This is a term sheet for the Federal Reserve Bank's Municipal Liquidity Facility. It was updated on May 11, 2020.

The second webinar in our disrupted economic development series features Baker Tilly’s municipal advisors in a conversation about how COVID-19 is impacting municipal finance and economic development in the public sector, specifically what...

During the April 17, 2020 Weekly COVID-19 Development Finance Briefing, panelists discussed the latest movements in the capital markets. Speakers included Mike Decker with the Bond Dealers of America, Eric Kazatsky with Bloomberg Intelligence, Tom...

This report to Congress examines the Board of Governors of the Federal Reserve's establishment of the Municipal Liquidity Facility (MLF) to help facilitate access to credit and liquidity so that state, city, and county governments are better able to...

During the April 10, 2020 Weekly COVID-19 Development Finance Briefing, Bruce Katz from Drexel University, Rachel Reilly from the Economic Innovation Group, and Katie Kramer from CDFA examined relief efforts run by local governments, philanthropic...

During this Legislative Briefing, we discussed the latest information about the next stimulus act (Phase 4) from Congress and the urgent actions development finance agencies should take. We examined legislative reactions to the CARES Act, what we...

In Baker Tilly's Disrupted economic development webinar, Baker Tilly’s small business managing partner and others discussed the economic development impacts public sector and private sector organizations are experiencing and expecting in the wake of...

Volatility has risen significantly in financial markets, driven by COVID-19. How might this affect US multifamily and commercial real estate (CRE) transaction markets? In this paper, Moody's explores these issues, fully acknowledging that learning...

Based on the input of our 500+ members, CDFA has developed a set of policy proposals that would allow state and local governments, through development finance agencies, to be immediate problem solvers that can help alleviate the extreme economic...

This brief, published by the International Renewable Energy Agency (IRENA), posits that reallocating global capital into sustainable solutions requires a greater supply of effective and desirable capital market instrument. Green bonds help bridge...

CALED knows from its work supporting economic development throughout California that infrastructure financing is a challenge for many rural communities. CALED collaborated with CDFA to develop this guidebook to meet the need for a resource to help...

"Moving America and the Environment Forward" is a House Ways and Means Committee statement of principles on how the committee wants to approach an infrastructure bill. It includes $760 billion of proposals.

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...

This report by the Staff of the Joint Committee on Taxation was prepared on January 29, 2020 for a hearing before the House Committee on Ways and Means. It discusses an overview of infrastructure financing options, including the highway trust fund,...

The National Climate Bank Act of 2019 was introduced in the U.S. Senate on July 8, and in the House on December 12, 2019. This paper discusses their lessons and precedents for the National Climate Bank, including relevant details of their formation,...

During this installment of the CDFA // BNY Mellon Development Finance Webcast, hear from our experts as they dive into the data, examine the trends, and offer a preview of the bond market in 2020.

Please be advised that on Tuesday, January 21, 2020, the Internal Revenue Service released a revised Form 8038-CP, Return for Credit Payments to Issuers of Qualified Bonds (“IRS Form 8038-CP”).

This report from Janney Montgonery Scott LLC's Investment Strategies Group provides an outlook of the capital markets in 2020. Their views should help to sharpen the focus on those that matter as they score the evolution of trade, the global...

IRS Revenue Procedure 2019-44 sets out the calendar year 2020 Low-Income Housing Tax Credit amounts, Bond Volume Cap, loan limits on agricultural bonds, arbitrage rebate rules, and other important amounts.

The World Bank's 2019 Green Bond Impact Report shows investors how we are working with our member countries to support their climate finance efforts and deliver results, on a project-by-project basis.

This report provides financing strategies for the redevelopment of One Monument Square in Troy, NY.

This report details several notable SEC accomplishments in Fiscal Year (FY) 2019. This year’s Agency Financial Report also includes the results of the independent audit of the SEC's FY 2019 financial statements.

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...

Another affordable rental housing funding crisis is brewing–a crisis in the supply of private activity bonds (PABs). PABs are a big part of the answer to the affordable rental housing crisis, but are subject to the annual state volume cap, in...

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.

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

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

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....