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CDFA Bond Finance Update - November 16, 2021

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Bond Finance Update
November 16, 2021
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CDFA Bond Finance Update

Features

CDFA Publishes Annual Volume Cap Report: An Analysis of 2019-2020 Private Activity Bond & Volume Cap Trends
The Council of Development Finance Agencies has published the CDFA Annual Volume Cap Report: An Analysis of 2019-2020 Private Activity Bond and Volume Cap Trends. The CDFA Annual Volume Cap Report provides an overview of volume cap trends and how private activity bonds (PABs) are used from state to state. The 2019-2020 Annual Volume Cap Report is the most comprehensive analysis of PAB volume cap trends and data ever undertaken by CDFA.

Car-Loving LA in Midst of Largest Rail Construction Program in US
Since the middle of the last century, Los Angeles County has been known as the car capital of the world. But now, an explosion of rail construction projects underway and in the planning stages has made the county the center for the largest rail construction program in the United States.

Port of Anacortes, WA Approves 2022 Budget, $11M in Capital Projects
The Port of Anacortes commissioners have approved a 2022 budget that anticipates $16.9 million in operating revenue and $16.7 million in operating expenses. The port also plans to spend roughly $11 million on capital improvements at the airport, marina, marine terminal, industrial properties and on equipment. 

$660M in Industrial Revenue Bonds Approved for The Ovation, KY
The Newport Board of Education has joined the Newport City Commission and the Campbell County Fiscal Court in approving $660 million in Industrial Revenue Bonds (IRBs) for the Ovation, the dynamic mixed-use development underway in downtown Newport.

Virginia Beach Voters Approve $567M Bond Referendum to Deal With Flooding
Virginia Beach residents approved a referendum Tuesday that will allow the city to issue up to $567 million in bonds to cover the cost of accelerating a flood protection program designed to deal with stormwater and sea level rise problems. 

Frost Brown Todd Represents Toledo-Lucas County Port Authority in University of Toledo P3 Parking Concession
A team of Frost Brown Todd's Ohio and Kentucky Public Finance and Government Service attorneys recently closed $68.6 million of tax-exempt bonds issued by the Toledo-Lucas County Port Authority. This transaction is a unique public-private partnership (P3) involving not only a parking concession but also a mobility concession utilizing a 35-year lease of all parking assets from the University of Toledo to ParkUToledo Inc.

State Launches New Program to Help MWBE Compete for DASNY Construction Contracts
The Dormitory Authority of the State of New York is partnering with community non-profit LISC NYC and The Cayemitte Group, a full-service insurance and surety bond brokerage, to launch an innovative program to help businesses owned by minorities, women, and service-disabled veterans compete for DASNY construction contracts.

Will Muni Bonds Get a Big Boost from Capitol Hill?
Pending municipal finance provisions in the big-spending bills before Congress could benefit issuers, investors, and taxpayers. To get the best deal, state and local leaders must press their case immediately. As Congress continues to kick around bills for infrastructure and federal spending priorities, state and local leaders need to keep their eyes on the shape the legislation's somewhat arcane provisions for municipal finance will take.

Vermont Bond Bank Launches Infrastructure Data Portal
The Vermont Bond Bank announced the launch of an infrastructure data portal on its website this week. The portal is designed for policymakers and Vermonters to understand social and physical infrastructure trends in the state's communities.

SMBX Revolutionizes Small Business Financing and Retail Investing, Raises $11.5M to Fund its Growth
SMBX, the fintech marketplace helping small businesses raise capital from retail investors in their communities, announced the close of an $11.5 million seed funding round. The company has now raised $15 million in total to support its Small Business Bond financial marketplace that allows people to invest directly in the small businesses they want to see flourish in their local communities.

Market Reports

Weekly Market Outlook
Moody's Analytics | Nov. 15 | Bond Finance | Market Reports

Capital Market Insights
Wye River Group | Nov. 15 | Bond Finance | Market Reports

Upcoming Events
Intro Property Assessed Clean Energy (PACE) Finance WebCourse

CDFA-Bricker PACE Webinar Series: PACE 2.0 - The Next 10 Years
Tuesday, November 30, 2021 - 2:00 PM - 4:00 PM Eastern
It has been approximately 10 years since the first PACE programs began. During this workshop, our speakers will provide insights related to expanding PACE assessments to benefit buildings and properties for other non-energy related improvements such as indoor air quality, lead water pipe replacement, surface stormwater mitigation, and sewer overflows.

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.

News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

Housing Provision in Reconciliation Bill Eases Private Activity Bond Cap
States would enjoy more private activity bond volume flexibility under an affordable housing provision in the Build Back Better bill. The legislation would reduce the so-called financing test for tax-exempt private activity bonds to 25% from 50%. Lowering the threshold would free up states' private activity volume for more affordable housing, or any other projects eligible for PABs financing.

Bipartisan Infrastructure Bill Passage a Win for Munis
The bipartisan infrastructure bill provides the muni industry with a considerable win, though muni industry advocates are still pushing for their largest priorities to be included in the still unfinalized reconciliation bill. The bipartisan infrastructure bill includes $550 million to reauthorize surface transportation funding programs, and increases the federally-administered private activity bond volume cap to $30 billion from $15 billion. The bill also includes two specific bond provisions.

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

DASH Act Introduced in Senate Would Expand LIHTC, Create MIHTC, NHTC, Renter Tax Credit
Novogradac | Sep. 23 | Bond Finance | Housing Finance | Legislative | Rural Development | Tax Credits | Tribal Finance

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

Bonding for Proposed Justice Center Moves Forward in Carlton County, MO
Duluth News Tribune | Nov. 15 | Bond Finance | Infrastructure Finance

Bellville, OH Awarded Grant for Palm Park Sewer Project
Mansfield News Journal | Nov. 8 | Infrastructure Finance | Water Finance

The Faribault County Commissioners, MN Voted to Pursue a $6M Bond
Faribault County Register | Nov. 8 | Bond Finance | Economic Development | Infrastructure Finance

Hickory's Revitalization Efforts Continue, Bringing New Development and Private Investments
Charlotte Business Journal | Nov. 5 | Bond Finance | Economic Development | Infrastructure Finance | Public-Private Partnership (P3) Financing | Urban Development

Despite Pandemic Concerns, Multifamily Private Activity Bond Issuance Reaches $17.2B in 2020
Novogradac | Nov. 5 | Bond Finance | Disaster Recovery & Relief | Economic Development | Housing Finance | Infrastructure Finance

Bond Money Improvements at High Schools, MI
Downtown News Magazine | Nov. 5 | Bond Finance | Education | Infrastructure Finance

Developers Move to Rehabilitate 20 New Mexico Properties
Affordable Housing Finance | Nov. 4 | Bond Finance | Community Development | Economic Development | Energy Finance | Federal | Housing Finance | Rural Development | Tax Credits | U.S. Dept. of Agriculture (USDA)

Eagle, CO Voters Show Approval for Ballot Question Authorizing $27M in Downtown Development Bonds
Vail Daily | Nov. 3 | Bond Finance | Infrastructure Finance | Tax Increment Finance (TIF) | Urban Development

JEDA Helps to Finance Construction of New Affordable Housing Complex in Port Royal
SC JEDA | Nov. 3 | Bond Finance | Housing Finance | Member News

Developers, Big Idaho Businesses Powering PAC Promoting Sewer Bond
BoiseDev | Oct. 29 | Bond Finance | Community Development | Infrastructure Finance

Columbus, OH City Officials and Nonprofit Partners Announce Affordable Housing Plans
WOSU Public Media | Oct. 29 | Bond Finance | Housing Finance | Tax Credits

WHEFA Bond Financing Helps Saint John's Communities, Inc. Refinance in Milwaukee, WI
WHEFA | Oct. 28 | Bond Finance | Community Development | Housing Finance | Member News

Citi Brings $1B Social Bond After Agreeing to Race Audit
Bloomberg Law | Oct. 27 | Bond Finance | Economic Development | Social Finance

California is Spending Billions on Drought-Related Projects
Los Angeles Times | Oct. 25 | Bond Finance | Infrastructure Finance | Water Finance

One of Connecticut's Grant Programs Has Handed Out $40M Over The Last 20 Years.
Hartford Courant | Oct. 21 | Access to Capital | Bond Finance | Education

New $76M Affordable Housing Development and Fresh Food Market in Buffalo, NY
New York State | Oct. 21 | Bond Finance | Brownfield Financing | Food Systems Finance | Housing Finance | Tax Credits

PCSD Needs $79M Bond Plus Another $50M to Pay for All Six School Projects
kpcw | Oct. 20 | Bond Finance | Education

Carmel City Council, CA Considering Increase in Proscenium TIF Bond Amount to Accommodate Rising Price Tag Since Project Approved 
Current | Oct. 20 | Bond Finance | Tax Increment Finance (TIF)


Highlights from the Online Resource Database

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.

CDFA 2019-2020 Annual Volume Cap Report: An Analysis of Private Activity Bond & Volume Cap Trends
Bond Finance | CDFA Original Research | Housing Finance | Legislative
The CDFA Annual Volume Cap Report provides an overview of volume cap trends and how private activity bonds (PABs) were used from state to state. The 2019-2020 Annual Volume Cap Report is the most comprehensive analysis of PAB volume cap trends and data ever undertaken by CDFA.

State Housing Finance Agency Digital History Book - NCSHA
Bond Finance | Housing Finance
For 50 years, the nation's state housing finance agencies (HFAs) and their partners have convened at the annual conference of the National Council of State Housing Agencies (NCSHA). In 2021, NCSHA marks a half-century of state HFA collaboration, innovation, and impact with the publication of this State HFA Digital History Book.


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

  • Baker Tilly
  • BNY Mellon
  • Bricker & Eckler LLP
  • Brownfield Superfund Advisory, Inc
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
  • CohnReznick
  • FBT Project Finance Advisors LLC
  • Frost Brown Todd LLC
  • gener8tor
  • Hawkins Delafield & Wood LLP
  • Ice Miller LLP
  • KeyBanc Capital Markets
  • Kutak Rock LLP
  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
  • PGAV Planners, LLC
  • SB Friedman Development Advisors
  • Stern Brothers
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
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