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Development Finance Review Weekly - January 14, 2021

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Development Finance Review Weekly
January 14, 2021
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CDFA Development Finance Review Weekly

Features

Announcing the 2021 CDFA-Bricker PACE Webinar Series
CDFA is pleased to partner with Bricker & Eckler LLP again this year for the CDFA-Bricker PACE Webinar Series! The series will feature 5, 2-hour long webinars highlighting innovative approaches and best practices for using this tool, current challenges facing practitioners, and future prospects for the PACE industry. All webinars will be free to attend and available to view online after the recording.

CDFA Recognizes Duanne Andrade, DFCP
CDFA is proud to announce Duanne Andrade, Chief Financial Officer for Solar and Energy Loan Fund (SELF) in Port St. Lucie, FL, as the newest graduate of the prestigious Development Finance Certified Professional (DFCP) program. As a new graduate, Ms. Andrade has gained valuable knowledge and experience to help tackle the complexities of the development finance industry.

SBA and Treasury Announce PPP Re-Opening; Issue New Guidance
The SBA, in consultation with the Treasury Department, announced that the Paycheck Protection Program (PPP) will re-open the week of January 11 for new borrowers and certain existing PPP borrowers. To promote initial access to capital, only community financial institutions will be able to make First Draw PPP Loans on Monday, January 11, and Second Draw PPP Loans on Wednesday, January 13.

Amazon Launches $2B Housing Equity Fund
Amazon announced it is committing more than $2 billion to preserve and create more than 20,000 affordable housing units in Washington State's Puget Sound region; Arlington, Virginia; and Nashville, Tennessee—three communities where the company has or expects to have at least 5,000 employees each in the coming years.

Even in Pandemic, Northern Kentucky Tri-ED Beats Project Targets
Northern Kentucky Tri-County Economic Development Corp., better known as Tri-ED, surpassed its goals for 2020, even with the coronavirus pandemic hitting the nation. Tri-ED supported 27 companies with expansions or new location announcements in 2020 that are expected to bring 1,563 jobs and $268 million in capital investment to Boone, Campbell, and Kenton counties.

Municipal Bond Market Starts the Year Strongly
The municipal bond market is starting 2021 on a strong note amid robust demand, light supply of new issues, and expectations of fiscal relief for state and local governments as well as potentially higher income taxes with full Democratic control in Washington. A key indicator of tax-exempt bond demand, the yield ratio of 10-year triple-A munis relative to the 10-year Treasury note, stands at 66% and is at its lowest level in 20 years.

The Inflation Debate That's Roiling U.S. Markets Faces 2021 Test
They're still in the minority, but investors and economists who think America is in for a bout of inflation -- perhaps a serious one -- start the year with some fresh ammunition for their arguments. All this has pushed bond-market measures of expected inflation higher. The so-called breakeven rate on 10-year Treasuries climbed above 2% this past week to the highest in more than two years.

PACE Loan Group Raises Additional $75M for C-PACE Assets
PACE Loan Group, a leading provider of Commercial Property Assessed Clean Energy (C-PACE) financing, announces that it has raised $75 million in committed capital from Nuveen, the investment manager of TIAA. This marks PACE Loan Group's second investment from Nuveen in two years, for a total of $150 million. The deal positions PACE Loan Group to lend on C-PACE assets across the country.

The Effects of U.S. Federal Payments on the Agriculture Sector
U.S. federal aid payments were estimated to account for 40 percent of total net farm income in 2020. But many farmer organizations say that the federal aid is insufficient and does not support long-term sustainable solutions. Instead, these organizations are advocating for revenue-based payments, greater loan forbearance, and climate change mitigation.

Upcoming Events
Fundamentals of Economic Development Finance WebCourse
News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

Libor Transition is a 2021 SEC Priority for the Muni Market
The 2021 priorities for the Office of Municipal Securities at the Securities and Exchange Commission are the transition away from Libor and improving the timeliness of financial disclosures. Rebecca Olsen, director of the Office of Municipal Securities, highlighted the Libor transition in a presentation Wednesday in which she noted that the addition of any other priorities will have to await the appointment of a new SEC chairman.

Munis Slightly Weaker but Outperform UST as Ratios Hover at 10-Year Lows
Municipal triple-A yield curves were weaker by a basis point on bonds three years and out Tuesday as new issues began to trickle in and U.S. Treasuries pared back the day's earlier losses. The disconnect between munis and UST continues and ratios hover at 10-year lows.

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: Forecasting the Bond Market Amid the Recovery
Tuesday, January 19, 2021 - 2:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast, we will hear from experts for a forecast on the economic recovery and how it will affect the bond market.

CDFA-Bricker PACE Webinar Series: Retroactive PACE
Tuesday, January 26, 2021 - 2:00 PM - 4:00 PM Eastern
Retroactive PACE allows property owners to refinance PACE-eligible expenses months or years after the improvements were installed. During this workshop, the speakers will provide in-depth considerations for making Retroactive PACE a reality for an eligible property owner.

CDFA Federal Financing Webinar Series: Restoring Local Economies with Federal Partners
Tuesday, February 9, 2021 - 2:00 PM Eastern
The first installment of the 2021 CDFA Federal Financing Webinar Series will cover the various forms of financing programs available to state and local governments through Treasury, HUD, and EDA for restoring local economies.

Job & RFP Postings

New Mexico Economic Development Department Seeking 3 Economic Development Representatives
The New Mexico Economic Development Department is advertising to hire 3 Economic Development Representatives: a Finance Program Specialist, a Program Development Specialist, and a Statewide Disaster Recovery Coordinator. If you are interested in applying for a position or know someone interested in applying, the job postings are viewable on the State of New Mexico's Career Website.

NM Economic Development Department Posts RFP for Economic Development Industry Strategies
The purpose of this Request for Proposals (RFP) is to solicit proposals to establish a contract through competitive negotiations for the procurement of a statewide economic development plan for New Mexico consisting of a summary of short-term recovery strategies, five-year strategies, and 20-year strategies.

NM Economic Development Department Publishes RFP for Economic Development Data Collection & Coordination
The purpose of the Request for Proposal (RFP) is to solicit proposals to establish a contract through competitive negotiations for the procurement of the development of statewide and regional data to be used in the development of a statewide economic development plan focusing on short-term recovery, five-year growth, and 20-year diversification strategies.

This Week's Headlines

Congress Considering Money to Unbuild Freeways and Rebuild Communities
Next City | Jan. 13 | Bond Finance | Infrastructure Finance | Legislative

COVID-19 Pandemic Drives Municipal Borrowing to 10-Year High
The Wall Street Journal | Jan. 13 | Bond Finance

Energy Department Announces $123.6M in Funding for 46 Projects to Bolster Domestic Manufacturing through Innovation
U.S. Department of Energy | Jan. 13 | Energy Finance | Federal | Innovation Finance | U.S. Dept. of Energy (DOE)

Fitch Takes Various Rating Actions on U.S. Enhanced Municipal Bonds and TOBs
Fitch Ratings | Jan. 13 | Bond Finance

Homegrown New Mexico Science and Tech Companies Awarded Small Business Innovation Research Grants
New Mexico Economic Development Department | Jan. 13 | Access to Capital | Innovation Finance

It's Time to Make U.S. Disaster Policy More Equitable and Effective
Next City | Jan. 13 | Disaster Recovery & Relief | Economic Development | COVID-19

New Bond Proposal to Be Introduced at Shreveport, LA City Council Meeting
Shreveport Times | Jan. 13 | Bond Finance | Community Development | Infrastructure Finance

Noblesville, IN Council Pledges $10M TIF Bond to East Bank Apartment Complex
Indiana Business Journal | Jan. 13 | Bond Finance | Housing Finance | Tax Increment Finance (TIF)

Palm Beach Gardens, FL Plans to Offer Nearly $500K in Incentives to Lure Two Companies, Jobs to the City
The Palm Beach Post | Jan. 13 | Incentives | Tax Credits

Senate Democrats Weigh Merging Coronavirus Relief and Infrastructure Into a Massive Multi-Trillion-Dollar Package
Business Insider | Jan. 13 | Disaster Recovery & Relief | Infrastructure Finance | Legislative | COVID-19

1.1 Million PPP Loans Forgiven So Far Totaling Over $100B
U.S. SBA | Jan. 12 | Access to Capital | Disaster Recovery & Relief | Federal | Legislative | U.S. Small Business Administration (SBA) | COVID-19

Hundreds of Millions in Funding Still Available for Michigan Wastewater Projects
MLive | Jan. 12 | Access to Capital | Infrastructure Finance | Revolving Loan Funds (RLFs) | Water Finance | Water Finance | State Revolving Fund

U.S. Chamber of Commerce Urges Infrastructure Modernization Plan to Ensure Nation's Long-Term Economic Growth
Logistics Management | Jan. 12 | Disaster Recovery & Relief | Infrastructure Finance | COVID-19

‘It Was a Joke': Some Small Businesses Got $1 Relief Loans
New York Times | Jan. 11 | Access to Capital | Disaster Recovery & Relief | Federal | COVID-19

Commercial and Financial Close Reached for Prince George's County Public Schools Alternative Construction Financing Project
PR Newswire | Jan. 11 | Education | Public-Private Partnership (P3) Financing | Case Studies

SBA Re-Opens PPP to Community Financial Institutions First
Street Insider | Jan. 11 | Access to Capital | Disaster Recovery & Relief | U.S. Small Business Administration (SBA) | COVID-19

Green River Area Development District in Kentucky Streamlines Microloan Process
Messenger-Inquirer | Jan. 10 | Access to Capital | Disaster Recovery & Relief | Revolving Loan Funds (RLFs) | COVID-19

How to Get a Small Business Loan from New $284B PPP Launch
Seattle Times | Jan. 10 | Access to Capital | Disaster Recovery & Relief | Revolving Loan Funds (RLFs) | COVID-19

Three Ag Loans Approved in Kentucky
WTVQ | Jan. 8 | Access to Capital | Agriculture Finance | Food Systems Finance | Revolving Loan Funds (RLFs) | Rural Development


National Sponsor Spotlight

NW Financial Group, LLC NW Financial Group, LLC
NW Financial Group LLC is the premier Financial Advisory / Municipal Underwriting firm in the Northeast whose experienced professionals provide unparalleled expert advice to States, Local Governments, and Authorities. The professionals that make up...
SB Friedman Development Advisors SB Friedman Development Advisors
SB Friedman Development Advisors is a real estate and development advisory firm specializing in development strategies and public-private partnerships. Founded in 1990, they work with public, private and institutional clients. Their mission is to...
Wells Fargo Securities Wells Fargo Securities
Wells Fargo Securities offers a comprehensive set of capital markets services, including originating and distributing public debt and equity, hedging interest rates and commodity and equity risks, advising on mergers and acquisitions, and...

Partner Spotlight

Association of Development Financing Institutions in Asia and the Pacific Association of Development Financing Institutions in Asia and the Pacific
The Association of Development Financing Institutions in Asia and the Pacific (ADFIAP) is the focal point of all development banks and other financial institutions engaged in the financing of development in the Asia-Pacific region. Its mission is to...

CDFA Bookstore

Cover thumbnail Unlocking Capital: A Handbook for Becoming a High Performing Development Finance Agency
The Handbook is designed to be a starting point for local leaders to engage in the creation or acceleration of a DFA to build and utilize the development finance toolbox.

New Members

Bousquet Holstein PLLC - Syracuse, NY

City of Loveland - Loveland, CO

The Greenville Housing Authority - Greenville, SC

Wisconsin Housing and Economic Development Authority - Madison, WI

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