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Development Finance Review Weekly - July 15, 2021

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

Spotlight

CDFA Releases Landscape Map for Financing Detroit's Local Food System
This newly-released report from CDFA identifies traditional development finance tools that can be used to strengthen the local food system around Detroit and increase access to healthy, affordable food for underserved communities. Financing programs from state and local levels can be brought into coordination with existing work to rebuild Detroit's food system and complement the many other funding resources advancing this effort.

Features

Bipartisan Senate Group to Finalize Infrastructure Bill This Week
Members of a bipartisan group of lawmakers said Tuesday they expect to finalize their $1.2 trillion, eight-year infrastructure deal by the end of the week. The timeline comes after a source told The Hill that the bill could come to the floor as soon as the week of July 19. Members of the bipartisan group of 22 lawmakers have been negotiating behind the scenes to try to turn their framework, which they announced with President Biden at the White House, into legislative text.

OMB Backs off Change to ‘City' Definition
The Office of Management and Budget backed off from a proposed change to the federal definition of "city" that could have scrambled billions of dollars in federal spending for more than 100 communities across the country. Each decade, OMB tweaks the definition of "metropolitan statistical area." In January OMB proposed doubling the threshold from 50,000 to 100,000 people, but members of Congress, business leaders, and communities themselves pushed back.

Senate Democrats Agree to $3.5T for Budget Reconciliation Infrastructure Bill
Senate Majority Leader Charles Schumer (D-NY) and Budget Committee Democrats, led by Sen. Bernie Sanders (I-VT), have reached a deal on a $3.5 trillion price tag for a Democratic-only infrastructure package. Schumer, emerging from an hours-long meeting with Budget Committee Democrats, said they had reached a deal on the budget resolution, which greenlights reconciliation, the process Democrats will use to bypass a GOP filibuster on the infrastructure bill.

Up Next in the CDFA-Bricker PACE Webinar Series: Multi-Family Housing and Renewable Energy
During this workshop, expert speakers will explore what is being done to combine and advance multi-family housing and renewable energy goals through Property Assessed Clean Energy (PACE). Register today to join us on Tuesday, July 27th at 2 PM EST for this free event!

The American Rescue Plan Can Be a Lifeline for Business Districts
Even before the COVID-19 pandemic, many small businesses in rural downtowns to urban commercial corridors already faced serious challenges, including decades of disinvestment, limited access to capital and broadband, brain drain, and competition from big-box and online retail. The American Rescue Plan Act —and particularly, its $350 billion in state and local funding—offers a lifeline for these struggling Main Streets.

Biden-Harris Administration Invests $307M in Rural Water and Wastewater Infrastructure in 34 States and Puerto Rico
The investments being announced today follow President Biden's announcement of a Bipartisan Infrastructure Framework that will make the largest investment in clean drinking water in American history. USDA is financing the projects through the Water and Waste Disposal Loan and Grant Program, improving rural infrastructure for 250,000 residents and businesses.

Oregon Lawmakers OK More Than $700M for Housing Needs
Oregon lawmakers have approved more than $700 million for housing needs that go beyond the emergency prompted by the coronavirus pandemic. In addition to avoiding evictions and foreclosures, the 2021 Legislature aimed at increasing the supply of lower-cost housing, helping people without permanent shelter, and reducing housing disparities faced by racial and ethnic minorities.

Upcoming Events
CDFA Virtual Summer School
News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

Economists Find Underreporting Of Municipalities' Private Debt Obligations
The underreporting of bank debt remains a sizable risk for holders of municipal bonds two years after Securities and Exchange Commission rule changes designed to improve transparency. That was the conclusion of scholarly research performed by three economists and presented Monday at the Brookings Municipal Finance Conference. The paper examined the effectiveness of regulations designed to improve the transparency of private debt.

Green Bonds Offer an Opportunity for Muni Expansion, Climate Bonds Initiative Says
Between 2016 and 2020, green, social and sustainability bond issuance grew by an average of 72% a year in the United States, according to a report issued Tuesday by the Climate Bonds Initiative. Green municipal bonds issued by local government authorities and state-backed government entities made up 23% of total volume of annual issuance in the U.S.

Once Junk-Rated, Wayne County, Michigan, Leaps Into Single-A Territory
Wayne County, Michigan, received an upgrade from Moody's Investors Service this week that pushed the once speculative-grade credit into the single-A category six years after a financial crisis. Moody's raised the county's issuer rating and the general obligation and lease rental bonds issued by the Detroit Wayne County Stadium Authority to A3 from Baa1 and signaled the potential for further positive momentum by assigning a positive outlook.

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 SSBCI Briefing
Friday, July 16, 2021 - 1:00 PM - 2:00 PM Eastern

CDFA // BNY Mellon Development Finance Webcast Series: How Healthcare is Investing in Communities
Tuesday, July 20, 2021 - 2:00 PM - 3:00 PM Eastern
During this webinar, we will hear from experts on creative ways that hospitals and healthcare systems can be better partners in solving the most pressing issues in our communities.

CDFA-Bricker PACE Webinar Series: Advancing Multi-Family Housing & Renewable Energy Goals with PACE
Tuesday, July 27, 2021 - 2:00 PM - 4:00 PM Eastern
Certain property and project types have not taken full advantage of PACE, however, during this workshop we'll explore what is being done to advance the goals in these market areas.

Job & RFP Postings

Tulsa Authority for Economic Opportunity Hiring SVP for Community Development
The SVP, Community Development serves as a member of the senior leadership team for the Tulsa Authority for Economic Opportunity, leading a team of staff dedicated to increasing shared prosperity and racial equity in Tulsa. This includes bringing together policy, strategy, and innovative tools to create and deliver diverse housing, development, and revitalization opportunities in the City of Tulsa, and more.

RFP to Update the Androscoggin Valley Economic Development District's Five-Year CEDS
The Androscoggin Valley Council of Governments is soliciting proposals from qualified and experienced firms to assist with updating the region's 5-Year Comprehensive Economic Development Strategy (CEDS). The update would include a baseline assessment of existing relevant data and plans, research and analysis of market trends, engagement with stakeholders, and more.

This Week's Headlines

AZ Governor Signs Bill Creating State LIHTC Worth Portion of Federal Credit
Novogradac | Jul. 14 | Access to Capital | Economic Development | Housing Finance | Legislative | State Finance Program | Tax Credits

Bedford, IN TIF District Generates Approximately $2.2M for Redevelopment Commission
WBIW | Jul. 13 | Bond Finance | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Indianapolis, IN Council Approves TIF Funding for Elanco HQ
WISH-TV | Jul. 13 | Bond Finance | Redevelopment | Tax Increment Finance (TIF) | Urban Development

Next SSBCI Briefing - Funding and Accelerating Small Businesses and Startups
CDFA | Jul. 13 | Access to Capital | Innovation Finance | State Finance Program | State Small Business Credit Initiative (SSBCI)

Special Meeting in Laredo, TX to Discuss Fairground Project, COVID-19 Funds
LMT Online | Jul. 13 | Local Finance Program | State Small Business Credit Initiative (SSBCI)

SSBCI Program Allocation Methodology for Tribal Governments Published
U.S. Department of the Treasury | Jul. 13 | Federal | State Small Business Credit Initiative (SSBCI) | Tribal Finance | U.S. Dept. of Treasury

Task Force Suggests Strategies to Move Arkansas' Economy Beyond COVID-19
Arkansas Business | Jul. 13 | Access to Capital | Disaster Recovery & Relief | State Finance Program | State Small Business Credit Initiative (SSBCI) | COVID-19

TIF Funding Approved for Toyota Indiana YMCA in Gibson County, IN
WFIE | Jul. 13 | Redevelopment | Tax Increment Finance (TIF)

Washington Commerce Department Awards Fourth Round of Small Business Relief and Recovery Grants
425 Business | Jul. 13 | Access to Capital | Disaster Recovery & Relief | State Finance Program | State Small Business Credit Initiative (SSBCI) | COVID-19

A New Year, A New TIF for Delayed Sioux Falls, SD Project
KELO | Jul. 12 | Economic Development | Tax Increment Finance (TIF)

From Relief to Recovery: What to Know
Brookings Institute | Jul. 12 | Access to Capital | Disaster Recovery & Relief | State Small Business Credit Initiative (SSBCI) | COVID-19

Ohio H.B. 110 (Budget) Bill Highlights: New TIF Law Changes
Taft Stettinius & Hollister LLP | Jul. 12 | Access to Capital | Infrastructure Finance | State Finance Program | Tax Increment Finance (TIF)

Pennsylvania Farm Bill Funded at $13.6M
My Ches Co | Jul. 11 | Agriculture Finance | Food Systems Finance | Legislative | State Finance Program

New Data Shows a Small Fraction of Restaurant Revitalization Fund Recipients Ended Up with Chunk of Money
The Counter | Jul. 9 | Access to Capital | Disaster Recovery & Relief | Federal | Food Systems Finance | U.S. Small Business Administration (SBA) | COVID-19

USDA Announces $500M for Expanded Meat & Poultry Processing Capacity
USDA | Jul. 9 | Access to Capital | Agriculture Finance | Disaster Recovery & Relief | Federal | Food Systems Finance | Revolving Loan Funds (RLFs) | Rural Development | U.S. Dept. of Agriculture (USDA) | COVID-19

American Packaging Corporation Adding New Plant and Jobs in Cedar City, UT
Utah Business | Jul. 8 | Economic Development | Food Systems Finance | Incentives | Tax Increment Finance (TIF)

Can an App Renovate a Neighborhood?
City Lab | Jul. 8 | Community Development | Crowdfunding | Redevelopment

Family Farm ReGeneration Act Passes Ohio House
The Highland County Press | Jul. 8 | Agriculture Finance | Food Systems Finance | Legislative | State Finance Program | Tax Credits

Many in America Are Still Hungry, but Federal Legislation Could Help Combat the Problems
Richmond Times-Dispatch | Jul. 8 | Disaster Recovery & Relief | Food Systems Finance | Incentives | Legislative | Tax Credits | COVID-19


New Additions to the Online Resource Database

Food Finance Detroit: A Landscape Map for Financing Detroit's Local Food System
CDFA Original Research | Food Systems Finance
With funding from the W.K. Kellogg Foundation, CDFA is researching how development finance agencies can become more engaged in developing local and regional food systems. This report from CDFA identifies traditional development finance tools that can be used to strengthen the local food system around Detroit and increase access to healthy, affordable food for underserved communities. Financing programs from state and local levels can be brought into coordination with existing work to rebuild Detroit's food system and complement the many other funding resources advancing this effort.


National Sponsor Spotlight

Ice Miller LLP Ice Miller LLP
Ice Miller is nationally recognized for its public-private partnerships (P3s), municipal bond and economic development experience. Ice Miller is a full service law firm dedicated to helping our clients stay ahead of a changing world. With over 340...
KeyBanc Capital Markets KeyBanc Capital Markets
KeyBanc Capital Markets, headquartered in Cleveland, Ohio, is a full service investment banking firm serving issuers of tax-exempt debt for over 40 years. The Public Finance Municipal Banking Group operating out of offices in Cleveland, Chicago, New...
Kutak Rock LLP Kutak Rock LLP
Kutak Rock LLP is a national law firm of more than 500 lawyers with offices from coast to coast. Their firm serves local, regional and national clients in a practice that spans a wide range of disciplines. They encourage their attorneys to take...

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 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.

New Members

Drexel University - Philadelphia, PA

Fletcher Group, Inc. - Lexington, KY

Lake Champlain Lake George Regional Planning Board - Lake George, NY

Southern Oregon Regional Development Inc. - Medford, OR

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