LISC, with support from the Ford Foundation and in collaboration with CDFA, has released Navigating the Opportunity Zones: Community Partners. The release is the first installment of the LISC Opportunity Zones Playbook series and is geared to the people and organizations committed to community revitalization and shared prosperity for all residents.

The EPA will provide Texarkana, Texas, $400,000 to clean up contaminated sites through the Brownfields Revolving Loan Fund. The funds are going to communities that have demonstrated success in using their RLF funds to clean up and redevelop brownfield sites. CDFA also authored a Roadmap to Redevelopment Report for Texarkana.

Illinois Gov. J.B. Pritzker signed into law the bipartisan Rebuild Illinois plan, a $45 billion investment in transportation, education, broadband, economic development, healthcare, and other projects. The plan will be paid for primarily by increases in gas and cigarette taxes, as well as the revenue generated by a significant expansion of state gambling laws.

H.R. 3151 is now the law of the land. The Taxpayer First Act revises requirements for the Internal Revenue Service (IRS) regarding its organizational structure, customer service, enforcement procedures, cybersecurity and identity protection, management of information technology, and use of electronic systems.

The CDFA Legislative Team will be hosting its second Quarterly Legislative Update of 2019, where we'll discuss the latest news on CDFA advocacy efforts. The primary topics for discussion will include a progress report on pending CDFA legislation, a discussion of other pending development finance legislation, as well as what to expect from Congress in the coming months.

The Rural Jobs Act would build on the proven success of the New Markets Tax Credit (NTMC) by increasing the flow of private investment to rural areas. It would also help close the job creation gap by designating $500 million in NMTC investments for "Rural Job Zones".

Senator John Hoeven (R-ND), Chairman of the Senate Committee on Indian Affairs, announced that the United States Senate has approved two pieces of legislation he introduced to promote tribal economic development and self-governance: The PROGRESS for Indian Tribes Act (S.209), and The Indian Community Economic Enhancement Act of 2019 (S.212).

PACE Equity recently completed funding $4.3 million for the construction of a new Hyatt House hotel in Rochester, Minnesota. It is notably the first Opportunity Zone fund project in the nation to include PACE funding to date. The hotel developer turned to PACE Equity, who ultimately funded $4.3 million. The remainder of the capital stack was provided by a construction loan of $29.7 million and $14.4 million equity.

CDFA is pleased to congratulate Ross Borden, Director of Finance and Administration, as the newest graduate of the Development Finance Certified Professional (DFCP) program. As a new graduate, Mr. Borden joins numerous others who have invested in their professional development and are ready to tackle the complexities of the development finance industry.

The CDFA Legislative Team will be hosting its second Quarterly Legislative Update of 2019, where we'll discuss the latest news on CDFA advocacy efforts. The primary topics for discussion will include a progress report on pending CDFA legislation, a discussion of other pending development finance legislation, as well as what to expect from Congress in the coming months

During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will explore some of the creative financing tools that are being utilized around the country.

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