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CDFA Bond Finance Update - March 16, 2021

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Bond Finance Update
March 16, 2021
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CDFA Bond Finance Update

Features

$350B Slated for State, Local Governments as President Signs American Rescue Plan
The American Rescue Plan will provide $350 billion in payments to U.S. territories, states, and local and tribal governments as crucial assistance for budgets depleted by COVID-19. Of the amounts to be provided to states and local governments, states will receive 60 percent and local governments will receive 40 percent of the distributions.

IRS Publishes Resident Population Figures to Calculate CY 2021 LIHTC, PAB Cap
The Internal Revenue Service (IRS) published the Internal Revenue Bulletin No. 2021-11, which includes the calendar year 2021 resident population figures to calculate state allocations of the 9% low-income housing tax credit (LIHTC) and private activity bond (PAB) cap. Nationally, 9% population-based LIHTC allocations will increase by 0.4% ($3.7 million) in 2021 and PAB allocations will increase by 0.5% ($182 million).

Munis Become Refuge from Bond Market Losses with Yields Falling
America's municipal bonds are proving to be a haven for fixed-income investors. Even as speculation about resurgent economic growth drove up yields on corporate bonds and Treasuries this month -- saddling investors with losses -- tax-exempt debt moved in the opposite direction. Benchmark municipal-bond yields have dropped so far in March, delivering investors a return of 0.72%, according to the Bloomberg Barclays index.

New $850M Plant to Reuse Red Mud Pond Waste Gets Louisiana State Bond Financing
Bonds have been approved to help finance a new $850 million facility that would recycle red mud pond waste from an alumina plant in St. James Parish. The board of trustees for the Louisiana Public Facilities Authority approved a "significant allocation" of tax-exempt private activity bonds that will be used to fund the construction of the new facility in St. James Parish.

SEC Announces Enforcement Task Force Focused on Climate and ESG Issues
The SEC sent a very clear signal about one of its chief enforcement priorities by announcing the creation of a Climate and ESG Task Force within the Division of Enforcement. ESG stands for Environmental, Social, and Governance.

FY 2021 CDFI Bond Guarantee Program Application Period Now Open
On March 3, the U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund) opened the fiscal year 2021 application period for the CDFI Bond Guarantee Program. A total of up to $500 million in bond guarantee authority is available for Eligible Community Development Financial Institutions in FY 2021.

Rhode Island Voters Approve $400M in Funding for Projects
Rhode Island voters have approved seven bond questions authorizing $400 million in borrowing to fund projects across the state. This funding directs $107 million to projects at state colleges, $74 million for green initiatives, $65 million for affordable housing development, $72 million for transportation infrastructure, $15 million for early childhood education, $7 million for arts and culture, and $60 million for industrial development.

U.S. Department of Transportation Announces $908M Loan for the Silver Line Regional Rail Project in Dallas, TX
Transportation Secretary Pete Buttigieg announced that USDOT's Build America Bureau has provided a $908 million loan under the Railroad Rehabilitation and Improvement Financing program to the Dallas Area Rapid Transit for the Silver Line Regional Rail Project. This transaction is estimated to save DART approximately $190 million in interest costs.

Market Reports

Weekly Market Outlook
Moody's Analytics | Mar. 16 | Bond Finance | Market Reports

Capital Market Insights
Wye River Group | Mar. 16 | Bond Finance | Market Reports

Upcoming Events
Intro Tax Increment Finance WebCourse

CDFA Rural Development Finance Webinar Series: Financing Disaster Resiliency in Rural Communities
Tuesday, March 23, 2021 - 2:00 PM - 3:00 PM Eastern
During the first installment of the CDFA Rural Development Finance Webinar Series, hear about a new technical assistance program from CDFA designed to support rural communities that have recently experienced a natural disaster. Experts will discuss the variety of financing tools available from federal, state, and local sources to encourage investment in resilient infrastructure.

Advanced Bond Finance WebCourse
May 24-25, 2021 - 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.

SEC Warned Against Regulation of Electronic Muni Platforms
In comment letters filed to the SEC on Monday regarding a concept release to update the current alternative trading system regime to create uniformity, broker-dealers cautioned the SEC against using stringent regulatory requirements on all electronic platforms without first conducting a study on the impact of additional regulations.

Puerto Rico Reaches Deal with Debt Holders with 14% Less Repayment
The Puerto Rico Oversight Board announced a central government debt deal that could pay out 14.1% less than a debt deal announced about a year earlier. The deal reached Feb. 15 and announced Tuesday promises to pay at least $34.1 billion, less than the $39.7 billion of central government debt service agreement reached on Feb. 9, 2020.

The Economy Needs an Infrastructure Bill
U.S. businesses say the economy badly needs a climate-focused infrastructure bill by the end of this year, as warnings about the cost of inaction grow more dire. The U.S. Chamber of Commerce sent a letter to Congress pushing for bipartisan legislation by July 4 that will address climate change, promote fiscally and environmentally responsible policies, and create middle-class jobs.

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

MedRecycler to Receive $17M in Rhode Island Tax-Exempt Bonds
EG News | Mar. 15 | Bond Finance | Energy Finance | Healthcare

New York Comptroller Announces Sale of $636M General Obligation Bonds
Niagara Frontier Publications | Mar. 15 | Bond Finance | Infrastructure Finance

MassDevelopment Issues a $6.4M Tax-Exempt Bond for Boston, MA Project
Nerej | Mar. 15 | Bond Finance | Housing Finance | Member News

WVEDA Issues $45.0 Million in Tax-Exempt Bonds for Arch Resources
Arch Resources, Inc. | Mar. 15 | Bond Finance | Energy Finance

USA Properties Fund Starts Construction of $80M Affordable Seniors Housing Community in Los Angeles, CA
Rebusiness Online | Mar. 15 | Bond Finance | Housing Finance

Planned Disability Housing Development in Franklin, MA Receives $30M
WB Journal | Mar. 15 | Bond Finance | Healthcare | Housing Finance | Member News

Port of Cleveland to Issue up to $75M in Tax-Exempt Bonds for $150M Cleveland, OH Museum of Natural History Expansion
Cleveland Plain Dealer | Mar. 15 | Bond Finance

Why Infrastructure Needs a Bottom-Up Bipartisan Push Now
Governing | Mar. 3 | Bond Finance | Community Development | Economic Development | Infrastructure Finance | Legislative

American Society of Civil Engineers Releases 2021 Infrastructure Report Card
American Society of Civil Engineers | Mar. 3 | Bond Finance | Community Development | Economic Development | Energy Finance | Green Finance | Infrastructure Finance | Rural Development | Urban Development | Water Finance

Biden's $1.9T Relief Plan Enters Three-Week Congress Dash
Bloomberg | Feb. 22 | Bond Finance | Community Development | Disaster Recovery & Relief | Federal | Infrastructure Finance | Legislative | Resiliency | Rural Development | COVID-19

Dayton-Montgomery County Port Authority in Ohio Announces Completed Projects
Sidney Daily News | Feb. 20 | Bond Finance | Energy Finance | Property Assessed Clean Energy (PACE)

Marion, IA Pursues Major Projects Despite Double Whammy of Pandemic and Derecho
The Gazette | Feb. 19 | Bond Finance | Disaster Recovery & Relief | Tax Increment Finance (TIF)

Are 2020 Bond-Financed Projects Eligible for the New Federal 4% Fixed-Rate?
Sheehan Phinney | Feb. 19 | Bond Finance | Housing Finance | Tax Credits | Rules and Regulations | Low Income Housing Tax Credits (LIHTCs)

Kansas City Approves Deal to Build Northland Soccer Park for Sporting KC, with Conditions
Kansas City Star | Feb. 18 | Bond Finance | Tax Increment Finance (TIF)


Highlights from the Online Resource Database

2021 Infrastructure Report Card - A Comprehensive Assessment of America's Infrastructure
Bond Finance | Community Development | Economic Development | Energy Finance | Infrastructure Finance | Rural Development | Urban Development | Water Finance
The 2021 Report Card for America's Infrastructure reveals we've made some incremental progress toward restoring our nation's infrastructure. For the first time in 20 years, our infrastructure is out of the D range. While this report grades 17 categories individually, our infrastructure is a system of systems and more connected than ever before.

Community Serving Infrastructure: A Playbook for a New Infrastructure Partnership
Access to Capital | Bond Finance | Development Finance Toolbox | Economic Development | Incentives | Infrastructure Finance | Public-Private Partnership (P3) Financing | Tax Credits | Water Finance
The New Partnership on Infrastructure seeks to advance national policies driven by local innovation, with cities serving as testbeds for experimentation and transferable solutions. This document champions that idea. It is a summation of local practices and insights from across the country - cities large and small, red and blue, coastal and inland - that aggregate into America's New Playbook for Infrastructure.


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
info@cdfa.net

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CDFA National Sponsors

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  • BNY Mellon
  • Bricker & Eckler LLP
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
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  • MuniCap, Inc.
  • NW Financial Group, LLC
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  • SB Friedman Development Advisors
  • Stern Brothers
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
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