Developer Hudson Companies has closed on the $24 million debt acquisition of the second phase of a large affordable housing preservation project in Brooklyn from BEC New Communities. The debt assumption rolls into the $107 million project cost, the balance of which is being financed by Richman Housing Resources and Citi Community Capital via tax-exempt bonds.

Governor Andrew Cuomo has signed a bill to extend tax incentives for office tenants and developers in Lower Manhattan for three years. The package, which includes the Commercial Revitalization Program, a tax break designed to encourage investment in buildings with commercial tenants, was extended during a special session in Albany.

Oregon, Washington, and Idaho have the hops market wrapped up, but the Pacific Coast and Midwestern dominance may start to erode as consumer demand for sustainable, locally sourced food spills over to craft beers. There also is a surge in microbreweries in the Garden State and elsewhere across the country. Hops are poised to become the new hip crop in New Jersey. Tomatoes and corn may be forced to yield a bit of their dirt.

Gov. Andrew Cuomo announced a series of emergency actions for mass transit in New York City, including $1 billion to the Metropolitan Transportation Authority's capital program.

New York legislature last week passed bills (SB 5190 and AB 6571) directing that state's Public Service Commission to develop an Energy Storage Deployment Program, including a storage procurement target for 2030. The program would be run by the New York Energy Research and Development Authority (NYSERDA) and the Long Island Power Authority (LIPA).

Offshore wind power is in its infancy stage in the United States, but there are signs it is picking up. The first project is off the coast of Rhode Island and in January, another project was approved off the shores of New York's Long Island. Many projects rely on federal tax incentives which is cause for concern for some people given the current administrations lack of enthusiasm for renewables.

American Dream's $1.1 billion tax-exempt revenue bonds priced after a week-long delay June 21, paving the way for completion of a New Jersey megamall 15 years after the project was conceived.

Rezoning for East Midtown will require a tax increment district to help pay for construction of those improvements to the public realm that are not on private property.

CDFA Summer School is a week long series of courses presented by the CDFA Training Institute. These courses qualify for the CDFA Training Institute's Development Finance Certified Professional (DFCP) Program. Participants may register for one, two, or three courses during CDFA Summer School. Complete three courses, and you will have fulfilled half of the requirements for the DFCP Program.

Join the CDFA New York/New Jersey Financing Roundtable for a special one-day conference hosted at the offices of BNY Mellon in New York City. This event will feature a number of economic development finance experts from around the states discussing development finance tools, authorities, resources and approaches, and how these can affect the New York and New Jersey economies going forward.

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