We are deeply grateful for the continued engagement and support of our members. This year, CDFA was thrilled to welcome 90 new members who recognize the value of joining our dynamic community. With a network of over 400 organizations, CDFA members enjoy access to exceptional educational opportunities, a vibrant professional network, exclusive discounts, mentorship, federal funding services, and the world's largest collection of development finance resources. We invite you to join us and experience the full value of CDFA membership!

CDFA proudly welcomed its new Board Chair, Sue Hounsel, and a refreshed slate of officers who will lead the organization over the next two years. Join us in welcoming newly elected Vice Chair, Lori Matheus (New Jersey Economic Development Authority), Treasurer, Steve Johnson (CHFA), Secretary, Lamont Price (TNECD), and Additional Officer, Brinda Ganguly (New York City Economic Development Corporation). This leadership transition marks an exciting milestone, bringing renewed vision and strengthened governance to support CDFA's mission. With their combined expertise and commitment, the new officers are poised to guide strategic initiatives, elevate member engagement, and advance development finance nationwide.

CDFA was excited to have 225 attendees at this year's National Summit in San Juan, Puerto Rico! We gathered for three action-packed days, filled with two CDFA courses, dozens of breakout sessions, hundreds of guest speakers, and plenary session speakers from notable Puerto Rico economic development institutions. We also hosted the first-ever Mentorship Live Event and Community Capital Collaborative dynamic speed networking session.

CDFA sponsors play a vital role in helping power our programs, events, and initiatives throughout the year. Their support doesn't just sustain our work, it amplifies it, bringing new ideas, stronger connections, and greater impact to the entire development finance community. We're truly grateful for the support you provided in 2025 and everything you give to CDFA, our members, and our network nationwide. We look forward to continuing our work together in 2026!

In the fall, CDFA and Grow America announced a new strategic partnership aimed at strengthening the field of community and economic development nationwide. This partnership will amplify the organizations' complementary strengths—CDFA's national leadership in development finance and Grow America's deep implementation expertise—to deliver expanded services, training, and resources to communities across the country. CDFA thanks Grow America for their collaboration and vision!

CDFA successfully completed its relocation from the downtown office to a new space in Dublin, Ohio, marking a significant operational milestone. The move provides the organization with a more modern, flexible workspace that better supports collaboration, productivity, and future growth. This transition enhances accessibility for staff and partners while positioning CDFA in a thriving community. The new office represents an investment in the organization's long-term success and its ability to serve the development finance industry more effectively.

CDFA hosted five webinars this year on strengthening local food systems through exploring innovative finance strategies. Through five sessions, participants learned from national experts about sustaining investment amid shifting federal priorities, leveraging partnerships, and designing new mechanisms such as food-focused loan guarantees to build a more resilient and inclusive food economy. Recorded webinars are available to view on the CDFA website.

CDFA launched the "Annual Volume Cap Report: An Analysis of 2021-2023 Private Activity Bonds & Volume Cap Trends." This year's report combines the findings for the 2021, 2022, and 2023 volume cap data, trends, and analysis. As a leader in the development finance industry, CDFA serves as the principal source for PAB volume cap data, reporting, and trends. Thank you to contributors Toby Rittner, Quentin Sheets, Peter Lawrence, and Jerad Groves.

We extend our heartfelt thanks to U.S. Bank and CHFA for their partnership in launching the CDFA Mentorship Program this year, and to all of the program participants for their enthusiasm and dedication. Together, we are helping to build a more deeply connected community and foster the next generation of development finance leaders.

This year, CDFA launched the new TIF and Opportunity Zones Networking Circle Forums as an exclusive member benefit for all our members. These are quarterly, hour-long virtual meetups designed to connect professionals working with a development finance tool. Thank you to our TIF Networking Circle sponsor, Stifel. Catch the first Opportunity Zones Networking Circle Forum on December 11. We're excited to expand our Networking Circles in 2026!

The CDFA team participated in speaking engagements across the country, sharing insights on development finance tools, capacity-building, and emerging trends. Early in the year, Toby Rittner traveled to Harrisburg, PA, at the invitation of the Pennsylvania Economic Development Association to present on unlocking the development finance toolbox. Fawn Zimmerman was invited as a guest speaker for three USDN Scale Up Cohort training sessions, supporting small communities working to advance local environmental action, and later presented an "Understanding CDFI Certification" session to the Ohio Bankers League. Toby Rittner also traveled to Vermont to provide the keynote address at the 11th Annual Vermont Development Conference.

Over the past eight years, with support from the W.K. Kellogg Foundation, CDFA has worked to increase opportunities to leverage existing capital to support local and regional food systems. We provided training, including a webinar series reaching nearly 3,000 practitioners, and published key research such as a six-part white paper series, a guidebook, and a risk-debunking report. We launched the first Food Finance Portal and formed a national Food Systems Finance Advisory Council. Through strategic planning in regions like King County, WA, Detroit, MI, and New England, we've built a national platform of tools and partners. We're excited to build on this momentum in 2026: strengthening our work, scaling our reach, and deepening our impact across communities.

In 2025, CDFA staff traveled nationwide to deliver hands-on technical assistance, training, and strategic finance support in partnership with local leaders. Teams facilitated multi-day food systems finance workshops in Falcon Heights, MN, and Las Cruces, NM, and conducted Strategic Finance sessions in Knoxville, TN, and Lafayette, LA. Staff also led a Strategic Finance retreat in San Bernardino, CA, supported the development of Louisville's emerging Green Bank, and delivered development finance tool training at the University of Tennessee in Chattanooga. These visits strengthened local capacity, expanded CDFA's national reach, and deepened relationships with communities committed to advancing innovative development finance solutions.

CDFA was honored to host the 2025 class of the Caren S. Franzini Fellowship—Gabriela Castillo with the City of Dallas, Katie Littman with Louisville Metro Government, Sarah Ortner with the Milken Institute, and Fariha Sheikh with the New Jersey Economic Development Authority (NJEDA). This year's class produced a white paper that analyzed blended capital models used to finance the revitalization of under-resourced commercial corridors.

CDFA has welcomed twelve new graduates to the prestigious Development Finance Certified Professional (DFCP) Program in 2024. Congratulations to Quentin Sheets, Rachel Bakken, Christopher Smith, Charity Karanja, Mindy Tramel, Kevin Donnelly, Beth Woodring, Andrew Busker, Tiffany Janssen, Marisa Moazen, Isai Sanchez, and Sam Buckley. Congratulations on this momentous achievement!

This summer, we brought our attendees a brand new format. Over five days, we offered five 6-hour executive courses that streamlined the best content from the CDFA Training Institute, making it easier than ever to take multiple courses. Thank you to our attendees, speakers, moderators, and staff who made this year's event a success.

We were grateful to have continued the 2025 SSBCI Learning Series, providing valuable insights into the complexities of SSBCI capital and technical assistance programs. This year's sessions focused on reaching underserved businesses, addressing funding gaps, and maximizing program impact. Experts and practitioners shared their expertise on key topics, including State and Tribal Capital Program implementation and marketing strategies. Thanks to the support of our partners and participants, the series was a truly valuable learning experience for all involved.

The CDFA Training Institute provided training to over 500 students in 2025, but this would not have been possible without the expertise and dedication of our instructors. CDFA would like to thank all our instructors for their support in providing quality education to equip individuals with the tools to make a difference in their communities.

Our CDFA // BNY Webcast Series was especially impactful during a year of uncertainty and transition. We are deeply grateful to BNY for their unwavering support of this important bond financing programming, which helped drive record-high registration numbers in 2025. To all of our speakers, moderators, and participants, thank you for your engagement, energy, and commitment to advancing development finance!

KCDC is seeking its next Chief Financial Officer (CFO) to join a high-performing team dedicated to creating lasting impact in communities. From revitalizing residential neighborhoods to energizing commercial business districts, this position serves as a strategic and operational leader who works in close partnership with the CEO and the executive leadership team. This individual is responsible for attracting capital, leveraging the balance sheet and borrowing capacity, and ensuring strong financial policies, procedures, and reporting systems are in place. Applications are accepted electronically at kcdc.org. The position is open until filled with a first review of applications beginning December 19, 2025.

Business Oregon is looking for a Business Finance Manager (Grants, Loans, and Programs Manager 3). In this role, you will guide a 12-member Business Finance Team committed to supporting Oregon's diverse businesses. You will oversee a statewide commercial loan portfolio, make sound credit and lending decisions, ensure programs are accessible and responsive to business needs, and cultivate strong relationships with state and national finance partners. This position plays a key role in coordinating resources, balancing programs, and championing the success of Oregon's small businesses. Applications must be submitted no later than 11:59 PM PST on 12/3/2025.