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CDFA Bond Finance Update - December 21, 2021

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Bond Finance Update
December 21, 2021
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CDFA Bond Finance Update


MSU Board of Trustees Approves $500M ‘Century Bond' to Advance Excellence and Impact
Michigan State University's Board of Trustees approved the issuance of a new, innovative century bond to finance initiatives related to the university's strategic plan. The board's approval of the $500 million, 100-year bond resolution allows MSU to further its research and capital expenditures by providing a sustainable, low-interest funding source.

Creating Affordable Housing in Rural America
Developers are tackling a need for affordable housing for the homeless, families, and farmworkers in rural communities. This article showcases how developers are utilizing low-income housing tax credits (LIHTC), tax-exempt bonds, and other federal financing programs to build the needed affordable housing in rural communities.

Equitable Facilities Fund Commits $500M to Public Charter Schools Led by People of Color
In a major step towards advancing educational equity for all students, Equitable Facilities Fund (EFF), a nonprofit social impact fund specializing in facilities financing for high-performing public charter schools, announced today that it is committing $500 million to public charter schools run by people of color. The funding will be fully disbursed by 2026 to provide low-cost loans for school facilities so that exceptional educators can establish deeper roots within their communities.

Zionsville, IN Officials Outline Possible Long-term Bonds
Indiana code requires an annual TIF presentation be given during a public meeting to share the redevelopment commission's projected budget, long-term plans and the impacts on overlapping TIF districts, A TIF district is a financing method that diverts property tax revenue increases in a defined area toward future economic development projects in that area. 

New Federal Legislation Eases Access to Financing for Broadband Projects with Qualified Private Activity Bonds
Congress has passed the Infrastructure Investment and Jobs Act of 2021, which President Biden signed on November 15, 2021. The Act includes approximately $65 billion in funding opportunities for the deployment of broadband services in rural areas. In addition to the creation of a broadband grant program, the new legislation modifies Section 142(a) of the Internal Revenue Code to add broadband as an allowable use for qualified private activity bonds.

Denver, CO Housing Program So Successful, Federal Government Offers Millions to Expand It
Five years ago, Denver made a list of people most often involved with jail, detox centers, and emergency rooms — and then offered them housing. The program was so successful at keeping people in stable housing and out of jail, that the U.S. Treasury Department has offered the city more than $6 million in new federal aid, if the program can demonstrate a comparable drop in Medicare and Medicaid billings over the next seven years.

Social Bonds – A Tool to Effect Positive Social Change
Social bonds raised USD 147.7 billion in 2020 – more than seven times the roughly USD 20 billion in 2019, Bloomberg data shows. This massive increase underscores their appeal as a potentially significant force for effecting social changes such as making more affordable housing available, improving access to essential services and creating jobs.

Expansion of Qualified Private Activity Bond Categories Under the Infrastructure Investment and Jobs Act
The Act amends the tax-exempt bond provisions of the Internal Revenue Code (Code) to enhance the financing options available to state and local governments to address the highlighted infrastructure needs. Specifically, the package adds two new categories of exempt facility private activity bonds (PABs) and additional volume cap for transportation PABs.

Market Reports

Weekly Market Outlook
Moody's Analytics | Dec. 20 | Bond Finance | Market Reports

Capital Market Insights
Wye River Group | Dec. 20 | Bond Finance | Market Reports

Upcoming Events

CDFA // BNY Mellon Development Finance Webcast Series: Affordable Housing Finance - Market Rate/Affordable/Low-Income
Tuesday, December 21, 2021 - 2:00 PM - 3:00 PM Eastern
Affordable Housing has been a hot button issue over the last few years with a focus on what percentage of affordable housing should comprise a residential development. This session will discuss how various tools such as Low Income Housing Tax Credits and Private Activity Bonds play a role in how these decisions are made.

Intro Bond Finance Course
February 14-15, 2022 - 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.

Advanced Bond Finance WebCourse
February 16-17, 2022 - Daily: 12:00 - 5:00 PM Eastern
The Advanced Bond Finance Course is designed for professionals who already have an understanding of tax-exempt financing and seek detailed instruction on complex financing techniques. Expert speakers will explore topics including the application of financial derivatives, advance refundings, investing bond proceeds, and how to spot arbitrage issues.

News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

Munis Ignore FOMC; ICI Reports $517M Inflows
Municipals were lightly traded and ignored moves to higher yields in U.S. Treasuries Wednesday while equities rallied after the Federal Open Market Committee doubled the speed of its taper and projected three rate hikes in 2022.

Lumesis Rolls Out New Muni Trade Ticker, Announces New Hires
Financial technology company Lumesis announced the launch of its Muni Trade Ticker for traders, asset managers and analysts, as well as the hiring of two members of its business development and product management teams. The DIVER Muni Trade Ticker is a live, customizable ticker of muni bond deals in the secondary market.

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.

Legislative & Federal Affairs

CDFA is the national leader for development bond advocacy on Capitol Hill. A look at the latest discussions from Washington, DC:

Sen. Schumer Visits Western New York; Touts Broadband Internet Funding In Infrastructure Bill
Erie News Now | Oct. 14 | Bond Finance | Infrastructure Finance | Legislative

Visit CDFA's Advocacy Center to view the latest legislative and federal updates, explore CDFA's Policy Agenda, track legislation relevant to bond finance, get involved in CDFA-led initiatives, and more.

Bond Finance Headlines

Sens. Hoeven, Wyden Introduce Legislation to Provide Financing Sources for Local Infrastructure
Transportation Today | Dec. 20 | Bond Finance | Economic Development | Incentives | Infrastructure Finance | Legislative | Public-Private Partnership (P3) Financing | Tax Credits

Dare County, NC Moves Ahead on Affordable Housing 
The Coastland Times | Dec. 16 | Housing Finance | Legislative | Public-Private Partnership (P3) Financing | Tax Credits | Tax Increment Finance (TIF) | Water Finance

Warehouse Project at Former GM Plant in Livonia, MI Granted $3.7M in State Tax Credits
Hometown Life | Dec. 13 | Brownfield Financing | Community Development | Tax Credits

Tidewater Landing Lands $37M Pawtucket, RI Tax Breaks 
Providence Business Journal | Dec. 13 | Bond Finance | Economic Development | Incentives | Infrastructure Finance | Opportunity Zones | Tax Increment Finance (TIF)

Brookesmith ISD, TX May Consider Bond Project for Improvements
Brownwood Bulletin | Dec. 10 | Bond Finance | Infrastructure Finance

Infrastructure Investment and Jobs Act: Key Points
JD Supra | Dec. 10 | Bond Finance | Federal | Infrastructure Finance | Public-Private Partnership (P3) Financing | Resiliency | Rural Development | U.S. Dept. of Energy (DOE) | U.S. Dept. of Transportation (DOT) | U.S. Environmental Protection Agency (EPA)

$8M Career Center Bond, VT in the Works
Addison County Independent | Dec. 9 | Bond Finance

Burlington, VT Voters Strongly Support Net Zero Energy Revenue Bond
Vermontbiz | Dec. 8 | Bond Finance | Energy Finance | Green Finance

$38M WHEFA Bond Financing Helps HOPE Christian Schools Refinance and Renovate in Milwaukee and Racine, WI
WHEFA | Dec. 6 | Bond Finance | Member News

Boise, ID to Access Federal Loan Program for Sewer Upgrades, Hoping for Savings for Residents
BoiseDev | Dec. 3 | Bond Finance | Infrastructure Finance | Public-Private Partnership (P3) Financing | U.S. Environmental Protection Agency (EPA) | Water Finance

Infrastructure Bill Boosts Bridge and Toll Road Projects
FitchRatings | Dec. 2 | Bond Finance | Economic Development | Infrastructure Finance | Public-Private Partnership (P3) Financing

JEDA Financing Helps Facilitate Affordable Housing Complex in Spartanburg, SC
SC JEDA | Nov. 30 | Bond Finance | Housing Finance | Member News

How 50 Miles of Continuous Trails Will Be a 50-year Investment in Dallas, TX
Lakewood-East Dallas Advocate | Nov. 29 | Bond Finance | Incentives | Public-Private Partnership (P3) Financing

Crawford Park District, City of Galion awarded ODNR NatureWorks grants
Galion Inquirer | Nov. 29 | Bond Finance | Community Development | Infrastructure Finance

Othello School District in Washington Approves $51M Bond Package for February Election
NewsRadio 560 KPQ | Nov. 29 | Bond Finance | Infrastructure Finance

Infrastructure Investment and Jobs Act: Selected Changes Impacting P3s
The National Law Review | Nov. 24 | Bond Finance | Economic Development | Energy Finance | Green Finance | Infrastructure Finance | Legislative | Public-Private Partnership (P3) Financing | Water Finance

Beswick Building, RI Redevelopment Gets $246,000 in Financing
The Valley Breeze | Nov. 23 | Bond Finance | Community Development | Infrastructure Finance | Property Assessed Clean Energy (PACE)

Developing WIFIA's Guarantee Capabilities for Taxable Municipal Bonds
Water World | Nov. 20 | Bond Finance | Energy Finance | Green Finance | Infrastructure Finance | Legislative | Water Finance

LIHTC Provisions Added to Build Back Better Act
Affordable Housing Finance | Nov. 17 | Bond Finance | Housing Finance | Legislative | Tax Credits

WHEFA Bond Financing Helps Aspirus, Inc. Acquire and Construct in Northern Wisconsin
WHEFA | Nov. 16 | Bond Finance | Healthcare | Member News

Highlights from the Online Resource Database

Tax-Exempt Bond Provisions Included in the Infrastructure Investment and Jobs Act
Bond Finance | Economic Development | Federal | Green Finance | Infrastructure Finance | Legislative
The Infrastructure Investment and Jobs Act (the "Act") adds two categories of tax-exempt bonds that may be issued for exempt facilities and increases the amount of tax-exempt bonds authorized to be issued for one existing category of tax-exempt bond. Included are Private Activity Bonds for qualified broadband projects and Private Activity Bonds for carbon dioxide capture facilities.

IRS Revenue Procedure 2021-45: Calendar Year 2022 Housing Credit and Bond Volume Caps
Bond Finance | Housing Finance | Tax Credits
IRS Revenue Procedure 2021-45 sets out the calendar year 2022 Low-Income Housing Tax Credit and Bond Volume Caps.

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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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
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  • MuniCap, Inc.
  • NW Financial Group, LLC
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  • SB Friedman Development Advisors
  • Stifel Nicolaus
  • The Bond Buyer
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  • Wells Fargo Securities
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