We are at the initial stages of a major paradigm shift that has significant implications for the municipal market over the next five to 10 years. A number of societal mega-trends will present material challenges for the...more
3/20/2024
/ Climate Change ,
Debt ,
Economic Growth ,
Federal Budget ,
Federal Funding ,
FEMA ,
Immigrants ,
Municipal Bonds ,
Municipalities ,
Natural Disasters ,
Property Insurance ,
Risk Mitigation ,
State and Local Government ,
State Budgets
Anyone who thinks they understand what is happening in the economy – and what will happen – should think some more. The post-pandemic state of the economy is somewhat of a mystery, but a mystery worth exploring. Unemployment...more
As odd as it may seem and as odd as it is to say, what the municipal market, medium-sized banks, and the real estate market need is a good old fashioned (but not too severe) recession.
On July 26, the Federal Reserve Board...more
Bondholders of the Puerto Rico Electric Power Authority (PREPA) have a secured claim only up to the amount of certain funds established under their trust indenture, and an unsecured claim for the value of future net revenues...more
In July 2022, we wrote an alert describing the impact of rising interest rates on the real estate market. There were initial and embryonic signs of a slowdown. Now, we have collected data and surveyed clients and members of...more
1/31/2023
/ Data Collection ,
Debt Ceiling ,
Escrow Accounts ,
Fannie Mae ,
Freddie Mac ,
Hospitality Industry ,
Interest Rate Adjustments ,
Multi-Family Housing ,
Public Sector ,
Real Estate Market ,
Retailers
Whether CCRC residency agreements are treated as leases or contracts under state law could impact the recovery of CCRC bonds in the event of the insolvency of the CCRC owner. Some states treat CCRC residency agreements as...more
9/9/2022
/ Appeals ,
Bondholders ,
Bonds ,
CMBS ,
Forbearance Agreements ,
Interest Rates ,
Leases ,
Mortgages ,
Real Estate Market ,
Refinancing ,
Rent ,
Security Deposits ,
Tax Exemptions ,
Uniform Commercial Code (UCC)
The Federal Reserve will likely raise its target federal funds rate by another 0.75 percentage point as early as next week, according to news reports. Fed officials have already raised benchmark short-term borrowing rates 1.5...more
7/25/2022
/ Borrowers ,
Construction Loans ,
Federal Reserve ,
Foreign Investment ,
HUD ,
Interest Rate Adjustments ,
Mezzanine Lenders ,
Price Inflation ,
Real Estate Market ,
Refinancing ,
Supply Chain
Private activity bonds may finance projects that rely on novel technology subject to intellectual property protections, such as patents, trade secrets, and know-how.
The novelty of the technology presents unique risks for...more
A combination of high debt, low interest rates, and supply and labor shortages has contributed to inflation. Some of this impact is the direct result of the COVID pandemic. COVID has also caused distress in certain vulnerable...more
Although the economy has begun its recovery, it continues to display contradiction and uncertainty. Unemployment continues at a relatively high rate yet businesses complain of not being able to fill job openings. An...more
Congress passed “The Coronavirus Aid, Relief, and Economic Security Act” (CARES Act), which included the “Paycheck Protection Program” (PPP) for small businesses. The PPP provides short-term cash flow assistance to small...more
The CARES Act authorized the Secretary of the Treasury to make up to $500 billion in loans, loan guarantees, and other investments for eligible businesses, States, and municipalities. The term sheet released by the Federal...more
4/10/2020
/ Banks ,
CARES Act ,
Federal Loans ,
Federal Reserve ,
Financial Stimulus ,
Lenders ,
Money Market Mutual Fund Liquidity Facility (MMLF) ,
Municipal Liquidity Facility (MLF) ,
Municipal Securities Market ,
Small Business ,
State and Local Government ,
Tax Relief
On April 2, the Small Business Administration published an Interim Final Rule intended to amend certain existing regulations in order to assist lenders and borrowers in advance of the April 3 opening submission opportunity...more
The CARES Act authorizes $500 billion in lending to medium and large businesses, including nonprofits. A significant amount is set-aside for the aviation and national security sectors, with $454 billion remaining for other...more
4/1/2020
/ Business Closures ,
Business Interruption ,
CARES Act ,
Centers for Medicare & Medicaid Services (CMS) ,
Compliance ,
Coronavirus/COVID-19 ,
Department of Health and Human Services (HHS) ,
Families First Coronavirus Response Act (FFCRA) ,
Federal Loans ,
Federal Reserve ,
Financial Stimulus ,
Health Care Providers ,
Healthcare ,
Lenders ,
Medicaid ,
Medicare ,
Nonprofits ,
Paycheck Protection Program (PPP) ,
Payroll Taxes ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Securities and Exchange Commission (SEC) ,
Small Business ,
Tax Relief ,
Unemployment Insurance