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Development Finance Review Weekly - February 27, 2020

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Development Finance Review Weekly
February 27, 2020
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CDFA Development Finance Review Weekly

Feature

Join CDFA at the PACENation Summit March 30 - April 1 in Columbus, OH!
The 2020 PACENation Summit is the only national conference focused completely on PACE (Property Assessed Clean Energy) financing. CDFA is thrilled to host the Advanced C-PACE session, where we take a deep dive into how C-PACE can be incorporated into the capital stack with various other financing tools – such as Historic Tax Credits, Opportunity Zones, New Markets Tax Credits, and other incentives. Use the registration code, CDFAPNGUEST20, to receive $175 off your registration!

New York, NY's MTA Subway System to Raise $1B in New Debt
The Metropolitan Transportation Authority approved issuing as much as $1 billion of bonds backed by sales taxes, a new borrowing vehicle for the agency as it faces a potential delay in congestion-pricing receipts needed to support its ambitious capital plan.

CDFA Releases the Brownfields to Brightfields Roadmap to Redevelopment
The Roadmap to Redevelopment Report was developed through a 2-day process that included interviews with numerous stakeholders from the government, agriculture, business, and non-profit sectors. The plan provides a framework for the financing of the redevelopment of the Anoka-Ramsey landfill in Ramsey, MN.

Top Congressional Republicans Press for Action on Highway Bill
Congress resumes its legislative agenda amid recent calls from Republican leaders on the transportation committees for passage of a highway bill meant to update a law expiring in seven months. The Senate Environment and Public Works Committee's 5-year, $287 billion highway policy bill was approved unanimously last summer but stopped short of covering several matters.

Changing Communities: How to Bring Fairness Into Finance
Lisa Hall is the fair finance lead and fellow-in-residence at the Beeck Center for Social Impact and Innovation at Georgetown University. Hall discussed the OZ Reporting Framework with Katherine Klein, Vice-Dean of Wharton Social Impact Initiative, during a recent episode of the Dollars and Change podcast. Read the summary or listen to the episode.

CDFI Fund Announces $130.9M in Awards for Affordable Housing Nationwide
The U.S. Department of the Treasury's CDFI Fund awarded 38 organizations $130.9 million for the development of affordable housing and community facilities in low-income communities. These awards were made through the fiscal year (FY) 2019 round of the Capital Magnet Fund.

An Enormous Land Transition is Underway. Here's How to Make it Just.
Today, 8 percent of farms control over 40 percent of all U.S. farmland. The average American farm is now over 400 acres, (compared to 150 acres in 1940) and that number increases every year as smaller farms buckle under the weight of the capital-intensive industrial agricultural model. We need to mobilize more money than the public or private sectors have so far been willing to spend to acquire farmland for collective stewardship.

IRS Releases Critical Guidance on Carbon Capture Tax Credits
The guidance issued by the Internal Revenue Service is the type that the carbon capture and storage industry had sought, and will hopefully open up the market for investment by eliminating tax-related uncertainties for financial investors. Similar guidance was provided for renewable energy projects which proved valuable.

Farm Credit System Reports a Net Income of $5.4B for 2019
The Farm Credit System reported a combined net income of $5.4 billion for the year ended December 31, 2019, as compared with $5.3 billion for the prior year. The System also reported combined net income of $1.4 billion for the fourth quarter of 2019, as compared with $1.3 billion for the fourth quarter of 2018.

Upcoming Events
CDFA Federal Policy Conference
News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

Congressman Floats Treasury Infrastructure Bond Plan
The chairman of the House Transportation and Infrastructure Committee favors the creation of a series of Treasury bonds dedicated to transportation that would be paid for by indexing the federal gasoline tax. The last estimate was the added revenues from inflationary rises in the gas tax could allow $500 billion of bonds to be sold over 13 years.

U.S. Chamber of Commerce Urges Senate to Expand Bonding for Public Transit
Public transit advocates told a Senate committee that a significant increase in federal funding for new buses and rail cars along with flexibility for reaching rural populations should be included in the next transportation reauthorization bill. The U.S. Chamber of Commerce favors paying for those investments with an increase in gas and diesel taxes along with increased use of federal loan programs, private activity bonds, and public private partnerships.

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 // BNY Mellon Development Finance Webcast Series: To TIF or Not to TIF?
Tuesday, March 17, 2020 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series experts will examine the best strategies local governments and analysts are using to determine appropriate TIF assistance levels.

CDFA // BNY Mellon Development Finance Webcast Series: The Performance of Social Impact Bonds
Tuesday, April 21, 2020 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will explore if the performance of Social Impact Bonds (SIBs) is living up to the hype and how SIBs can be used as a powerful tool for community development.

Job & RFP Postings

The Nebraska Investment Finance Authority is Accepting Applications for Executive Director
The Nebraska Investment Finance Authority(NIFA) is accepting applications for a executive director. The Executive Director of NIFA is responsible for providing strategic leadership and operational oversight, working with the Board of Directors and senior management team at NIFA to establish and implement short and long-range goals, strategies, plans and policies.

Fayetteville, NC Issues RFP for Contractual Grant Writing Service for Choice Neighborhood Planning
The City of Fayetteville, North Carolina, is now accepting Proposals for Contractual Grant Writing Services. The RFP is open until March 19, 2020.

This Week's Headlines

Paine Field in WA Welcomes Millionth Passenger
PR Newswire | Feb. 26 | Economic Development | Public-Private Partnership (P3) Financing

Brownfield, Superfund Efforts are Win-Win at Tonawanda Coke
The Buffalo News | Feb. 26 | Brownfield Financing

Chicago, IL Reveals Her TIF Overhaul Plan
Crain's Chicago Business | Feb. 26 | Tax Increment Finance (TIF)

Action to Replenish MN Rural Finance Authority Ag Loans
D Globe | Feb. 26 | Access to Capital | Agriculture Finance | Food Systems Finance | Revolving Loan Funds (RLFs) | Rural Development

Woodstock, VT Seeks $4.5M Bond for Emergency Services Building
Mountain Times | Feb. 26 | Bond Finance | Disaster Recovery & Relief

El Paso County, TX Approves Healthy Food Grants
KTSM | Feb. 25 | Community Development | Food Systems Finance

Construction Begins on $75M Mesa, AZ Opportunity Zone Development
Phoenix Business Journal | Feb. 25 | Housing Finance | Opportunity Zones

Belfast, ME Seeks to Promote Development with New Brownfields Grant
Village Soup | Feb. 25 | Brownfield Financing

Discovering Opportunity Zones in Pennsylvania
Patch | Feb. 25 | Economic Development | Opportunity Zones

Terramark Building Mixed-Income Apartment Complex on Near West Side of San Antonio, TX
San Antonio Express-News | Feb. 25 | Economic Development | Housing Finance | Opportunity Zones

Federal Grant Money to Help With Levee Reconstruction
Williamsport Sun-Gazette | Feb. 25 | Opportunity Zones | Resiliency

South Haven, MI Water/Sewer Authority Expects $1.7M Savings by Refinancing Bonds
The Herald-Palladium | Feb. 25 | Bond Finance | Infrastructure Finance | Water Finance

Tax Credit Oversight Bill Passes GA Senate
Rome News-Tribune | Feb. 24 | State Finance Program | Tax Credits

MO Farmers Will Have Access to More Loans With Senate Bill
Missourian | Feb. 24 | Access to Capital | Agriculture Finance | Food Systems Finance | Legislative | Revolving Loan Funds (RLFs)

Prescription Costs and Healthcare Bills Await NM Governor's Signature
Ruidoso News | Feb. 24 | Social Finance

Ways and Means Republicans Announce New Focus on Opportunity Zones Helping Communities
House Committee on Ways and Means | Feb. 24 | Community Development | Legislative | Opportunity Zones

FY 2020 CDFI Program and NACA Program Round Open for Applications
CDFI Fund | Feb. 24 | Access to Capital | Economic Development | Federal

EXIM Board Approves $18M Loan Guarantee to Support Export of Oil and Gas Services Equipment to Argentina
Export-Import Bank | Feb. 24 | Access to Capital | Export Import Bank of the United States (Ex-Im Bank) | Federal | International

SBA Officials Visiting SD To Promote Opportunity Zones For Economic Development
KCCR | Feb. 23 | Federal | Opportunity Zones | State Finance Program

PACE Loan Assists in Relocation for Dayton, OH Business
Dayton Daily News | Feb. 23 | Energy Finance | Property Assessed Clean Energy (PACE)


National Sponsor Spotlight

Fifth Third Bank Fifth Third Bank
Fifth Third Bancorp is a diversified financial services company that has $168 billion in assets and operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Wealth & Asset Management. With nearly 160 years of...
Frost Brown Todd, LLC Frost Brown Todd, LLC
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 and legal knowledge and experience to serve a diverse client base, from global...
Hawkins Delafield & Wood LLP Hawkins Delafield & Wood LLP
Hawkins Delafield & Wood LLP is the only national law firm in the U.S. whose practice is devoted primarily to public finance and public projects. The firm has more attorneys engaged in the full time practice of public finance and projects than any...

Partner Spotlight

PORTFOL by Philadelphia Industrial Development Corporation PORTFOL by Philadelphia Industrial Development Corporation
The Philadelphia Industrial Development Corporation (PIDC) is Philadelphia's city-wide economic development corporation. Founded in 1958 as a non-profit, joint venture between the City of Philadelphia and the Greater Philadelphia Chamber of...

CDFA Bookstore

Cover thumbnail Tax Increment Finance Best Practices Reference Guide 2nd Edition
The Tax Increment Finance Best Practices Reference Guide 2nd Edition addresses what TIF is, why it should be used and how best to apply the TIF tool. This guide highlights both TIF and special assessment projects across the country and how they can be applied to address common economic development issues.

New Members

Economic Resources Corporation - Lynwood, CA

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