Coming Up Next Month: CDFA's Intro and Advanced Bond Finance WebCourses
Join CDFA for our upcoming Bond Finance Week! The Intro Bond Finance WebCourse will take place on March 4-5 followed by the Advanced Bond Finance WebCourse on March 6-7. Register for one or both of these courses to learn from experts about how to bring economic growth to your community by utilizing the vast resources of the bond finance industry.
Toby Rittner Featured in The Bond Buyer, Discussing Bonds & TIF to Support Casino Development in Aurora, IL
Toby Rittner, CDFA President and CEO, was interviewed by The Bond Buyer to discuss the city of Aurora's strategic use of bonds and tax increment financing (TIF) districts to support a new casino development. Within the $360 million total cost, the city's $50 million will come from a taxable bond issue, with the bonds paid back using revenues from the increment of one of Aurora's TIF districts. While sharing TIF components, Mr. Rittner also addressed the importance of trust, transparency, and inclusiveness.
Texas Affordable Housing Project Receives $31.5M in PAB Funding
The Texas State Affordable Housing Corporation (TSAHC) has awarded $31.5 million in Private Activity Bonds (PAB) to Foundation Communities to provide capital for the construction and development of Norman Commons Apartments in Austin. When complete, Norman Commons will create 156 units of affordable rental housing targeted for low-income households who earn no more than 60% of the Median Family Income. Sixteen of the units will be reserved for households at risk of homelessness.
Applications Now Open for the 2024 Caren S. Franzini Fellowship
The Caren S. Franzini Fellowship was created to develop and recognize outstanding women in the field of development finance for their leadership and dedication to the advancement of the industry. This 6-month fellowship program, run through the CDFA Foundation, is open to women employed by a CDFA member organization who have worked in the development finance industry for less than 10 years. Apply by Friday, March 15!
U.S. DOT Approves $2.5B in Private Activity Bonds for Brightline West Project
The U.S. Department of Transportation (DOT) approved $2.5 billion in Private Activity Bonds authority allocated for the Brightline West High-Speed Intercity Passenger Rail project connecting Las Vegas, NV and Southern California. The 218-mile, high-speed rail line will primarily run along the I-15 median. Brightline West's $12 billion high-speed rail project will be a fully electric, zero-emission system to become one of the greenest forms of transportation in the U.S.
New York Announces $100M for Clean Green Schools Under Environmental Bond Act
New York announced that $100 million is now available through the Clean Green Schools Initiative under the historic $4.2 billion Clean Water, Clean Air, and Green Jobs Environmental Bond Act. The initiative will allow for the advancement of construction projects to reduce greenhouse gas emissions and help public schools improve environmental sustainability and decarbonize school buildings.
Becton, NJ Regional High School Proposes $49.2M Bond for Upgrades
Becton, NJ Regional High School has unveiled a $49.2 million bond proposal dedicated to infrastructure upgrades and renovations. This initiative comes two years after a $55 million proposal was rejected. The school, serving a diversely populated student body from East Rutherford, Carlstadt, and Maywood, is determined to elevate its educational standards, focusing on STEM and vocational training and special education.
Dallas, TX Bond Referendum Increases to Nearly $1.3B
Dallas, TX City Council members agreed to increase the bond plan from $1.1 billion to $1.25 billion for the planned 2024 public improvement bond referendum and public employee pension problems. They also agreed to hold the referendum in May and not November as some people requested.
New Jersey Retires $484M in Bond Debts, Saves Tax Payers $160M
The New Jersey Treasury's Office of Public Finance announced that the Office and other state entities conducted six separate purchases of U.S. Treasury securities using $500 million available for debt defeasance in the NJ Debt Defeasance and Prevention Fund. In total, $484 million in NJ Economic Development Authority School Facilities Construction Bonds, NJ General Obligation Bonds, and NJ Building Authority Bonds were defeased.
Fayette County, GA Authorizes Issuance of $35M in Revenue Bonds
Fayette County, GA commissioners approved authorization to issue the $35 million Fayette County Public Facilities Authority Revenue Bonds (Fayette County Projects), Series 2024, to expedite multiple projects approved through the 2023 special purpose local options sales tax. Funds will finance the acquisition, construction, and equipping of all or a portion of a recreation multi-use facility, a backup emergency 911 center, renovations to the justice center, and stormwater improvement projects.