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Development Finance Review Weekly - March 27, 2025

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Development Finance Review Weekly
March 27, 2025
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CDFA Development Finance Review Weekly

Features

Early Bird Rates for the 2025 CDFA Federal Policy Conference End March 31!
Join us for the 2025 CDFA Federal Policy Conference, presented with CHFA, on April 15-16 to discuss topics that are important to you and directly impact the development finance work you're doing. Save $100 when you register by March 31! This is your chance to save on registration fees and secure your spot at one of the premier federal policy events in our industry. Reserve your seat at this important meeting of the minds, and help us turn uncertainty into opportunity.

March Madness in the Muni Market: Issuers Race to Beat Rate Uncertainty
Municipal and corporate bond issuers are experiencing one of the busiest periods since before the Great Recession, driven by uncertainty around the new administration's fiscal and regulatory agenda and concerns about interest rate stability. Governments and nonprofits are capitalizing on this window to fund infrastructure, housing, and economic development projects. The issuance boom reflects pent-up demand and strategic positioning amid a new federal landscape that may reprioritize spending and tax incentives. Investor demand remains robust, offering favorable conditions for community development leaders seeking to finance long-term, mission-driven initiatives. However, with future market conditions uncertain, professionals in the development finance space are being urged to move quickly and structure deals with flexibility in mind.

SBA Cutting 40% of Workforce
The Small Business Administration (SBA) plans to cut more than 40 percent of its workforce amid an agency-wide restructuring. The agency will cut about 2,700 positions out of its workforce of nearly 6,500 employees, reverting to staffing levels from the first Trump administration, SBA Administrator Kelly Loeffler said. Certain accountability roles will be exempt from the reductions, including the Office of Advocacy and the Office of the Inspector General

CDFA Recognizes Christopher Smith, DFCP
CDFA congratulates Christopher Smith, Assistant Professor of Economic Development for the University of Southern Mississippi (USM), on graduating from the Development Finance Certified Professional (DFCP) program. Mr. Smith conducts research and teaching in the areas of real estate development and land-use planning; entrepreneurship and technology-based development; and regional economic development strategy and planning.

ESG Bonds Stay Strong—U.S. Agencies Drive Growth Amid Policy Headwinds
Despite political uncertainty, the global ESG bond market remains strong, with U.S. agencies like Fannie Mae leading issuance. In 2023, ESG bond issuance reached $869 billion, and while growth may slow, demand stays steady, particularly for bonds tied to outcomes like affordable housing and public health. U.S. issuers accounted for nearly one-third of global ESG debt, highlighting the market's momentum driven by capital markets, not federal policy. Development finance professionals should recognize the growing role of ESG bonds in funding community infrastructure, clean energy, and social equity. Strong metrics and credibility are essential due to increasing scrutiny on ESG definitions.

Upcoming Events
2025 CDFA Federal Policy Conference
Upcoming Webcasts

CDFA // BNY Development Finance Webcast Series: Tax-Exempt Bonds in Affordable Housing Development
April 22, 2025 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA // BNY Development Finance Webcast Series, panelists will provide an in-depth look at Low-Income Housing Tax Credit (LIHTC) bonds and how they've been used to finance the construction and rehabilitation of affordable housing units.

CDFA-Bricker Graydon Webinar Series: A C-PACE Success Story
April 29, 2025 - 2:00 PM - 3:30 PM Eastern
During this engaging webinar, attendees will gain a clear understanding of the full lifecycle of a C-PACE project.

CDFA Food Systems Finance Webinar Series: Navigating Access to Capital Networks in the Food System
May 6, 2025 - 2:00 PM - 3:30 PM Eastern
During this installment of the CDFA Food Systems Finance Webinar Series, we'll explore key networks providing essential funding and resources to support the growth of businesses and projects across the food system. From farmers and food processors to food hubs, learn how these networks are unlocking financial resources, fostering partnerships, and driving transformative change by increasing capital access. Gain insights into strategies that help food system entrepreneurs tap into these networks for sustainable growth and innovation.

This Week's Headlines

Illinois Finance Authority to Sell $850M in Green Bonds for Clean Water
The Bond Buyer | Mar. 26 | Bond Finance | Green Finance | Water Finance

Trump Administration Drops Funding for PA Farmers Who Help Food Banks. Shapiro Moves to Reverse It
Pennsylvania Capital-Star | Mar. 26 | Federal | Food Systems Finance | U.S. Dept. of Agriculture (USDA)

Cleveland Food Bank Loses Nearly $1M Worth of Food as Part of USDA Cuts
Cleveland 19 News | Mar. 25 | Federal | Food Systems Finance | U.S. Dept. of Agriculture (USDA)

Michigan Strategic Fund Board Approves Amendments to Boost Manufacturing Jobs and Startup Innovation
Michigan Economic Development Corporation | Mar. 25 | Economic Development | Redevelopment | State Small Business Credit Initiative (SSBCI)

Bond Market Faces Turbulence: Top Investor Warns of 6% Treasury Yields and Tougher Borrowing Ahead
Fortune | Mar. 24 | Bond Finance | Community Development | Economic Development | Infrastructure Finance | Public-Private Partnership (P3) Financing | U.S. Dept. of Treasury

Norwalk, Ohio Secures $100M Bond for New Construction at Lower Tax Rate
Norwalk Reflector | Mar. 24 | Bond Finance | Community Development | Economic Development | Education | Infrastructure Finance

IEDA Board Approves Support for Two Companies, Three Startups, and Two Community Projects
State of Iowa | Mar. 21 | Economic Development | State Finance Program | State Small Business Credit Initiative (SSBCI)

Nevada County Secures $45M in Bonds to Launch Long-Awaited Justice Center Project
The Record Courier | Mar. 21 | Bond Finance | Community Development | Development Finance Toolbox | Economic Development | Infrastructure Finance

Rising Volatility in U.S. Bond Market Signals Caution for Public Finance and Development Leaders
The Real Economy Blog | Mar. 21 | Bond Finance | Community Development | Economic Development | Infrastructure Finance


National Sponsor Spotlight

Alliant Insurance Services, Inc. Alliant Insurance Services, Inc.
Alliant Insurance Services makes the process of finding the right management liability and cyber liability insurance coverage quick and easy. With a history dating back to 1925, Alliant ranks among the largest insurance brokerage firms in the United...
CohnReznick CohnReznick
With origins dating back to 1919, CohnReznick is the 11th largest accounting, tax, and advisory firm in the United States, combining the resources and technical expertise of a national firm with the hands-on, entrepreneurial approach that today's...

CDFA Bookstore

Cover thumbnail Development Finance Certified Professional (DFCP) Study Pack
The DFCP Complete Book Package contains all of the reference guides to study for the DFCP final exam at a discount.

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
425 Metro Place N., Suite 460
Dublin, OH 43017
(614) 705-1300
info@cdfa.net

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CDFA National Sponsors

  • Alliant Insurance Services, Inc.
  • BNY
  • 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
  • Kutak Rock LLP
  • McGuireWoods
  • MuniCap, Inc.
  • PGAV Planners, LLC
  • RDF
  • SB Friedman Development Advisors
  • Stifel Nicolaus
  • The Bond Buyer
  • U.S. Bank
  • Wells Fargo Securities
Become a Sponsor