Development Finance Review Weekly - September 25, 2025
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| Spotlight |
CDFA Launches Annual Volume Cap Report
CDFA launched the "Annual Volume Cap Report: An Analysis of 2021-2023 Private Activity Bonds & Volume Cap Trends." This year's report combines the findings for the 2021, 2022, and 2023 volume cap data, trends, and analysis. As a leader in the development finance industry, CDFA serves as the principal source for PAB volume cap data, reporting, and trends. Read the full report!
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| Features |
There's Still Time to Register for the 2025 National Development Finance Summit!
CDFA is gearing up for the 2025 National Development Finance Summit in San Juan, PR, October 8-10! We're proud to bring you a diverse schedule designed around the most pressing issues in our industry and inspired by our conference location: Puerto Rico. Look forward to special Puerto Rico development spotlights and collaborations with local San Juan organizations. Register today!
PAB for Multifamily Housing Continues to Grow; Financed-By Test Change May Stretch Cap
The use of private activity bonds (PABs) to finance affordable multifamily housing continues to set records, making the pending decrease in the financed-by test a likely way to further maximize the resource. The dramatic increase in PAB use for multifamily housing has taken place over the past decade. CDFA's Annual Volume Cap Report research informs this article by Novogradac.
CDFA Recognizes Marisa Moazen, DFCP
CDFA is pleased to announce Marisa Moazen, Chief Strategy Officer for Knoxville's Community Development Corporation (KCDC), as the newest graduate of the prestigious Development Finance Certified Professional (DFCP) program. Ms. Moazen joins the ranks of fellow graduates who are recognized as the most qualified leaders in the development finance industry.
Low-Income Housing Construction in Murrieta, CA, Launches $4.1M RLF
Murrieta, CA officials and other government agencies are hoping to spur the development of low-income housing in the city. The city shared details about the launch of a new revolving loan fund that aims to expand long-term affordable housing projects within Murrieta.
Doña Ana County Approves $165 Billion in Bonds for Massive AI Data Center Near Border
A $165 billion proposal to develop an artificial intelligence data center campus in the border community of Santa Teresa took a step forward when Doña Ana County commissioners voted to approve mammoth corporate tax breaks for the project amid fervent opposition from residents. Known as Project Jupiter, the proposed development by Austin-based BorderPlex Digital Assets will include microgrid power generation and water treatment facilities, officials have said.
Key Takeaways From Nearly 450 Community Development Financial Institutions Nationwide
From April 10 through June 13, 2025, the Federal Reserve fielded the 2025 Community Development Financial Institutions (CDFI) Survey. Four hundred forty-eight mission-driven lenders answered questions about demand for their products and services, future organizational goals, operational challenges, what they see as their most valuable contribution in the financial industry, and the policies and programs that enable them to offer their services.
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| Upcoming Events |

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| Upcoming Webcasts |
SSBCI Coalition Meeting - Virtual
September 26, 2025 - 1:00 PM - 2:00 PM Eastern
Each month, CDFA hosts SSBCI Coalition meetings where we provide updates, insights, and opportunities for networking and problem-solving. These meetings allow you the chance to connect with peers and stay informed on the latest developments. The SSBCI Coalition is available to CDFA Members only. There is no cost to attend SSBCI Coalition meetings.
CDFA Food Systems Finance Webinar Series: Unlocking Local Capital: The Power of a Food-Focused Loan Guarantee
September 30, 2025 - 2:00 PM - 3:30 PM Eastern
During this installment of the CDFA Food Systems Finance Webinar Series, we will explore how a dedicated guarantee can transform regional food economies and expand equitable access to financing. Join us for this national webinar introducing an innovative loan guarantee program designed specifically to unlock financing for food and farm businesses.
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| This Week's Headlines |
Low-Income Residents in Florida Lost Access to a Major Solar Subsidy After $156M in Federal Funding Pulled Weeks Before Rollout
Southside Daily | Sep. 24 | Energy Finance | Federal | Revolving Loan Funds (RLFs)
NJEDA to Open Applications for Next NJ Manufacturing Program
ROI | Sep. 24 | Development Finance Toolbox | Economic Development | Tax Credits
Pulaski County Revives Energy Program to Aid Businesses in Efficiency Upgrades
KATV | Sep. 24 | Energy Finance | Property Assessed Clean Energy (PACE) | Revolving Loan Funds (RLFs)
'AAA' Rating Triumph, Fort Lauderdale Bonds Shine with S&P's Top Marks
hoodline | Sep. 23 | Bond Finance | Economic Development
Bond ETFs Have Perks. NBTR Proves It
VettaFi | Sep. 23 | Bond Finance
Bonds Offer Value Amid Uncertainty
Advisor Perspectives | Sep. 23 | Bond Finance | Federal
GreenieRE Coalition and Trellis Climate Launch Surety Bonds for Climate Startups
Coverager | Sep. 23 | Bond Finance | Energy Finance | Innovation Finance
Iowa City, Startups Secure State Funding for Medical Device, Agriculture Innovation
SBJ | Sep. 23 | Agriculture Finance | Healthcare | State Small Business Credit Initiative (SSBCI)
KBRA Assigns AA Rating to Wayne County Airport Authority, MI
Yahoo Finance | Sep. 23 | Bond Finance
Kent County Affordable Housing Fund Needs More Investors, Leaders Say
MLive | Sep. 23 | Housing Finance | Revolving Loan Funds (RLFs)
Lowe's Initiates Five-Part Bond Sale to Fund FBM Acquisition Amidst Robust US Investment-Grade Debt Market Activity
AInvest | Sep. 23 | Bond Finance
Revolution Wind's Stop-Work Order has Been Lifted. What Happens Next?
Canary Media | Sep. 23 | Bond Finance | Energy Finance | Federal
St. Cloud Approves $16.3M Bond Sale for Streets, Public Safety, and Equipment Upgrades
KNSI | Sep. 23 | Bond Finance | Infrastructure Finance
St. Joseph Health Arranging Over $20M In Bond Financing For Projects
WTAW | Sep. 23 | Bond Finance | Economic Development | Healthcare
Treasury Bonds Nudge Higher With Powell, 2-Year Auction in Focus
Barron's | Sep. 23 | Bond Finance | Federal | U.S. Dept. of Treasury
Bonds, Budget Priorities, Cemetery Oversight up for Fort Smith Board Review
Times Record | Sep. 22 | Bond Finance | Infrastructure Finance
Cairnspring Mills, CTUIR and Tribal Partners Reshape the Future of Flour
PerishableNews.com | Sep. 22 | Food Systems Finance | Innovation Finance | Tribal Finance
HUD Updates Preservation Rent Increase for Affordable Housing Properties for Seniors
Novogradac | Sep. 22 | Federal | Housing Finance
Next for Opportunity Zones: A Brighter Future for U.S. Multifamily Development
Urban Land | Sep. 22 | Housing Finance | Opportunity Zones
Chattanooga, TN Looking for Ways to Make Affordable Development Easier, Including a Revolving Loan Fund
Chattanooga Times Free Press, Inc. | Sep. 20 | Housing Finance | Incentives | Revolving Loan Funds (RLFs)
ETF and SMA Growth is Reshaping How Muni Portfolios are Built and Managed
podscan | Sep. 19 | Bond Finance | Economic Development
Higher Bond Yields Boost the Dollar
yahoo!finance | Sep. 19 | Bond Finance
Procter & Gamble Expanding in Iowa City as Part of Statewide $267M Economic Boost
Iowa's News Now | Sep. 19 | Economic Development | Infrastructure Finance | State Small Business Credit Initiative (SSBCI)
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| New Additions to the Online Resource Database |
View Recording: CDFA-Bricker Graydon Webinar Series: Special Assessments and TIF for Mixed-Use Projects
Special Assessment Districts | Tax Increment Finance (TIF) | Webcasts
During this installment of the CDFA-Bricker Webinar Series, experts outline the workings of Tax Increment Financing (TIF) and Special Assessment Districts and discuss practical applications of the tools through real-world case studies and experience.
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| National Sponsor Spotlight |
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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. To complement their services, they offer...
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MuniCap, Inc.
MuniCap, Inc. is a public finance consulting firm based in Columbia, Maryland that specializes in the public finance aspects of redevelopment. MuniCap is headquartered in Columbia, Maryland, with additional offices located in Dallas, Texas,...
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PGAV Planners, LLC
PGAV is a global leader in planning, design, and development consultation to public, corporate, and institutional clients. For more than fifty years, PGAV has created unique approaches and solutions to community planning and development issues, and...
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| CDFA Bookstore |
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Bond Finance Reference Guide
This Bond Finance Reference Guide combines the Intro and Advanced Bond Guides to offer a comprehensive resource on the nation's most fundamental development finance tool.
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| New Members |
Coastal Area District Development Authority, Inc - Brunswick, GA
Manatee County Government - Bradenton, FL
Monadnock Economic Development Corporation - Keene, NH
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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.
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Council of Development Finance Agencies
425 Metro Place N., Suite 460
Dublin, OH 43017
(614) 705-1300
info@cdfa.net
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