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CDFA Bond Finance Update - May 18, 2021

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Bond Finance Update
May 18, 2021
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CDFA Bond Finance Update


Bipartisan CDFA Legislation to Modernize Private Activity Bonds Introduced in Congress
CDFA is pleased to announce that Reps. Stephanie Murphy (D-FL) and Darin LaHood (R-IL) have introduced the Modernizing Agricultural and Manufacturing Bonds Act (MAMBA) in the U.S. House of Representatives as H.R. 2737. MAMBA would modernize the Internal Revenue Code (IRC) as it relates to small issue bonds, specifically the private activity bond rules for first-time farmers and manufacturing bonds.

Learn About Bonds at CDFA's Intro Bond Finance Course - August 4-5, 2021
The Intro Bond Finance WebCourse addresses the basic requirements for issuing a bond, the rules and regulations that govern tax-exempt and taxable bonds, the major players involved in a bond transaction, and the roles and responsibilities of both public and private sector participants. Plus, attendees will learn about the tax-exempt bond market, the ratings process, how to buy and sell bonds, and ongoing continuing disclosure.

Kutak Rock Represents Smithsonian Institution in CREBA Sales Transaction of the Year
Kutak Rock attorneys Seth Kirshenberg, Hans Ipson, and Sisera Daniel represented the Smithsonian Institution in a complex air rights real estate transaction and separate bond financing. Commercial Real Estate Brokerage Association (CREBA) recognized the transaction, a $254M deal for Smithsonian to acquire space for its Capital Gallery headquarters from Boston Properties, at the CREBA Awards as the "Sales Transaction of the Year" in 2020.

Fitch Renames USPF Tax-Exempt Housing Group as Community Development & Social Lending
Fitch Ratings has announced that their U.S. Public Finance Tax-Exempt Housing Group is now renamed the Community Development & Social Lending Group to reflect the broader scope of the credits covered by the group. Since Mikiyon Alexander joined to lead Fitch's housing team in 2017, they have seen the rapid evolution of the sector and their criteria have evolved with it.

Sens. Hoeven, Wyden Introduce Infrastructure Legislation That Includes Bonds, Tax Credits
Sen. John Hoeven (R-ND) and Sen. Ron Wyden (D-OR) this week reintroduced the Move America Act to bring billions of dollars to grow and repair infrastructure through an expansion of private activity bonds and the creation of an infrastructure tax credit. S. 1403 would allocate Move America Bonds to states, based on population size.

Successful Sale of Green and Sustainability Bonds Takes Place in Massachusetts
The State Treasurer's Office officials announced that the Massachusetts Clean Water Trust has completed the sale of approximately $351.4 million in two series of new money Green and Sustainability Bonds. The Sustainability Bonds were the first such issuances from the Trust and the first in the nation for a state revolving fund. It was the Trust's sixth Green Bond issuance.

Brookhaven, NY IDA & LDC Close 8 Projects in 2020 with $352M Invested, 3,042 Jobs Created/Retained
For the Brookhaven Town Industrial Development Agency (IDA) and its Local Development Corp. (LDC), 2020 remained robust, surpassing 2019's numbers, as businesses committed to invest $352 million in projects in the town that will result in the creation and retention of 3,042 jobs. The Brookhaven IDA closed several economic development projects, most of them on behalf of various manufacturers and residential housing developments.

CFFA Supports Marker's Weinland Park Investment in Columbus, OH
CFFA provided capital-lease financing for the project. Of Crossline's 180 residential units, 10 percent are priced at or below 80% AMI. And thanks to a new Franklin County policy, a portion of the savings from the project's capital-lease structure will go to Community Shelter Board in the form of a donation.

Upcoming Events
Advanced Bond Finance WebCourse

Intro Bond Finance Course
August 4-5, 2021 - Daily: 12:00 - 5:00 PM Eastern
The Intro Bond Finance WebCourse provides an in-depth look at governmental and qualified private activity bonds, with a focus on industrial development bonds (IDBs), 501(c)(3) non-profit bonds, exempt facility bonds, and other special bond programs authorized by the federal government.

News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

Munis Can't Avoid Knock-on UST Effects, Inflation Concerns
Municipal yields rose Wednesday on the back of a rising U.S. Treasury market, a sell-off in equities amid inflation concerns, and push back from investors in the primary that led to higher yields on new-issues. Triple-A benchmark yields rose two to four basis points across the curve while municipal to UST ratios closed at 60% in 10 years and 66% in 30 years on Wednesday.

U.S. Keeps Quarterly Bond Sale at High, Warns on Debt Limit
The U.S. Treasury kept its quarterly auction of long-term debt, planned for next week, at a record size to help fund the government's continuing wave of stimulus spending. It's the first time in more than a year that the so-called quarterly refunding total hasn't risen, suggesting that financing needs have peaked.

Muni Bonds Can Help Achieve Racial Equity
Municipal bonds have a significant role to play in achieving racial equity as investors' appetites grow for social impact bonds. A subcommittee of the House Financial Services Committee heard from muni stakeholders regarding how the muni market could address disparities within itself. Specifically, lawmakers discussed a study that found that historically Black colleges and universities pay more in issuance fees than non-HBCUs.

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

Greystone Affordable Development Transforming Indiana Affordable Housing
Globe Newswire | May. 13 | Bond Finance | Housing Finance | Revolving Loan Funds (RLFs) | Rural Development | Tax Credits | U.S. Dept. of Agriculture (USDA)

Milken Institute Public Finance Note
Milken Institute | May. 10 | Bond Finance

What Does the Housing Market Boom Mean for Local and State Governments?
Dividend | May. 5 | Bond Finance | Community Development | Disaster Recovery & Relief | Housing Finance | Incentives | Special Assessment Districts | COVID-19

Lexington, KY Investment Board Approves $39M in Bonds for Hotel Project
WTVQ | May. 5 | Bond Finance | Community Development

Jacksonville, FL Port Authority Gets ‘A,' Stable Revenue Bond Rating
Jacksonville Daily Record | May. 5 | Bond Finance | Infrastructure Finance | International | Water Finance

Voters in Muskogee County, OK Asked to Support Industrial Development Bond Initiative
Muskogee Phoenix | May. 5 | Bond Finance

Hofstra University Secures Bond to Build New Science and Innovation Center
Patch | May. 5 | Bond Finance | Education

Grocery Store, Hotel Part of New Development in Jackson, MS
WLBT | Apr. 28 | Bond Finance | Food Systems Finance | Housing Finance | Tax Increment Finance (TIF)

Frankfort City Commission Proposes to Commit 50% of Downtown TIF Funds, Holds on Broadway Bridge in Kentucky
The State Journal | Apr. 26 | Bond Finance | Tax Increment Finance (TIF)

North Dakota Counties Hope to See Infrastructure Needs Met with $680M Bonding Package
Cavalier County Republican | Apr. 23 | Access to Capital | Agriculture Finance | Bond Finance | Infrastructure Finance | Legislative | Revolving Loan Funds (RLFs) | Rural Development | State Finance Program

Louisiana Could Issue Up to $830M of Green Bonds for Renewable Diesel Plant
The Acadiana Advocate | Apr. 23 | Bond Finance | Energy Finance | Green Finance | Rural Development

Gwinnett County, GA to Spend $125M to Bring Sewer to Rowen Project Area
Atlanta Journal-Constitution | Apr. 21 | Agriculture Finance | Bond Finance | Energy Finance | Infrastructure Finance | Innovation Finance | Urban Development | Water Finance

County Commissioners Approve Big Moose Resort TIF District in Maine
The Piscataquis Observer | Apr. 20 | Bond Finance | Community Development | Tax Increment Finance (TIF)

Maine Approves Up to $135M for Development of Moosehead Lake Ski Resort
Bangor Daily News | Apr. 20 | Bond Finance | Tax Increment Finance (TIF)

Highlights from the Online Resource Database

Resilience in New Mexico Agriculture Strategic Plan
Access to Capital | Agriculture Finance | Bond Finance | Food Systems Finance | Resiliency | Rural Development | Tax Credits | Water Finance
The Resilience in New Mexico Agriculture Strategic Plan provides broad recommendations are coupled with specific, actionable strategies. The implementation of this plan is critical to achieving greater agricultural and natural resource resiliency, as well as a secure future for the generations of farmers and ranchers to come.

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


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