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Development Finance Review Weekly - January 11, 2024

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Development Finance Review Weekly
January 11, 2024
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CDFA Development Finance Review Weekly

Features

CDFA Releases Socially Disadvantaged Farmers and Ranchers Access to Capital Toolkit
The CDFA-NASDA Foundation Socially Disadvantaged Farmers & Ranchers Access to Capital Toolkit informs practitioners working in agriculture and economic development about the finance tools available to underserved farmers and ranchers. This toolkit outlines the barriers they face in finding affordable funding and provides resources and practical assistance to communities looking to invest in them.

Missouri is Implementing Tax Credits to Boost Urban Farming
Missouri announced a new tax credit program aimed at encouraging urban farming in cities throughout the state. Urban farmers in specific areas, including St. Louis, Rolla, and Hannibal, who spend up to $10,000 on establishing or improving an operation, can claim the credit and receive half of that back on taxes. The total tax credit pool for the initiative is $200,000.

CDFA is Hiring a New Vice President of Development Finance
The Council of Development Finance Agencies is now accepting applications for Vice President, Development Finance. This position leads CDFA's development finance practice and is responsible for ensuring CDFA delivers on its research projects, resource collection, educational offerings, partnerships, and content creation. Want to join the CDFA family in Columbus, Ohio? Email your cover letter, resume, salary request, and three professional references to jobs@cdfa.net.

Navajo Nation Receives $88.7M in SSBCI Capital Funding
The Navajo Nation Washington Office is set to receive nearly $89 million through the expanded State Small Business Credit Initiative (SSBCI) as part of the American Rescue Plan Act. The tribe will use the funding to operate a loan guarantee program and a loan participation program. Both will be crafted to target eligible Navajo small businesses that demonstrate potential for job creation for tribal members, both on and off the Navajo Nation.

Company Building Louisiana Solar Panel Factory Sells $700M in Tax Credits
First Solar Inc., which produces American-made solar modules, announced it struck two separate deals to sell $500 million and up to $200 million to the financial tech provider Fiserv Inc., headquartered in Wisconsin. Under the terms, Fiserv will pay 96 cents per $1 of tax credits. The deal is believed to be the first major tax credit transfer of its kind in the solar energy sector. 

Partners Break Ground on Michigan's First Multifamily Passive Housing Project
Michigan's first multifamily-certified passive housing development is being spearheaded by Pinnacle Construction Group and Little River Development LLC, the real estate development arm of the Little River Band of Ottawa Indians. The Michigan State Housing Development Authority awarded Low-Income Housing Tax Credits (LIHTC) worth nearly $15 million over 10 years for the project. Funding also includes $1.5 million from Ottawa County's American Rescue Plan Act allocation an affordable housing RLF loan.

Cleveland, OH Seeks Massive Tax Increment Plan For Downtown Waterfronts
Mayor Justin Bibb will introduce legislation seeking City Council approval for a massive tax increment financing (TIF) district, on a scale never before tried in Cleveland. The plan would implement a program under the TIF Act to create the 'Shore-to-Core-to-Shore TIF District' to create, capture, and leverage growth in Cleveland's Downtown and the near west side to benefit all Clevelanders.

Hannibal, MO's School District Approves $14.3M in GO Refunding Bonds Sale
Hannibal, MO 60 School District's Board of Education authorized the sale of $14.3 million General Obligation Refunding Bonds. The Series 2023 Refunding Bonds have reoffering yields ranging from 3.3% to 3.75% to constitute a new effective rate of 3.54%, compared to an average interest rate of 5% for the Series 2019 Bonds being refunded. The Series 2019 Bonds were sold at premiums that produced $1.6 million of additional funds for the projects.

Upcoming Events
Fundamentals of Economic Development Finance WebCourse
Upcoming Webcasts

CDFA // BNY Mellon Development Finance Webcast Series: Bond Market 2024 Forecast
January 16, 2024 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, panelists will identify trends shaping national bond markets and discuss the economic opportunities to expect for local projects.

This Week's Headlines

Additional TIF Funds Allocated to West Bank Landing Area in Great Falls, MT
KRTV | Dec. 29 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

AgCarolina Farm Credit Awards Over $50K to North Carolina Programs
Morning AgClips | Dec. 27 | Access to Capital | Agriculture Finance | Rural Development

Mesa, AZ Receiving $12M to Expand Electric Vehicle Charging Network
KTAR News | Jan. 9 | Access to Capital | Energy Finance | Green Finance | Infrastructure Finance | Legislative | U.S. Dept. of Transportation (DOT)

Oneida County, NY Receives $708K to Install Electric Vehicle Charging Stations
Office of U.S. Senator Schumer | Jan. 9 | Access to Capital | Development Finance Toolbox | Energy Finance | Green Finance | Legislative | U.S. Dept. of Transportation (DOT)

U.S. Department of Energy Provides $3.7M to St. Cloud, MN for Green Wastewater Plant
KNIS Radio | Jan. 9 | Access to Capital | Energy Finance | Federal | Green Finance | U.S. Dept. of Energy (DOE) | Water Finance

U.S. HUD Provides $12M for Little Rock, AR Women and Children's Shelter
Philanthropy News Digest | Jan. 9 | Access to Capital | Development Finance Toolbox | Federal | U.S. Dept. of Housing & Urban Development (HUD)

How Vermont Communities are Working to Turn Problem Properties into Profit With TIF
WCAX | Jan. 8 | Community Development | Economic Development | Redevelopment | Tax Increment Finance (TIF)

List of EVs Eligible for Federal Tax Credit Drastically Shrinks
Yahoo! Sport | Jan. 8 | Energy Finance | Green Finance | Tax Credits

U.S. EPA Awards Nearly $1B for Electric and Low-Emission Buses
The Washington Post | Jan. 8 | Access to Capital | Energy Finance | Green Finance | Legislative | U.S. Environmental Protection Agency (EPA)

Indiana Makes Historic $557M Affordable Housing Investment
Building Indiana | Jan. 6 | Bond Finance | Housing Finance | Tax Credits | Low Income Housing Tax Credits (LIHTCs)

Missouri Linked Deposit Program Quickly Hits Cap
Fulton Sun | Jan. 6 | Access to Capital | Agriculture Finance | State Finance Program

USDA Rural Development Celebrates $1M Investment in Oregon, WI Library
Oregon Observer | Jan. 6 | Access to Capital | Development Finance Toolbox | Federal | Rural Development | U.S. Dept. of Agriculture (USDA)

Kentucky Agricultural Finance Corp. Approves More Than $3.2M in Loans
Morning AgClips | Jan. 5 | Access to Capital | Agriculture Finance | Revolving Loan Funds (RLFs) | State Finance Program

U.S. Virgin Islands Closes First Two SSBCI Loans
The St. Thomas Source | Jan. 5 | Access to Capital | Development Finance Toolbox | Food Systems Finance | State Small Business Credit Initiative (SSBCI) | U.S. Dept. of Treasury

$50M Investment Announced for Massachusetts Forests as Climate Solutions Initiative
Morning AgClips | Jan. 5 | Access to Capital | Agriculture Finance | Resiliency | State Finance Program


New Additions to the Online Resource Database

Community Reinvestment Act: FAQs Regarding SSBCI 2.0
Access to Capital | Disaster Recovery & Relief | Economic Development | State Small Business Credit Initiative (SSBCI)
On January 8, 2024, the Office of the Comptroller of the Currency (OCC) published answers to frequently asked questions (FAQ) about the State Small Business Credit Initiative 2.0 (SSBCI) based on the facts and circumstances presented in the questions. These FAQs are not regulations and do not have the force and effect of law.


National Sponsor Spotlight

McGuireWoods McGuireWoods
With 1000 lawyers and 21 strategically located offices worldwide, McGuireWoods LLP uses client-focused teams to serve public, private, government, and nonprofit clients from virtually every area of the law. To complement their services, they offer...
MuniCap, Inc. MuniCap, Inc.
MuniCap, Inc. is a public finance consulting firm based in Columbia, Maryland that specializes in the public finance aspects of redevelopment. MuniCap is headquartered in Columbia, Maryland, with additional offices located in Dallas, Texas,...
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...

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 website, e-newsletters and alerts, and daily print edition, The Bond Buyer reaches more than 25,000...

CDFA Bookstore

Cover thumbnail Advanced Tax Increment Finance Reference Guide 2nd Edition
The Advanced Tax Increment Finance Reference Guide builds upon CDFA's introductory offerings by exploring in-depth the complexities and transformative potential of tax increment financing.

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

  • Alliant Insurance Services, Inc.
  • BNY Mellon
  • Bricker Graydon 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
  • The Bond Buyer
  • U.S. Bank
  • Wells Fargo Securities
Become a Sponsor