This Article is a summary of the terms and conditions of the Municipal Liquidity Facility (MLF), established by the Federal Reserve, with the Secretary of the Treasury, to provide access to credit to US states, cities, and counties. This is one of several loan and liquidity programs established by the Federal Reserve in coordination with the CARES Act to mitigate the adverse economic effects of the COVID-19 pandemic. The MLF terminated on December 31, 2020.