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Development Finance Review Weekly - April 15, 2021

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Development Finance Review Weekly
April 15, 2021
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CDFA Development Finance Review Weekly

Spotlight

CDFA Now Accepting Applications for the Community Facilities Technical Assistance Program!
With funding from USDA Rural Development, CDFA has the opportunity to provide targeted technical assistance to utilize the USDA Community Facilities Program along with other development finance tools for six rural communities that have recently experienced a natural disaster. Eligible communities must have a population of no more than 20,000 and have a Major Disaster Declaration from FEMA for hurricanes or wildfires in 2018 or floods or tornadoes in 2019. Apply today!

Features

Treasury Department Publishes SSBCI Preliminary State Allocations
During Friday's SSBCI Briefing, the U.S. Department of the Treasury announced that the preliminary state allocation amounts for the SSBCI program have been published. The information can be found in the CDFA SSBCI Resource Center and on the newly-updated SSBCI page on Treasury's website.

Powell Says U.S. Entering Faster Growth, Though Virus Spike Remains a Risk
The Federal Reserve will likely taper off its bond purchases before considering raising interest rates, according to Chairman Jerome Powell. "We will reach the time at which we will taper asset purchases when we've made substantial further progress toward our goals from last December when we announced that guidance," Powell said in a virtual event hosted by the Economic Club of Washington.

Treasury Establishes New Office to Lead Implementation of Relief and Recovery Programs
On April 14, the U.S. Department of the Treasury announced the establishment of the Office of Recovery Programs to lead the Department's implementation of economic relief and recovery programs, including nearly $420 billion in programs from the American Rescue Plan Act of 2021.

Biden Administration Request Gives Boost to Agriculture Budget
The Biden Administration's discretionary budget request gave agriculture a big step up in funding, a 16% increase from the 2021 enacted level, a jump of $3.8 billion to $27.8 billion. Secretary of Agriculture, Tom Vilsack, stated that the discretionary budget would expand broadband access; provide more funds for agricultural research; would provide more money for forest management; and would increase the funding for the SNAP and WIC.

Washington Has Supplied the Dollars to Save Small Businesses, but Local Leaders Need to Supply the Strategy
Small business stabilization is a central plank in the nation's economic response to COVID-19. Over the last 12 months, the federal government has provided $932 billion in small business loans and advances—a scale that is without precedent. Between ongoing federal relief programs, flexible local funds, and the state-controlled SSBCI initiative, it is going to take smart federalist approaches—organized locally—to support an inclusive small business recovery.

How States Can Avoid Costly Pitfalls While Rebuilding Their Economies
An unexpected decrease in revenue is one of the most challenging budget situations that state governments can face, as recent experiences grappling with the impact of the pandemic show. Policymakers are also feeling pressure to get their economies back on track. If economic development incentives are part of a state's recovery strategy, leaders should reduce fiscal risk, make informed policy decisions, and revisit programs for relevancy.

North Dakota Gov. Burgum Signs Legacy Fund Investment Bill
Gov. Doug Burgum has signed a bill that is aimed at creating a broader investment policy for the state's voter-approved oil tax savings account. House Bill 1425 sets targets for investing a greater portion of the Legacy Fund principal in North Dakota and requires that the State Investment Board give preference to qualified investment firms with a presence in the state. Under the proposed legislation, earnings from investments would be used to establish a revolving loan fund.

Upcoming Events
Intro Opportunity Zones Finance WebCourse
News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

Alabama's $850M P3 Deal Aims to Replace Overcrowded Jails
Alabama's goal to replace the old and overcrowded state prisons at the center of a long-running legal battle will get a financial boost from an $850 million public-private partnership bond deal this week. The Public Finance Authority of Wisconsin will serve as the conduit issuer for the Alabama Department of Corrections' project to build two prisons for male inmates.

Puerto Rico Central Government Bondholders Want Stays Upheld on Revenue Bonds
Puerto Rico central government bondholders are opposing part of an Oversight Board motion to restart suits on Puerto Rico revenue bonds. Bondholder parties to the central government Plan Support Agreement (PSA) filed a "limited objection" to the board's motion Wednesday afternoon in the Title III bankruptcy, asking the court to maintain the litigation stay on the issue of creditor priorities.

CDFA is proud to partner with The Bond Buyer as our Official Media Sponsor. Read more about this partnership and all of its benefits here.

Upcoming Webcasts

CDFA // BNY Mellon Development Finance Webcast Series: Social Impact Investing Credit Ratings for CDFIs
Tuesday, April 20, 2021 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA // BNY Mellon Webcast Series, we will explore how CDFIs, by obtaining a credit rating, can demonstrate the value of making social impact investments.

CDFA SSBCI Briefing
Friday, April 23, 2021 - 1:00 PM - 2:00 PM Eastern

CDFA-TEDC Webinar: Putting RLFs to Work: Focusing on Access to Capital for Small & Minority-Owned Businesses
Tuesday, April 27, 2021 - 1:00 PM - 2:30 PM Central
Join CDFA, in partnership with the Texas Economic Development Council, for the CDFA-TEDC Webinar: Putting Revolving Loan Funds to Work: Focusing on Access to Capital for Small & Minority-Owned Businesses. Connect with development finance experts from around the state for an exclusive, 90 minute-long webinar discussion focused on practical guidance for RLFs aiming to expand access to capital for small and minority-owned businesses.

Job & RFP Postings

Invest Atlanta Seeking Public Relations Specialist
Invest Atlanta is seeking a professional with three or more years of public relations experience to assist with expanding our outreach to key stakeholders, primarily through the media, executive visibility, content development, events, and other initiatives. The Public Relations Specialist will be a key member of Invest Atlanta's Marketing and Communications team.

This Week's Headlines

Housing in Brief: Biden's Infrastructure Plan Calls for $213B for Housing
Next City | Apr. 14 | Housing Finance | Infrastructure Finance | Legislative

Tracking COVID-19 Relief for Human Services and Education Programs
NaCo | Apr. 14 | Community Development | Disaster Recovery & Relief | Education | Federal | Social Finance | COVID-19

Wisconsin Investing $100M in Business Recovery
Fox 11 News | Apr. 14 | Access to Capital | Disaster Recovery & Relief | COVID-19

IRS Guidance Provides Flexibility for Disaster-Related Extension of OZ Working Capital Safe Harbor
Novogradac | Apr. 13 | Federal | Internal Revenue Service (IRS) | Opportunity Zones

NIFA Invests Over $14.3M for Ag Workforce Training and Rural Economic Development
USDA NIFA | Apr. 13 | Agriculture Finance | Federal | Rural Development | U.S. Dept. of Agriculture (USDA)

Big Increases for Rural Power, WIC, Ag Research in Biden Proposal
Successful Farming | Apr. 12 | Agriculture Finance | Energy Finance | Federal | Infrastructure Finance | Resiliency | Rural Development | U.S. Dept. of Agriculture (USDA)

New Hampshire Prepares to Receive Billions from Latest Federal COVID Relief Package
New Hampshire Public Radio | Apr. 12 | Access to Capital | Disaster Recovery & Relief | State Finance Program | State Small Business Credit Initiative (SSBCI) | COVID-19

Rhode Island Announces Small Business Relief Grant Program
ABC 6 | Apr. 12 | Access to Capital | Disaster Recovery & Relief | Food Systems Finance | State Finance Program | COVID-19

A City's Only Hospital Cut Services. How Locals Fought Back.
The Wall Street Journal | Apr. 11 | Access to Capital | Community Development | Healthcare | Revolving Loan Funds (RLFs) | Rural Development

Highlights from the Restaurant Revitalization Fund
QSR Magazine | Apr. 9 | Access to Capital | Disaster Recovery & Relief | Federal | Food Systems Finance | COVID-19

Kentucky Agricultural Finance Corporation Approves $1.3M in Loans
WTVQ | Apr. 9 | Access to Capital | Agriculture Finance | Food Systems Finance | Revolving Loan Funds (RLFs)

Legislation Introduced to Support Transit in Smaller Communities
Transportation Today | Apr. 9 | Infrastructure Finance | Legislative | Rural Development

Tennessee's Chance to Share in Nation's $10B SSBCI Initiative Due Soon
Venture Nashville | Apr. 9 | Access to Capital | State Small Business Credit Initiative (SSBCI)

Big Sky Economic Development Receives $1.8M for Revolving Loan Fund in Montana
Billings Gazette | Apr. 8 | Access to Capital | Disaster Recovery & Relief | Revolving Loan Funds (RLFs) | U.S. Economic Development Administration (EDA) | Revolving Loan Funds (RLFs) | COVID-19

DOE Announces $61.4M for Biofuels Research to Reduce Transportation Emissions
U.S. Department of Energy | Apr. 8 | Energy Finance | Federal | Green Finance | U.S. Dept. of Energy (DOE)


New Additions to the Online Resource Database

COVID-19 Relief for Human Services and Education Programs
Community Development | Disaster Recovery & Relief | Education | Social Finance
The Families First Coronavirus Response Act, CARES Act, Consolidated Appropriations Act of 2021, and the American Rescue Plan Act included billions of dollars in supplemental funding for human services and education programs as well as various flexibilities for the states and counties responsible for administering these programs. This NACo brief provides an overview of steps the federal government has taken to implement these new resources and administrative changes.


National Sponsor Spotlight

NW Financial Group, LLC NW Financial Group, LLC
NW Financial Group LLC is the premier Financial Advisory / Municipal Underwriting firm in the Northeast whose experienced professionals provide unparalleled expert advice to States, Local Governments, and Authorities. The professionals that make up...
PGAV Planners, LLC PGAV Planners, LLC
PGAV is a global leader in planning, design, and development consultation to public, corporate, and institutional clients. For more than fifty years, PGAV has created unique approaches and solutions to community planning and development issues, and...
SB Friedman Development Advisors SB Friedman Development Advisors
SB Friedman Development Advisors is a real estate and development advisory firm specializing in development strategies and public-private partnerships. Founded in 1990, they work with public, private and institutional clients. Their mission is to...

Partner Spotlight

The Bond Buyer The Bond Buyer
The Bond Buyer is the only independent information resource serving the municipal finance community. Every day and throughout the day, through its web site, e-newsletters and alerts, and daily print edition, The Bond Buyer reaches more than 25,000...

CDFA Bookstore

Cover thumbnail Tax Credit Finance Reference Guide
The Tax Credit Finance Reference Guide provides an exploratory overview of how communities can use tax credit finance programs to support economic growth. This guide examines how to effectively apply tax credits to development opportunities, and explains the basics of tax credits and the fundamentals of using these tools.

New Members

Black Business Investment Fund Florida - Orlando, FL

Blueprint Local - Fort Collins, CO

Development Capital Networks - Scottsdale, AZ

Elevate Ventures, Inc. - Indianapolis, IN

Greater Nashville Regional Council - Nashville, TN

Meridian Management Group, Inc. - Baltimore, MD

Women's Opportunities Resource Center - Philadelphia, PA

The Council of Development Finance Agencies is a national association dedicated to the advancement of development finance concerns and interests. CDFA is comprised of the nation's leading and most knowledgeable members of the development finance community representing public, private and non-profit entities alike. For more information about CDFA, visit www.cdfa.net or e-mail info@cdfa.net.

Council of Development Finance Agencies
100 E. Broad Street, Suite 1200
Columbus, OH 43215
(614) 705-1300
info@cdfa.net

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CDFA National Sponsors

  • BNY Mellon
  • Bricker Graydon LLP
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
  • CohnReznick
  • Frost Brown Todd LLP
  • Grow America | Formerly NDC
  • Hawes Hill and Associates LLP
  • Hawkins Delafield & Wood LLP
  • Ice Miller LLP
  • KeyBanc Capital Markets
  • Kutak Rock LLP
  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
  • PGAV Planners, LLC
  • Raza Development Fund
  • SB Friedman Development Advisors
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
Become a Sponsor