States' borrowing ability may be limited and federal deficit reductions are expected to leave municipal market in limbo, report Kathy Bergen, Kristen Mack and Monique Garcia for Chicago Tribune.
Bonds with s federal funding component are likely to be affected, said Brian Battle, director at Performance Trust Capital Partners.
"Often those finance pollution control, housing or transportation projects, such as the O'Hare International Airport expansion."
As the markets fluctuate, and the effects of the U.S. credit downgrade become clearer, states and cities wait to see what will happen next.
"For now, some government officials are in limbo. And Illinois and Chicago, which already have subpar ratings, are more vulnerable to downgrades, said (bond expert Richard Ciccarone, managing director at McDonnell Investment Management LLC)."
"If Illinois is downgraded, it may see its borrowing costs rise by 0.5 to 2 percentage points, said spokeswoman Kelly Kraft."
FULL STORY: Debt-rating deluge could trickle down to cities and states
Depopulation Patterns Get Weird
A recent ranking of “declining” cities heavily features some of the most expensive cities in the country — including New York City and a half-dozen in the San Francisco Bay Area.
California Exodus: Population Drops Below 39 Million
Never mind the 40 million that demographers predicted the Golden State would reach by 2018. The state's population dipped below 39 million to 38.965 million last July, according to Census data released in March, the lowest since 2015.
Chicago to Turn High-Rise Offices into Housing
Four commercial buildings in the Chicago Loop have been approved for redevelopment into housing in a bid to revitalize the city’s downtown post-pandemic.
New Park Opens in the Santa Clarita Valley
The City of Santa Clarita just celebrated the grand opening of its 38th park, the 10.5-acre Skyline Ranch Park.
U.S. Supreme Court: California's Impact Fees May Violate Takings Clause
A California property owner took El Dorado County to state court after paying a traffic impact fee he felt was exorbitant. He lost in trial court, appellate court, and the California Supreme Court denied review. Then the U.S. Supreme Court acted.
How Urban Form Impacts Housing Affordability
The way we design cities affects housing costs differently than you might think.
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