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Development Finance Review Weekly - May 12, 2022

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Development Finance Review Weekly
May 12, 2022
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CDFA Development Finance Review Weekly

Features

Treasury SSBCI Capital Program Reporting Guidance
This Capital Program Reporting Guidance details the reporting and document retention requirements for jurisdictions that receive SSBCI funding. Treasury will create an online portal that participating jurisdictions must use to submit reporting data. Treasury will provide more information about the submission format in the coming months. This guidance may be updated periodically.

CDFA is Turning 40 - Tell Us How We're Doing!
CDFA is celebrating its 40th anniversary this year - that's four decades of development finance programming. As we plan for the coming years, I'd love to know your thoughts both on what we're doing now and what you'd like to see us do in the future. By joining the survey, you'll get a 50% off discount code to the CDFA Bookstore!

Governor Mills & MaineHousing Announce $20M to Expand Affordable Rental Housing in Rural Maine
Governor Janet Mills and MaineHousing announced the launch of a $20 million program to tackle Maine's housing shortage by expanding the availability of affordable rental housing across rural Maine. The Rural Affordable Rental Housing Program will provide funding to build smaller affordable rental housing units.

New York City Mayor Adams Announces $100M Childcare Investment
A public-private partnership will lead to a $100 million investment in New York City childcare over the next four years, Mayor Eric Adams announced Tuesday. With $50 million coming from government grants and the other $50 million fueled by the Robin Hood Foundation, the money will be used to expand access while improving quality and innovation in childcare around the five boroughs.

Crypto Mining Strains Energy Grid and Creates Fresh Demands for Housing in Texas
The influx of crypto mining to rural Texas has engendered an outsized demand for energy, housing, and other essential services that the Lone Star state is struggling to deliver. Large swathes of Texas that are opening up mining centers are devoid of infrastructure to sustain the new out-of-state workforce, who require essential services like hotel lodging, gas stations and restaurants.

More Than 2,200 Dams Are in Poor Condition, Posing Danger to Communities
More than 2,200 dams built upstream from homes or communities are in poor condition across the U.S., likely endangering lives if they were to fail, according to an Associated Press analysis. There are several reasons for the increased risk. Long-deferred maintenance has added more dams to the troubled list. A changing climate has subjected some dams to greater strain from intense rainstorms.

North Carolina Local Government Commission Approves $1.5B in Finance Requests
The North Carolina Local Government Commission recently approved $1.5 billion in financing requests from across the state, including about $900 million for airports in Charlotte and Asheville. The LGC is chaired by State Treasurer Dale Folwell and staffed by his office, and it's tasked with monitoring the financial well-being of more than 1,100 local government units.

Oregon DOT Commits $100M to Electric Vehicle Charging Infrastructure
The Oregon Department of Transportation is committing $100 million over the next five years to build out Oregon's public electric vehicle charging network on several major road corridors and increase access for all to EV charging in communities throughout the state.

Upcoming Events
Intro Housing Finance WebCourse
News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

Buttigieg Pressed to Drop Support for California High-Speed Rail
The bipartisan infrastructure law lacks big-ticket funds for high-speed rail, but the Biden administration still hopes to see the technology developed in certain areas, Transportation Secretary Pete Buttigieg told lawmakers Tuesday.

Treasury Silent as Bond, Housing Advocates Search for Clues on New Tax Policy
A drumbeat of criticism is building over a proposed global tax regime that may hurt demand for tax-exempt debt and other U.S. tax credits. What's not clear is whether Treasury is hearing it. At issue is implementation of the Organisation for Economic Cooperation and Development's new minimum global corporate tax rate of 15%, a deal agreed to last year by 136 countries.

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 // BNY Mellon Development Finance Webcast Series: What Development Finance Needs to Know About Web3
Tuesday, May 17, 2022 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will catch you up on the landscape of Web3 and discuss how development finance fits into the next wave of digital currency.

Exploring Equitable Capital Technology (EC-Tech) in Development Finance
Tuesday, May 24, 2022 - 2:00 PM - 3:00 PM Eastern
CDFA is launching our new Equitable Capital Technology Initiative, which will combine technology solutions with training and technical assistance for lenders to help increase the flow of capital to minority entrepreneurs. Equitable capital technology (or EC-Tech) is emerging as a driver of unlocking capital for small and medium-sized businesses not fit for venture capital, nor large enough for a traditional bank loan.

CDFA Infrastructure Finance Learning Series: Building the Foundation for Infrastructure Projects
Tuesday, May 31, 2022 - 1:00 PM - 4:00 PM Eastern
Planning for the coming decades of infrastructure projects is essential for economic development professionals. Funding allocations will vary by community, and it is important for each place to begin preparing now so that funds can be deployed efficiently and managed effectively. This installment will help attendees set up their infrastructure projects to be competitive in securing funds and impactful for their community's future.

Job & RFP Postings

RDF-Director of Affordable Housing Finance
Raza Development Fund has created a new position, Director of Affordable Housing Finance, for which the fund is seeking passionate, qualified applicants. The selected candidate will be responsible for establishing and maintaining a trusted national network of affordable housing stakeholders while furthering the fund's mission to invest capital and create financial solutions to increase opportunities for Latino and poor families and children.

RFQ for Joint Venture Real Estate Development Partner with Galveston Historical Foundation
The Galveston Historical Foundation has released this solicitation to the development community to identify a partner to redevelop Galveston's historic Santa Fe Building. The result of this engagement is a strong desire by GHF to identify a developer to engage deeply with the property, the organization and other relevant stakeholders in a long-term joint venture partnership. The successful respondent to this solicitation will thus articulate how it would work with GHF in conceiving, executing and operating the redevelopment of the SFB property.

NCRC CDF-Program Specialist Position
NCRC CDF is seeking a Program Specialist who is an exceptional multi-tasker, that is goal-oriented and highly detailed. The Program Specialist will oversee a high volume of small business loan inquiries from application through underwriting, funding and post-closing activities, manage existing borrower customer support and provide overall program support within the small business and affordable housing programs.

This Week's Headlines

City Council Asked to Approve TIF for $102M Project in Chattanooga, TN
Chattanoogan.com | May. 11 | Economic Development | Infrastructure Finance | Redevelopment | Tax Increment Finance (TIF)

Biden Administration Launches $2.5B Fund to Modernize and Expand Capacity of America's Power Grid
U.S. Department of Energy | May. 10 | Access to Capital | Economic Development | Energy Finance | Federal | Green Finance | Infrastructure Finance | Public-Private Partnership (P3) Financing | Resiliency

Finally, Solid Research on TIFs
Mountain Times | May. 10 | Economic Development | Education | Redevelopment | Tax Increment Finance (TIF)

First Round of Proposals for Partnerships for USDA Climate-Smart Commodities Shows Strong Interest
USDA | May. 10 | Agriculture Finance | Resiliency | Rural Development | U.S. Dept. of Agriculture (USDA)

Michigan's "Very Big Opportunity" in Infrastructure Windfall
NPR | May. 10 | Federal | Infrastructure Finance | Revolving Loan Funds (RLFs) | Rural Development | Water Finance

Carmel, IN Redevelopment Commission Took Brief Ownership of Former AT&T Site to Maximize TIF Funds
CURRENT | May. 9 | Bond Finance | Housing Finance | Redevelopment | Tax Increment Finance (TIF)

San Antonio, TX Voters Pass City's Largest-Ever Bond Program Worth $1.2B
KSAT | May. 9 | Bond Finance | Economic Development | Housing Finance | Infrastructure Finance

Toledo-Lucas County Port Authority Launches RLF for Businesses in Northwest Ohio
Sentinel-Tribune | May. 9 | Access to Capital | Economic Development | Revolving Loan Funds (RLFs)

Tri-County Mall Redevelopment in Ohio: $200M in Tax Incentives Will Help Build Upscale Apartments, Trails
WCPO 9 News | May. 9 | Bond Finance | Incentives | Redevelopment | Tax Increment Finance (TIF)

U.S. DOE to Commit $2.25B to Carbon Storage Program
Marine Link | May. 9 | Energy Finance | Infrastructure Finance

West Baltimore, MD Community Coalition is Building Their First PACE Program
Access Wire | May. 9 | Community Development | Energy Finance | Green Finance | Property Assessed Clean Energy (PACE)

AgLaunch to Facilitate Wells Fargo Grant for Technical Assistance of BIPOC Farmers in Mid-South Delta
AG WEB | May. 6 | Access to Capital | Disaster Recovery & Relief | Food Systems Finance | Foundations | Social Finance | COVID-19

California Workforce Innovation Fund Will Invest in Pathways to Green Jobs in Underserved Communities
PR Newswire | May. 6 | Community Development | Economic Development | Energy Finance | Green Finance | Public-Private Partnership (P3) Financing | Resiliency

City of Boise, ID Exploring RLF for Affordable Housing Financing
BoiseDev | May. 6 | Access to Capital | Community Development | Economic Development | Housing Finance | Revolving Loan Funds (RLFs)

Secretary Haaland Announces $61M to Increase Outdoor Access in Urban Spaces
U.S. Department of the Interior | May. 6 | Community Development | Federal | Public-Private Partnership (P3) Financing | Urban Development


New Additions to the Online Resource Database

Treasury SSBCI Capital Program Reporting Guidance
Access to Capital | Economic Development | Federal | State Small Business Credit Initiative (SSBCI)
This Capital Program Reporting Guidance details the reporting and document retention requirements for jurisdictions that receive SSBCI funding. Treasury will create an online portal that participating jurisdictions must use to submit reporting data. Treasury will provide more information about the submission format in the coming months. This guidance may be updated periodically.


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...

CDFA Bookstore

Cover thumbnail Unlocking Capital: A Handbook for Becoming a High Performing Development Finance Agency
The Handbook is designed to be a starting point for local leaders to engage in the creation or acceleration of a DFA to build and utilize the development finance toolbox.

New Members

Community Vision Capital and Consulting - San Francisco, CA

Corporate Finance Associates - Portland, ME

Southeast Nebraska Development District (SENDD) - Lincoln, NE

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
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
Become a Sponsor