In 2021, the 50 states and the District of Columbia received $39.3 billion in new volume cap allocation. In 2022, the 50 states and the District of Columbia received $39.8 billion in new volume cap allocation, an increase of $422.9 million from the...

The Bond Finance Reference Guide provides readers with a thorough understanding of the different types of bonds, key players in a bond transaction, strategies and techniques in structuring, sizing, and closing bonds, the process of issuing bonds,...

Linking development finance and food systems can be a daunting undertaking for any community. Research on the current ecosystem of food systems finance has positioned CDFA to identify key strategies for the path ahead in this work. The Food Systems...

Regenerative farms rely on small-to-mid scale, aligned infrastructure to process, transport, and market their products. These middle infrastructure businesses help to improve farm income and bolster regional food economies while providing...

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...

This Ballard Spahr white paper describes current market standards for ESG bond labeling, verification, and disclosure, with a focus on green bonds and social bonds, best practices for primary and secondary market disclosure and post-issuance...

This MSRB study examines the taxable bond market through the lens of the COVID-19 pandemic. It examines taxable bond issuance volumes during the pandemic and compares them to levels seen during the Build America Bonds program. In many cases, taxable...

This publication provides an overview of the federal tax law rules that apply to municipal financing arrangements commonly known as “governmental bonds.” It is intended to help issuers meet federal tax law requirements to ensure that interest...

Recently there has been a surge in issuance of taxable municipal bonds. Between January and November of 2020, $129.3 billion in taxable bonds were issued (31% of all municipal bonds issued over this period), up from $67.3 billion in 2019 and $25.1...

The Public Finance Network, a coalition of bipartisan organizations, released a new report, the Advance Refunding Myth Buster. The report aims to educate and inform partners on advance refunding municipal bonds, a crucial infrastructure financing...

This resource summary is for state, local, and K-12 energy professionals and non-finance experts seeking to understand how bonds can be used to pay for energy efficiency and renewable energy projects and initiatives. It outlines market trends in...

During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, finance experts discussed the Municipal Liquidity Facility's requirements, market trends since the MLF's launch, and what can be done to make the MLF an attractive...

The Kansas Legislative Division of Post Audit examined how Kansas and other states used private activity bonds in calendar years 2016 through 2018. In this audit, they used data from CDFA and other states to determine how states used private...

Established in the 1980s, the ‘‘Aggie Bond’’ program provides beginning and low-equity farmers with access to capital. The bonds, which pay tax-exempt interest, may be used by qualifying famers for purchases of farm real estate and equipment. The...

As the investment community in the United States, particularly within the fields of sustainable, responsible, and impact investing, shows an increasing appetite for investing in sustainable agriculture and food systems across asset classes, a subset...

Researched and written by CDFA, this is the third white paper in a series examining the potential creation of a food systems asset class that supports the market growth of local and regional food systems. This paper focuses specifically on bond...

This document, “Access to Capital and Credit in Native Communities: A Data Review” (Data Review) begins to answer the questions: Where does Native America stand now in terms of capital and credit access? What has been the effect of new action and...

As interest in sustainable food systems and agricultural value chains grows, increasing numbers of investors are beginning to explore high-impact investing opportunities in food, farming, and forestry across asset classes.

Beginning April 1, 2019, issuers of qualified private activity bonds will be governed by a new set of TEFRA regulations (the Final TEFRA Regulations). The Final TEFRA Regulations, which stem from the Treasury Department’s 2017 Proposed Regulations...

This IRS Publication 4078, Tax-Exempt Private Activity Bonds, provides a revised overview of the general federal tax law rules that apply to qualified private activity bonds.

The NIJC produced this helpful executive summary of Tribal Economic Development Bonds for tribal leaders.

Governmental entities have been using debt (most often in the form of “municipal bonds”) for over 200 years to fund public infrastructure such as government buildings, water distribution systems, schools, police stations and many other projects that...

The IRS Publication 5005 provides an overview for state and local governments of the responsibilities of the conduit issuer with respect to the tax compliance in municipal financing arrangements commonly known as conduit financings.

Indiana Bond Bank Presentation on Financing Options for Local Government

An Introduction to Private Activity Bonds from the Congressional Research Service.

Steve Eikenberry walks through bond deals and explores strategies for maximizing the tool throughout the state. He also discusses the current state of Private Activity Bonds structures.

Maik focuses on how bonds can be used today to provide a significant portion of a project's capital stack with a special focus on bond financing programs in Florida.

Pat Ray explores how IDAs in AZ play a role in economic growth and what we can expect for overall trends in issuance and performance.

Bond financing remains the bedrock development finance tool for economic development in an ever-evolving market. Linda Matkowski with Stern Brothers & Co. and Mark Spykerman with Gilmore & Bell, PC explore the recent trends in bond financing...

Bond financing remains the bedrock development finance tool for economic development. Seth Crone with The Bank of New York Mellon and Lee McCormick with Community Development Associates discuss how this long-standing tool can be used today to...

Jamie Rhodes discussed how to capture insurance benefits from resilient infrastructure projects.

League of Minnesota Cities provides a guide on the requirements for a city to establish criteria for awarding business subsidies and various development agencies cities may create. An overview of state and federally sponsored programs for...

During this CDFA // BNY Mellon Development Finance Webcast, panelists Matthias Edrich of Kutak Rock and John Vahey of Bond Dealers of America share insight on the new proposal from the IRS affecting Issue Price for tax-exempt bonds.

During this CDFA // BNY Mellon Development Finance Webcast presentation, panelists Matthias Edrich of Kutak Rock and John Vahey of Bond Dealers of America share insight on the new proposal from the IRS on Issue Price for tax-exempt bonds.

In this report by the National Renewable Energy Laboratory, ways to use public funds to catalyze private investment in solar energy are explored.

Julie Santamaria from RBC Capital Markets and Michael Watkins from Greenberg Traurig LLP cover the players involved in a bond deal and each player's role in the process of issuing bonds.

Bill Spivey from Florida Development Finance Corporation and Joe Stanton from Broad and Cassel cover the fundamentals of bonds and give a brief overview of the bond market in Florida.

Ron Braun from Stern Brothers and Mike Hallmann from Lantern Associates cover bond financing to support organizations in the non-profit sector, including nursing homes, hospitals, educational facilities and K-12 charter schools, and other...

Jennifer LaRocco from Gray Robinson P.A. gives an update on navigating today’s regulatory environment and what events have occurred as part of the MCDC Initiative.

Steve Eikenberry from First American Bank provides a look at who buys bonds and explain the steps required to bring bonds to the capital markets through a trading desk.

Jeffrey T. Larson from Larson Consulting Services and Mark C. Mason from City of Tamarac present on the borrower's role in bond financing and explain the pros and cons of bond financing that a borrow should be aware of when seeking financing.

In this report by the Energy Programs Consortium, an update is given on Qualified Energy Conservation Bonds (QECBs) including utilization trends.

In this paper by the Clean Energy Group, program and policy information, finance tools, and best practices are explored concerning resilient power and disaster planning.

RBC Wealth Management produced this brief glossary explaining some of the more commonly-used terms unique to the municipal bond industry.

Jeff DeMonbrun (GATES Capital Corporation), Ann Gaunt (S.B. Clark Companies), Maouda Omar (CHFA), and Erich Kennedy (Dinsmore & Shohl LLP) discuss the general process of utilizing bonds, as well as the role of bonds in financing projects in Colorado.

MB Financial published this article explaining how Industrial Revenue Bonds (IRBs), also known as Industrial Development Bonds, can be an effective economic development tool.

The Municipal Securities Rulemaking Board's (MSRB) 2014 Factbook includes comprehensive and historical statistics on the municipal market. Data includes quarterly and yearly aggregate information from 2010 to 2014.

The CDFA Brownfields Financing Toolkit provides communities with an easy-to-use, best practices resource on brownfields redevelopment. The toolkit brings together the best financing concepts and techniques to provide a comprehensive response to...

The goal of National Association of Counties' analysis is to provide a county perspective on the municipal bond market and to estimate the impact of possible changes to the tax-exempt status of municipal bond interest on counties.

These Guidelines are provided by the Governor’s Office to assist issuers in understanding how the Volume Cap allocation formula will be administered for 2015.