of LIHTC
The House tax reform bill proposes eliminating private-activity bonds, so while LIHTCs are explicitly retained in the bill, the elimination of the bonds would eliminate the 4-percent credit and likely lead to a precipitous drop in construction of low-income housing units produced by the program.

Market Commentary: Tax Reform Proposal Hammers Munis
George Friedlander of Court Street Group Research provides an in-depth analysis of both the direct and indirect effects of the Tax Cuts and Jobs Act.

Tax Bill Would Eliminate Future Supply of Nearly $1M Affordable Rental Housing Units
According to Novogradac & Company analysis and CDFA data, the Tax Cuts and Jobs Act  would reduce the future supply of affordable rental housing by nearly one million units.

Industry Groups Come Out Swinging to Save PABs
Supporters of tax-exempt private activity bonds have been working overtime since the Tax Cuts and Jobs Act was introduced in an effort to save PABs. CDFA's Tim Fisher is quoted in the article.

GOP Tax Plan Puts Billions in Muni Market Savings at Risk
In a surprise move, the Republican tax plan released on Thursday contains a proposal that finance experts say would be devastating for governments trying to find money for economic development projects.

Upcoming Events
CDFA National Development Finance Summit
News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

Amendment Fails to Save PABs
House Ways and Means Committee Republicans on Wednesday voted 24 to 16 along party lines against amendments by two Democrats to save advance refundings and private activity bonds from being terminated after this year.

Muni Groups Urge Lawmakers to Keep PABs
Municipal market groups including CDFA, the Public Finance Network, MBFA, and NABL have sent extensive sign-on letters to House and Senate leaders, urging them to spare advance refundings and private activity bonds.

Republican Lawmakers Quietly Lobby for PABs
While W&M Republicans rejected an amendment that would have maintained the current federal deduction for state and local taxes, they continued an internal debate on keeping tax-exempt private activity bonds.

Commentary: Tax Tradeoffs Would Leave Muni Market Unrecognizable
John Hallacy of Bond Buyer offers his perspective on how the municipal industry will be affected by the Tax Cuts and Jobs Act.

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.

CDFA Spotlight

CDFA Releases Redevelopment Financing for 1894 City Market - Texarkana, AR
The new 1894 City Market will add residential, commercial, and arts space to an underutilized corridor in downtown Texarkana. In addition to offering financing recommendations for the project, this report also provides the City of Texarkana, AR with strategies to support additional downtown redevelopment.

Upcoming Webcasts

CDFA // BNY Mellon Webcast Series: Bonds + Financing Sustainability
November 14, 2017 - 1:00 PM Eastern
During this installment of the BNY Mellon // CDFA Webcast Series our expert speakers will look at outside the box ideas for issuing bonds to fund sustainable areas of finance including renewable energy, adaptive reuse for infrastructure, food systems projects and sustainable water solutions.

This Week's Headlines

$62.7M WHEFA Bond Financing Supports Wausau, WI Hospital
WHEFA | Nov. 9 | Bond Finance | Community Development

After More Delays, Garver Feed Mill Redevelopment to Move Forward in Madison, WI
Wisconsin State Journal | Nov. 9 | Brownfield Financing | Food Systems Finance | Tax Credits

Chicago Food Business Incubator Uses NMTC
RE journals | Nov. 8 | Tax Credits | Food Systems Finance

GOP's "Tax Cuts and Jobs Act" Trims Renewable Energy and Other Tax Credits
The National Law Review | Nov. 8 | Tax Credits

House Proposed NMTC Repeal Would Devastate America's Most Distressed Communities
PR Newswire | Nov. 8 | Tax Credits

Tax Reform Proposal Threatens Affordable Housing Production
Affordable Housing Finance | Nov. 8 | Bond Finance | Tax Credits

Federal Historic Tax Credit May Become History
timesunion | Nov. 8 | Tax Credits

CDFA Editorial: TIF Incentives Aid in Creation of Transformative Projects
Lexington Herald Leader | Nov. 8 | Tax Increment Finance (TIF)

Bipartisan Coalition of Lawmakers Fight for PABs
The Hill | Nov. 7 | Bond Finance | Legislative

Changes to Bond Rules in Tax Bill Could Shake Up Infrastructure Financing
Route Fifty | Nov. 7 | Bond Finance | Member News

AEP to Invest $1.8B in Renewable Energy
UtilityDive | Nov. 7 | Energy Finance

RLF Loans Boost Two Businesses in Verde, AZ
Bugle | Nov. 7 | Revolving Loan Funds (RLFs)

$75K Loan Helps Finance Langdon, ND City Hall Improvements
Cavalier County Republican | Nov. 7 | Revolving Loan Funds (RLFs)

Washington County, OR Considers New RLF for Affordable Housing
Portland Tribune | Nov. 7 | Community Development | Revolving Loan Funds (RLFs)

Buffalo County, MN RLF Reactivated
Winona Daily News | Nov. 7 | Revolving Loan Funds (RLFs)

New Angel Fund Ready to Invest in West MN
West Central Tribune | Nov. 7 | Innovation Finance

CO's Rural Startup Fund Sets a Model for the Nation
Venture Beat | Nov. 7 | Access to Capital | Rural Development

Republicans Push to End Muni Sales by Businesses, Stadiums
Bloomberg | Nov. 7 | Bond Finance | Legislative

Editorial: Government Budgets Need to Start Preparing for Climate Change
Governing | Nov. 6 | Disaster Recovery & Relief | Green Finance | Infrastructure Finance

House GOP Tax Package Boosts Nukes, Slashed Wind, EV Credits
Utility Dive | Nov. 6 | Energy Finance | Tax Credits | Legislative

Transforming a Bay Area Brownfield Into a Green Jewel
Next City | Nov. 6 | Brownfield Financing

Federal Tax Reform: House Bill Rewrites Municipal Bond Rules
Ballard Spahr | Nov. 4 | Bond Finance | Legislative


National Sponsor Spotlight

McGuireWoods McGuireWoods
With 1000 lawyers and 21 strategically located offices worldwide, McGuireWoods LLP, uses client-focused teams to serve public, private, government and nonprofit clients from virtually every area of the law.
Miles & Stockbridge P.C. Miles & Stockbridge P.C.
Miles & Stockbridge P.C. is a leading law firm with offices in the mid-Atlantic region, including offices in Baltimore and Washington, D.C. One of the firm's focus areas is the counseling of banks, agencies, trustees and others in all types of...
NW Financial Group, LLC NW Financial Group, LLC
NW Financial Group LLC is the premier Financial Advisory / Municipal Underwriting firm in the Northeast whose experienced professionals provide unparalleled expert advice to States, Local Governments and Authorities. The professionals that make up...

Partner Spotlight

informANALYTICS by Center for Governmental Research informANALYTICS by Center for Governmental Research
The Center for Governmental Research (CGR) is a nonprofit organized under section 501(c)(3) of the Internal Revenue Code. CGR brings expertise to issues spanning economics and public finance, government management, health and human services and...

CDFA Bookstore

Cover thumbnail Advanced Bond Finance Reference Guide
The Advanced Bond Finance Reference Guide is written for professionals who already have an understanding of tax-exempt financing and seek detailed instruction on complex financing techniques.

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 about CDFA, visit www.cdfa.net or e-mail info@cdfa.net.

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