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Development Finance Review Weekly - August 26, 2021

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Development Finance Review Weekly
August 26, 2021
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CDFA Development Finance Review Weekly

Features

House Passes $3.5T Budget Blueprint, Sets Deadline for Infrastructure Bill
The House narrowly passed a measure approving a $3.5 trillion budget blueprint and locking in a late September vote on a roughly $1 trillion infrastructure bill, ending a standoff between centrist Democrats and party leaders over their legislative agenda. Tuesday's passage of the $3.5 trillion budget framework in a 220-212 vote unlocks a process, known as reconciliation, allowing Democrats to pass a broad package of provisions in the Senate without GOP support.

Northern Maine Heats Up With a Forward-Looking Economic Development Plan
Northern Maine's long-term economic viability has always had a vulnerable side, with the ever-changing situation with logging and paper mills, but it took on new importance during the pandemic. That's why the Eastern Maine Development Corp.'s recently released five-year plan has added meaning.

Downtown Colorado Springs, CO Sees Development Migrate to Its East; Catalyst Campus Plans Major Expansion
Started just six years ago, the Catalyst Campus for Technology and Innovation is bursting at the seams, triggering an ambitious expansion plan that will cost $68 million for infrastructure and overhaul a part of eastern Downtown. The Catalyst's districts would impose up to 50 mills on property tax bills to fund expansion and 10 mills for operations and administration. The proposal also calls for the authority to issue up to $90 million in bonds to finance the project.

JEDA Finances Affordable Housing Acquisitions throughout South Carolina
The Foundation for Affordable Housing is using $180 million in bond financing through the South Carolina Jobs-Economic Development Authority (JEDA) to acquire the following seven (7) housing developments in South Carolina in order to provide more affordable housing in the state.

Another Piece of Boston, MA's Old Industrial Waterfront is Poised to Become Lab Space
The future of Boston's marine industrial park will consist of bigger, broader buildings — a shift already evident in the bidding for prime city-owned land at the end of Northern Avenue in the business park. The three contenders all want to put up lab buildings that are seven or eight stories high under new zoning for the Raymond L. Flynn Marine Park spelled out in a master plan that awaits approval by state environmental regulators.

Rose Associates Lands $182M Loan for White Plains, NY Multifamily Project
Rose Associates' planned multifamily housing complex in downtown White Plains is one step closer to reality after the developer secured a $182 million financing package. Once completed, the redeveloped 13-story building at 440 Hamilton Avenue — currently a vacant office tower — will have 255 units, as well as 3,400 square feet of ground-floor retail space, according to Real Estate Weekly.

Historic Buildings Rehabilitated With the Help of State Tax Credit in Pittsburgh, PA
The Commonwealth of Pennsylvania announced tax credits for the owners of 27 historic buildings that are actively being restored and rehabilitated. Six of the buildings that will receive the credits are in Allegheny County. All of them are unique structures and their owners have some interesting plans for their futures.

2021 Midyear Statistics - The Bond Buyer
The Bond Buyer has released its 2021 Midyear Statistics Report. Midway through the year, long-term municipal bond issuance is on pace to eclipse 2020 totals.

Upcoming Events
Intro Tax Credit Finance WebCourse
News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

Bond Insurance on Pace for Best Market Share Since 2008
The two active bond insurers combined for a total of $18.75 billion of insured par in the first half of 2021 in 1,164 deals, up from the $14.04 billion in 985 transactions in the first half of last year. They are on pace for the most insured par since 2008 and best market share since 2009.

Municipal Note Volume Dips Amid Rising Tax Receipts, Federal Relief
Municipal note issuance in the first half of 2021 was down from a year earlier as states and municipalities had less need for short-term borrowing amid recent COVID-19 federal aid and rising tax receipts. Issuance dropped to $16.49 billion in 960 deals in the first six months of the year, from $19.17 billion in 1,047 deals compared to the first six months of 2020, according to Refinitiv data.

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 Rural Development Finance Webinar Series: Best Practices for Rural Development Finance Agencies
Tuesday, August 31, 2021 - 2:00 PM - 3:00 PM Eastern
During the third installment of the CDFA Rural Development Finance Webinar Series, discover best practices of development finance agencies to help you identify the right partner for your projects.

CDFA Federal Financing Webinar Series: The Federal Role in Financing Broadband
Tuesday, September 14, 2021 - 2:00 PM - 3:30 PM Eastern
During this installment of the CDFA Federal Financing Webinar Series, experts will discuss how federal financing tools can be used to fund 5G broadband networks.

CDFA // BNY Mellon Development Finance Webcast Series: Layering the Capital Stack
Tuesday, September 21, 2021 - 2:00 PM - 3:00 PM Eastern
The phrase "Capital Stack" is one that is pretty commonplace in the Development Finance nomenclature these days, but what does it truly mean to build the Capital Stack and how can it work for your project? This session will discuss how Bonds, Tax Increment Finance, Tax Credits as well as the litany of federal funding through recent legislation can work for your project and ultimately the community that is benefitting.

Legislative & Federal Affairs

A look at the latest legislative news impacting the development finance industry:

House Adopts Budget, Greenlights Reconciliation Process for Infrastructure
House Democrats on Tuesday adopted a budget resolution needed to unlock a filibuster-proof $3.5 trillion package of domestic spending and tax breaks and teed up a vote on a separate bipartisan infrastructure bill next month.

Senator Wyden Proposes Sweeping Housing Tax Credit Reforms
The legislation includes the Emergency Affordable Housing Act, which would strengthen the Low-Income Housing Tax Credit by preserving and protecting existing LIHTC properties, expanding production of affordable housing, and extending housing to people who earn extremely low incomes.

Visit CDFA's Advocacy Center to view the latest legislative and federal updates, explore CDFA's Policy Agenda, track legislation relevant to development finance, get involved in CDFA-led initiatives, and more.

Job & RFP Postings

State of Connecticut's Office of Policy and Management is Recruiting for a Principal Budget Specialist
The State of Connecticut's Office of Policy and Management is recruiting for a Principal Budget Specialist position in the Budget and Financial Management Division. This is an exciting opportunity to help develop the capital budget for all of state government and to assist in managing the agenda for the State Bond Commission.

PGAV Planners Hiring Project Manager
PGAV Planners is seeking a creative, experienced Project Manager to join our team! Project Managers are responsible for managing projects from start to finish within determined schedules and budgets, including interacting with clients one-on-one, writing reports, and presenting at public meetings.

Mid-Willamette Valley Council of Governments Seeking Business Lending Program Manager
The Mid-Willamette Valley Council of Governments (MWVCOG) is seeking a new member to join its team as the next Business Lending Program Manager. This Senior Staff position is part of the Economic and Community Development Division which houses the Economic Development District Support Staff. This position will manage the financial services to small businesses.

Mid-Willamette Valley Council of Governments Seeking Loan Documentation/Loan Servicing Specialist
The Mid-Willamette Valley Council of Governments (MWVCOG) is hiring a Loan Documentation / Loan Servicing Specialist. This person will report to the Lending Program Manager and will work directly with existing and potential loan(s), and perform a variety of clerical and administrative duties in support of the Small Business Loan Program.

This Week's Headlines

Ames, IA Public Hearing Set Ahead of $21.2M Bond Approval to Fund Aquatics Center
Ames Tribune | Aug. 25 | Bond Finance | Rural Development | Water Finance

City Council Approves Bond Program to Revitalize Downtown Edinburg, TX
Texas Border Business | Aug. 25 | Bond Finance | Redevelopment | Rural Development

City of Rock Hill, SC Seek Approval of New TIF District for the Southside of the City
WRHI | Aug. 25 | Economic Development | Infrastructure Finance | Redevelopment | Tax Increment Finance (TIF)

Oconee County, GA Approves Agreements To Bring Costco To Epps Bridge Centre
Oconee County Observations | Aug. 25 | Bond Finance | Rural Development

Project in Muskegon, MI to Receive $18M Renovation Through Low-Income Housing Funds
MLive | Aug. 25 | Community Development | Housing Finance | Redevelopment | State Finance Program | Tax Credits

Three New TIF Districts Approved in Painesville, OH
Ohio News Time | Aug. 25 | Economic Development | Infrastructure Finance | Redevelopment | Tax Increment Finance (TIF)

UEDA's Report on The Ecosystems Design Network Pilot
University Economic Development Association | Aug. 25 | Access to Capital | Community Development | Economic Development | Innovation Finance | Social Finance

Westminster College Announces Closing of $13M Bond Financing
Westminster College | Aug. 25 | Bond Finance | Education

Bid for Park Drive Project to Go Before Weirton, WV Council
Weirton Daily Times | Aug. 23 | Access to Capital | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Bloomington, IN to Open Fourth Street Garage
WISH-TV | Aug. 23 | Economic Development | Infrastructure Finance | Tax Increment Finance (TIF)

Community Revitalization Project Begins in South Chicago, IL
WGN-TV | Aug. 23 | Access to Capital | Community Development | Economic Development | Infrastructure Finance | Redevelopment | Tax Increment Finance (TIF)

Greenville, IL City Council Takes Action to Assist Downtown Business
WGEL | Aug. 23 | Community Development | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Green, OH Hopes to Carve Out New Development District
Akron Beacon Journal | Aug. 23 | Access to Capital | Economic Development | Infrastructure Finance | Redevelopment | Tax Increment Finance (TIF)

Cedar Lake, IN Expands TIF District
NWI Times | Aug. 20 | Economic Development | Infrastructure Finance | Redevelopment | Tax Increment Finance (TIF)

Granada Theater in Bluefield, WV Closes on $1.1M Historical Tax Credit
Bluefield Daily Telegraph | Aug. 20 | Economic Development | Redevelopment | Tax Credits

Park City, UT School Board Plan $79M Bond For November
KPCW | Aug. 20 | Bond Finance | Education | Rural Development

Sioux Falls, SD Council Approves Cherapa Place TIF
Argus Leader | Aug. 20 | Access to Capital | Economic Development | Infrastructure Finance | Tax Increment Finance (TIF)

Promised Land Opportunity Zone Farms Closes $50M Financing
PR Newswire | Aug. 19 | Access to Capital | Agriculture Finance | Economic Development | Food Systems Finance | Opportunity Zones


New Additions to the Online Resource Database

Community Investment Explorer Tool 2.0
Access to Capital | Community Development | Disaster Recovery & Relief | Economic Development | Foundations | Housing Finance | Infrastructure Finance | Rural Development | Social Finance | Tax Credits | Urban Development
Developed by the Federal Reserve Bank of St. Louis, the newly enhanced Community Investment Explorer (CIE) 2.0 includes over 73 million transactions totaling over $3.2 trillion in community and economic development capital from 2012 to 2020. This interactive tool allows users to find out where capital is going, how equitably is it being distributed, and for what purpose is it serving.

ESG Disclosure in Municipal Offerings
Bond Finance | Energy Finance | Green Finance | Social Finance
This Ballard Spahr white paper describes current market standards for ESG bond labeling, verification, and disclosure, with a focus on green bonds and social bonds, best practices for primary and secondary market disclosure and post-issuance reporting, and key considerations to guide municipal issuers and their financing teams when preparing to issue ESG bonds.

From Wealthy Enclaves to Asset Deserts: What the Geography of Asset Income Signals about Wealth Distribution in the U.s.
Access to Capital | Community Development | Economic Development | Rural Development | Social Finance | Urban Development
This EIG report, interactive map, and case studies illustrate increasing wealth concentration in the U.S. and the urgency of forging new pathways that allow more Americans to have a substantial ownership stake in the wealth created by the U.S. economy. The report finds that income from assets has skyrocketed in centers of finance, technology, mining, or recreation while stagnating in many distressed communities.

Repaying California's Federal Unemployment Insurance Loan
Bond Finance | Disaster Recovery & Relief | Economic Development | Resiliency
The Governor's 2021‑22 May Revision budget proposes $36 million General Fund to pay the first, partial payment on the state's outstanding federal Unemployment Insurance (UI) loan and proposes to direct $1.1 billion in federal American Rescue Plan (ARP) Act funds to pay down a portion of the outstanding loan.


National Sponsor Spotlight

Frost Brown Todd LLC Frost Brown Todd LLC
With over 500 lawyers across their eight-state footprint, Frost Brown Todd LLC offers a deep, talented roster of legal professionals. Committed to their clients, the firm leverages technical, industry, and legal knowledge and hands-on experience to...
gener8tor gener8tor
gener8tor's turnkey platform for the creative economy connects startup founders, musicians, artists, investors, universities and corporations. The gener8tor platform includes pre-accelerators, accelerators, corporate programming, conferences and...
Hawkins Delafield & Wood LLP Hawkins Delafield & Wood LLP
Hawkins Delafield & Wood LLP is the only national law firm in the United States whose practice is devoted primarily to public finance and public projects. Each of their specialty areas supports and complements our municipal transactions practice....

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 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.

New Members

Community Action Partnership of Kern - Bakersfield, CA

D.C. Department of Insurance, Securities and Banking - Washington, DC

Executive Office of Housing & Economic Development, MA - Boston, MA

Hawaii Green Infrastructure Authority - Honolulu, HI

Rock Hill Housing Authority - Rock Hill, SC

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