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CDFA Bond Finance Update - June 18, 2019

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Bond Finance Update
June 18, 2019
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CDFA Bond Finance Update

Features

Is San Francisco, CA Ready to Pass a $600M Housing Bond?
In 2015, the housing bond — directing $310 million for affordable housing for low-income families, revitalization of public-housing projects and down-payment assistance for middle-income homebuyers — was approved by nearly three-quarters of voters. This year, a $600 million bond for affordable housing will be on the ballot.

Investors Eye Potential $500M Chandler, AZ Bond Sale
Municipal bond investors will likely be eyeing the potential sale of $500 million in revenue bonds by the Chandler, AZ Industrial Development Authority, to help bolster Intel's chipmaking plants. Proceeds from the sale would finance the acquisition, construction, and installation of certain sewage and wastewater treatment facilities associated with Intel's local semiconductor manufacturing factories.

ME Governor Asks for $239M in Bonds
The Governor of Maine proposed a 2 year, $239 million bond package. Nearly half of the package ($105 million) is for transportation needs to fix roads bridges, ports, and airports, and $30 million would go to help expand broadband in rural areas.

$157M Redevelopment Project to be Financed by Bonds, TIF
The Indianapolis City Council has approved two bond issues to help finance a $157 million downtown redevelopment project. The bonds will be repaid over a 22-25-year period with a combination of property taxes paid by the developer in a TIF district and lease payments on the city-owned, developer-operated garage.

SC JEDA Issues $67M for Senior Living Community
A 175-acre senior living community is leveraging $67M in SC Jobs-Economic Development Authority (JEDA) bonds to finance its expansion and renovation project. The tax-exempt issues include $54.8M in new Healthcare Facilities Revenue Bonds and $13.2M to refund existing debt that was used to refund JEDA bonds from 2011.

IRS Provides Guidance on Refinancings of Tribal Economic Development Bonds
The Internal Revenue Service issued much-awaited guidance in Notice 2019-39. This Notice allows for refinancings or refundings by Native American tribal governments of Tribal Economic Development bonds and loans (TEDs) without needing to obtain an additional allocation of TED volume cap.

GASB Revises Standards to Improve Reporting of Conduit Debt Obligations
The Governmental Accounting Standards Board (GASB) has improved its existing standards to provide a single method for government issuers to report conduit debt obligations and related commitments. The enhanced guidance is designed to eliminate diversity in practice associated with these issues.

Warren County Port Authority Issues $80M for Mixed Use Senior Housing
The Warren County Port Authority approved the sale of up to $13 million in bonds to finance the roads and other infrastructure for Stillwater Crossings, a mixed-use development in West Milton, OH. The project is to include residences for senior citizens, retail, restaurants, a gas station, a medical facility, and offices.

Market Reports

Weekly Market Outlook
Moody's Analytics | Jun. 13 | Bond Finance | Bond Finance\Market Reports

Upcoming Events
CDFA Summer School

CDFA Federal Financing Webinar Series: Opportunity Zones and Affordable Housing featuring HUD and USDA
June 27, 2019 - 2:00 PM Eastern
In this webinar, financing experts from the Departments of Housing and Urban Development and Agriculture will be on hand to provide an outline of how their respective financing and grant programs can drive investments into Opportunity Zones. CDFA will center the discussion around USDA Rural Development programs and HUD programs within the office of Community Planning and Development.

News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

RI Infrastructure Bank to Sell Drinking Water Bonds
Rhode Island Infrastructure Bank has a $42.3 million negotiated sale of fixed-rate safe drinking water bonds on tap. The sale will feature $32.2 million of safe drinking water revolving fund Series 2019A tax-exempt bonds to fund approved projects.

New York, NY Approves $1B of Affordable Housing Bonds
The New York City Housing Development Corp. intends to issue up to $1.1 billion of multi-family housing revenue bonds and provide roughly $27 million of additional financing. In total, it will fund the new construction and preservation of 5,182 affordable homes across 17 developments in the Bronx, Brooklyn, Queens, and Manhattan.

WI Will Use Clarity System on Variable-Rate Note Issue
Wisconsin will place $53.8 million of variable-rate general obligation notes that will use the Clarity Bidrate Alternative Trading System for competitive remarketing. The issue will also mark a first for the state as it plans to provide self-liquidity. Previous issues under its various floating-rate programs have tapped banks for support.

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

LISC, CDFA, and the Ford Foundation Collaborate on Community OZ Playbook
LISC | Jun. 13 | Access to Capital | Bond Finance | Opportunity Zones | Revolving Loan Funds (RLFs) | Tax Credits | Tax Increment Finance (TIF)

Bozeman, MT Prepares $25M Bond Sale for High School Renovation
Bozeman Daily Chronicle | Jun. 12 | Bond Finance | Tax Increment Finance (TIF)

Bill Would Allow PAB Use for Carbon Capture
The Bond Buyer | Jun. 11 | Bond Finance | Green Finance | Legislative

Bronx, NY Apartments Receive $160M Rehabilitation
Bronx Times | Jun. 10 | Bond Finance | Housing Finance | Tax Credits | Urban Development

$17.75M Bond Package Advances for Jacksonville Beach, FL Low-Income Housing
Jacksonville Daily Record | Jun. 7 | Bond Finance | Community Development | Housing Finance

Flower Mound, TX Issues $30.5M in Bonds to Pay for Road, Park, and Utility Projects
The Cross Timbers Gazette | Jun. 7 | Bond Finance | Infrastructure Finance | Water Finance

Fort Atkinson, WI Is Seeking Bonds for Fire Station
Daily Union | Jun. 5 | Bond Finance | Community Development | Infrastructure Finance | Redevelopment

District of Columbia HFA Finances the Construction of 61 New Affordable Apartments
Yahoo Finance | Jun. 3 | Bond Finance | Housing Finance | Tax Credits | Urban Development

IL University Builds New $20M Feed Mill with Bonds
The News-Gazette | May. 31 | Agriculture Finance | Bond Finance | Food Systems Finance | Public-Private Partnership (P3) Financing

Montrose, CO Workforce Housing Project Receives Tax Credits, PAB Capacity
Montrose Daily Press | May. 30 | Bond Finance | Community Development | Housing Finance | Tax Credits

Treasure Island, FL Takes First Step to Acquire New City Hall Building
Tampa Bay Weekly | May. 30 | Bond Finance | Community Development

Little Rock, AR Council Backs $790K in Bonds to Grow Development
Arkansas Democrat Gazette | May. 29 | Bond Finance | Housing Finance | Tax Increment Finance (TIF) | Urban Development

Hamilton, OH Proposes TIF, Special Assessment, Bonds for Project
Journal-News | May. 25 | Bond Finance | Community Development | Special Assessment Districts | Tax Increment Finance (TIF)

PR Issues $21.6M in Bonds for Universidad Interamericana
Caribbean Business | May. 23 | Bond Finance

Child Care, Apartments Planned in $14M Kalamazoo, MI Brownfield Redevelopment
M Live | May. 23 | Bond Finance | Brownfield Financing | Housing Finance

Mansfield, OH to Issue $13M in Bonds for Water Meters
Mansfield News Journal | May. 22 | Bond Finance | Infrastructure Finance | Water Finance

University City, MO $70M Retail TIF will Protect Suburb from Sales Tax Pool Lawsuit
St. Louis Post-Dispatch | May. 21 | Bond Finance | Local Finance Program | Resiliency


Highlights from the Online Resource Database

Moody's: Rule Designating Muni Bonds as High-Quality Liquid Assets is Credit Positive for Issuers
Bond Finance
The rule allows banks to count investment-grade municipal obligations as level 2B high-quality liquid assets (HQLAs), and is credit positive for municipal issuers because it will continue to make these bonds attractive investments for banks, bolster demand and likely lead to a lower cost of financing.


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

  • Alaska Industrial Development and Export Authority
  • Baker Tilly Virchow Krause
  • BNY Mellon
  • Bricker & Eckler LLP
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
  • CohnReznick
  • FBT Project Finance Advisors LLC
  • Fifth Third Bank
  • Frost Brown Todd, LLC
  • Hawkins Delafield & Wood LLP
  • Ice Miller LLP
  • KeyBanc Capital Markets
  • Kutak Rock LLP
  • McCarter & English, LLP
  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
  • SB Friedman Development Advisors
  • Stern Brothers
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Wilmington Trust
  • Z. The Bond Buyer
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