The establishment of safe harbors is one of the key issues raised by public finance industry groups in their comments to the U.S. Treasury, Internal Revenue Service and the Governmental Accounting Standards Board on their proposed guidance for...

In 2011, Governor Cuomo created ten Regional Economic Development Councils (REDC) and the Consolidated Funding Application (CFA) to advance the administration’s efforts to improve New York’s business climate and expand economic growth. This 2019...

While digital technology has transformed virtually every industry, in certain respects the muni bond market continues to operate in ways that date back to its origins more than 200 years ago. In this Bond Buyer white paper, find out how new...

John Wooten, Philip Angelo, Colin Kalvas, Ryan Kozak, and Dennis Reilly present Bond Financing for Healthcare & Housing Projects

In 2018, the 50 states and the District of Columbia received $37.1 billion in new volume cap allocation, an increase of nearly $1.8 billion from 2017. Total private activity bond issuance slightly decreased from $24.86 billion in 2017 to $24.14...

The annual CDFA Volume Cap report is an essential outline of national private activity bond issuance trends and is used by issuers, researchers, trade groups, and political offices to understand the private activity bond landscape. During this...

This report, authored by the Northeast-Midwest Institute, lays out the major models of public banking around the world and in the United States and examines their various advantages, obstacles, and feasibility of implementation. This report...

CDFA and LISC collaborated on this report, which is designed to offer community organizations an overview of the possible trajectories and best practices to consider when designing community-based Opportunity Zones strategies.

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...

The CDFA Conduit Bond Fee Study evaluates the landscape of current conduit bond fees in order to share best practices and common structures employed by conduit bond issuers across the country. The CDFA Conduit Bond Fee Study only looks at fees...

As the bond market changes, bond issuers must work diligently to keep their fee structures up to date. During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we looked beyond the fee structures and broke down the...

Cities, regions, and states across the country are facing natural disasters that can have devastating effects on life, property, the economy, and ecosystems. Climate change is already having observable effects on the environment, and past conditions...

This Public-Private Partnership Procurement Guide (Guidebook) provides advanced guidance on procedures, issues, and considerations involved in public-private partnership (P3) procurement of surface transportation projects, with a focus on highway...

When investing within the large, diverse municipal bond market with $4.0 trillion of municipal debt outstanding and over 50,000 issuers, investors must generally choose between two broad categories of bonds: revenue and general obligation (GO). Both...

Brad Fletcher from Illinois Finance Authority discusses C-PACE funding in Illinois.

Rich Frampton from Illinois Finance Authority sets the stage to discuss using Opportunity Fund capital with Bonds in Illinois.

Chris Kane from Hannon Armstrong Sustainable Real Estate discusses C-PACE with Opportunity Zone Equity in Illinois.

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...

In the second Quarterly Legislative Update of 2019, CDFA's Legislative Team discussed progress on pending CDFA legislation, other pending development finance legislation such as extenders, as well as what to expect from Congress in the coming months.

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...

One-third of reservation-based Native Americans fall below the poverty line, and the nations governing these reservations, unable to spur economic development, struggle to provide even the most basic services. Yet, despite their difficulty in...

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...

During this installment of the CDFA // BNY Mellon Webcast Series, expert speakers from CAI Global, Baltimore Development Corporation, Arlington Economic Development, and VEDP provided an in-depth overview of the approaches being used by cities,...

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...

The Internal Revenue Service (IRS) on May 22, 2019, 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...

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.

Green bond guidelines are being implemented across the globe to support issuers and investors in selecting and reporting on suitable projects. However, a gap of adoption of green definitions remains, suggesting the need to develop consistent...

There are substantial opportunities to leverage green bonds to finance low-carbon buildings and energy efficiency in the country. Issuance across the world shows that capital markets can be accessed to finance energy efficiency and buildings....

During this webinar, Bethany Pugh, Managing Director at PFM, Todd Fraizer, Managing Director at PFM, Austin McGuan, Director, Stifel Nicolaus & Company, Matthew Eisel, Managing Director at PFM, and Robert McCarthy, Partner with Bricker & Eckler LLP...

Roger Bohnert from the U.S. Department of Transportation provides an overview of the financing programs offered through the Build America Bureau at the 2019 CDFA Federal Policy Conference.

David Rogers from Frost Brown Todd offers case studies and creative financing structures to support sustainable infrastructure projects at the 2019 CDFA Federal Policy Conference.

During this webinar, Bethany Pugh, Managing Director with PFM, Robert Novembre, CEO & Founder of Clarity Market Holdings, Lindsey Brannon, Head of Finance at Neighborly, and Gregg Bienstock, CEO & Co-Founder of Lumesis discussed how emerging...

Cities have recently integrated more green infrastructure strategies into their climate resiliency planning. Creating climate-resilient cities takes more than a series of infrastructure investments; more than sea walls and permeable pavement. It...

From the Georgia Development Authority Handbook, Chapter 8 explains in great detail how bond financing works in Georgia.

In this first quarter installment of the CDFA Quarterly Legislative Update, CDFA's Legislative Team provides an update on what we can expect from Congress in 2019, an overview of the 2019 CDFA Policy Agenda and a briefing on our recent conversations...

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...

During this webinar, Eric Espino with PFM, Heather Green with the City and County of San Francisco, and Bob Gamble with PFM discussed how cities are addressing the challenges of climate change and the types of bond and financing structures being...

The United States’ deteriorating infrastructure is woefully underprepared to address the challenge of adapting to climate change. The funding gap has presented an opportunity for global capital markets to create investment vehicles that provide...

This session discussed the recent amendments and how to prepare. The discussion included insights and reminders about how to remain compliant in all areas from main regulatory bodies for bond financing in the capital markets. Speakers on this...

During this webinar, Daniel Kozloff with PFM, Jeffrey Pearsall with PFM, and Jay Bartlett with Citigroup Global Markets Inc. featured the pros and cons and the questions that remained twelve months into the new tax law.

The Department of the Treasury's IRS released new Proposed Regulations regarding Bond Reissuance. The Proposed Regulations address the subject of “reissuance” in connection with issues of tax-exempt obligations. The 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.

This 1-page issue brief from the Common Ground Alliance discusses how Exempt Facility Bonds can be used to finance water and wastewater infrastructure.

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

The Washington State Department of Commerce authors this biennial report on its Bond Cap Allocation Program for the state's legislature. This is the report for 2018.

IRS Revenue Procedure 2018-57 set the volume cap on Private Activity Bonds for calendar year 2019, Loan Limits on Agricultural Bonds, and amounts used to calculate the low-income housing tax credit (LIHTC) for the calendar year 2019.

This webinar shares insights on today’s capital market, including insight and the role rating agencies play in the capital market.  Speakers include Robert Gamble, Michael Todd Fraizer, and Kenneth Schiebel from Public Financial Management, as well...

Municipal bonds are a particularly popular investment vehicle because interest earned is not subject to federal income tax. However, many investors do not realize that not all municipal bonds are free from Uncle Sam’s tax bite. Alan Schankel,...

Chris Burnham with the Development Finance Authority of Summit County presents on their bond fund and the Akron Community Revitalization Fund.

Harry Huntley with the South Carolina Jobs-Economic Development Authority presents on several conduit issuances in Rock Hill, SC including the issue for Rock Hill Arena.