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Development Finance Review Weekly - July 6, 2023

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Development Finance Review Weekly
July 6, 2023
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CDFA Development Finance Review Weekly

Features

2023 CDFA Virtual Summer School Scholarships Available
Join CDFA for the 2023 Virtual Summer School August 7-15 and save with the CDFA Scholarship Program! The CDFA Scholarship Program is designed to encourage professional development within the development finance industry and support both CDFA members and non-members with the cost of registration fees. Save an additional $125 when you register for three courses!

Bond and TIF will Help the New Riverwest, WI Affordable Housing Development Project
The City of Milwaukee, Wisconsin plans to redevelop a vacant building into affordable housing with a food accelerator space by using low income housing tax credits, WHEDA tax-exempt bond financing, American Recovery Plan Act funds allocated by the State of Wisconsin, Milwaukee Housing Trust Funds, a $1.25 million developer-financed Tax Incremental Financing district, deferred developer fees, and other grants and loans.

Join Us for Driving Investment in Main Street Redevelopment on July 18!
Join us on Tuesday, July 18 at 2:00 PM ET for the next installment of the CDFA // BNY Mellon Development Finance Webcast Series: Driving Investment in Main Street Redevelopment. During this session, development finance professionals will share creative financing approaches that are being used to reinvest in main street communities around the country.

Everytable Raises $25M in Funding, Attracts Impact Investors Focused on Food as Medicine
Everytable, a mission-driven food company that fights for food justice by making fresh, nutritious food accessible and affordable for all, announced that it has successfully raised $25 million in the initial closing of its Series C-2 preferred stock financing. The round was led by the Dohmen Company Foundation (DCF) through the Dohmen Impact Investment Fund, focused on investing in companies capable of preventing and reversing diet-related diseases.

NTIA Dishes Out $8.39M in Tribal Broadband Grants
States aren't the only ones poised to receive federal broadband funding, as the National Telecommunications and Information Administration doled out $8.39 million to 17 Tribal entities across the country. The money comes from the nearly $3 billion Tribal Broadband Connectivity Program, which was formed from the $65 billion Infrastructure Investment and Jobs Act passed in 2021.

Connecticut Bond Commission Set to Approve $340.2M for Redevelopment Projects
The State Bond Commission is expected to approve $340.2 million in funding for projects across Connecticut. The agenda includes a $6.5 million request for abatement and demolition of buildings at Founders Plaza in East Hartford and $4.85 million earmarked for renovations to the state Capitol complex. The commission is also expected to approve $9 million for the Department of Economic and Community Development's Small Business Boost Fund.

Delaware Legislature Passes EV Infrastructure Bill
The Delaware legislature has passed Senate Bill 103. The bill would provide county and municipal government enforcement of the electric vehicle charging infrastructure requirements and apply to the construction of a multi-family residential dwelling for which an application for final site plan approval is submitted on or after Jan. 1, 2025.

TIF for $10M Venue Makes the Cut in Gloucester, MA
Gloucester's city councilors gave a resounding "yes" to a tax increment financing (TIF) agreement for The Cut, a more than $10 million multipurpose entertainment venue in the 22,000-square-foot vacant former CVS Pharmacy building at 177 Main St., which is undergoing a complete rehab.

Upcoming Events
CDFA Virtual Summer School
News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

Connecticut Green Bank Offers Another Round of Green Notes
Connecticut Green Bank is offering a seventh round of its one-year taxable Green Liberty Notes in a sale set to conclude on July 31. With buy-in starting at $100, the notes are geared towards retail investors, carry a 5% coupon rate, and will be issued through CGB Green Liberty Notes LLC.

FIGA is Selling Insurance Bonds for the First Time in Over 30 Years
For the first time in more than 30 years, the Florida Insurance Guaranty Association (FIGA) tapped the municipal bond market, selling tax-exempt fixed-rate bonds last week to help fund claims from insolvent insurance companies in the state.

CDFA is proud to partner with The Bond Buyer as our Official Media Sponsor. The Bond Buyer offers CDFA State and Local Members a 55% discount off of the Issuer Rate. Contact CDFA for more information.

Upcoming Webcasts

CDFA Tribal Finance Webinar Series: Food System Financing on Tribal Lands
July 11, 2023 - 2:00 PM - 3:30 PM Eastern
During this installment of the CDFA Tribal Financing Webinar Series, panelists will explore how tribal governments are cultivating local food systems with financing solutions that support economic growth and advance community health.

CDFA // BNY Mellon Development Finance Webcast Series: Driving Investment in Main Street Redevelopment
July 18, 2023 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, development finance professionals will share creative financing approaches that are being used to reinvest in main street communities around the country.

2023 Equitable Lending Learning Series: Underwriting Strategies
July 25, 2023 - 1:00 PM - 4:00 PM Eastern
During this event in the Equitable Lending Learning Series, speakers will provide an overview on the history of underwriting approaches, discuss technical strategies and best practices for developing and implementing new underwriting policies, and share examples for how these alternatives can increase access to capital for underserved borrowers.

Job & RFP Postings

DHCD-CDA Lending and Risk Analyst II/Energy Loan Underwriter
The Maryland Department of Housing and Community Development (DHCD) is seeking a CDA Lending and Risk Analyst II/Energy Loan Underwriter. The Energy Loan Underwriter evaluates requests for energy-efficiency financing projects. This includes requesting, securing, and tracking needed documentation from applicants and contractors; processing and reviewing applicant financial and credit risk analysis; issuing Pre-Approval and Decline letters, commitments, and other correspondence.

Tucson IDA-Grants & Evaluation Director
The Tucson Industrial Development Authority (Tucson IDA) is seeking a Grants & Evaluation Director to lead development activities, which include full cycle proposal development, post-award compliance, monitoring, and evaluation frameworks. The Director collaborates with and advises program staff and functional leaders on strategic initiatives to support a rapidly-scaling, mission-driven organization. To apply, submit a resume, cover letter, and writing sample to angelique@tucsonida.org

This Week's Headlines

An Introduction to PACE Financing
OpportunityDb | Jul. 6 | Energy Finance | Opportunity Zones | Property Assessed Clean Energy (PACE)

Buick City, MI Brownfield Plan Would Capture $70M for Redevelopment
mlive | Jul. 6 | Brownfield Financing | Tax Increment Finance (TIF)

Lycoming County, PA Joins City, Chamber, FCFP in Exploring Possible OZ Investments
Williamsport Sun-Gazette | Jul. 6 | Community Development | Food Systems Finance | Infrastructure Finance | Opportunity Zones | Social Finance

Missouri Broadband Development Gets $1.7B Federal Boost
KMOV4 | Jul. 6 | Community Development | Infrastructure Finance

Bayview Provides $19.8M C-PACE Financing for Hotel in Oakhurst, CA
Hotel Business | Jul. 5 | Energy Finance | Property Assessed Clean Energy (PACE)

Butler County, OH Port Authority Aims to Develop Economic Development Strategic Plan
Journal-News | Jul. 5 | Bond Finance | Community Development | Economic Development | Energy Finance | Incentives | Property Assessed Clean Energy (PACE) | Revolving Loan Funds (RLFs)

Dallas, TX Housing Coalition Launches to Advocate For $200M in Bond Funds
candysdirt.com | Jul. 5 | Bond Finance | Economic Development | Housing Finance | Infrastructure Finance | Water Finance

Eighth Street Project in Columbus, IN to Receive TIF
The Republic | Jul. 5 | Redevelopment | Tax Increment Finance (TIF)

Funding Available to Power Clean Energy in Rural Communities
Daily Journal Online | Jul. 5 | Energy Finance | Rural Development | U.S. Dept. of Agriculture (USDA)

How to Build a Bank to Scale Up Local Food Ecosystems
Next City | Jul. 5 | Access to Capital | Agriculture Finance | Revolving Loan Funds (RLFs)

KeyBank Provides $117M of Financing for Two Affordable Housing in Colorado
InvestorsObserver | Jul. 5 | Bond Finance | Federal | Housing Finance | Tax Credits

MassDevelopment Provides $32.5M in Bond Financing for Affordable Housing Complex in Ipswich, MA
Rebusiness Online | Jul. 5 | Bond Finance | Housing Finance

Over $700M Provided for Arkansas Water and Wastewater Projects
KTLO | Jul. 4 | Access to Capital | Revolving Loan Funds (RLFs) | State Finance Program | Water Finance

Beaumont, TX Transit System Receives $2.8M Federal Grant to Replace Five CNG Buses
12 News | Jul. 3 | Energy Finance | Infrastructure Finance

California Awards $132.4M of Infrastructure Funding to Santa Barbara Highway 101 Project
Noozhawk | Jul. 3 | Economic Development | Infrastructure Finance

Wisconsin Budget Might Improve Farm and Business Borrowing
Brownfield Ag News | Jul. 3 | Access to Capital | Agriculture Finance | Revolving Loan Funds (RLFs) | State Finance Program

Sen. Scott Joins Morrison Yard Opportunity Zone in South Carolina "Community Compact"
scott.senate.gov | Jun. 30 | Opportunity Zones


National Sponsor Spotlight

Business Oregon Business Oregon
Business Oregon works to create, retain, expand, and attract businesses that provide sustainable, living-wage jobs for Oregonians through public-private partnerships, leveraged funding, and support of economic opportunities for Oregon companies and...
Cirrus Secure Cirrus Secure
Cirrus provides a cloud-based document collection portal that helps specialty finance agencies streamline their loan and investment processes. Using robotic process automation, Cirrus orchestrates complex workflows to keep all parties engaged and...
CohnReznick CohnReznick
With origins dating back to 1919, CohnReznick is the 11th largest accounting, tax, and advisory firm in the United States, combining the resources and technical expertise of a national firm with the hands-on, entrepreneurial approach that today's...

CDFA Bookstore

Cover thumbnail Revolving Loan Fund Reference Guide
The Revolving Loan Fund Reference Guide offers an in-depth look at RLF program development, implementation and management. This guide demonstrates how an RLF program can complement economic development strategies, encourage investment and assist traditionally underserved businesses.

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