Development Finance Review Weekly - May 23, 2019
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Feature |
Treasury's CDFI Fund Announces 2018 NMTC Awards
The U.S. Department of the Treasury's CDFI Fund has announced the Calendar Year 2018 New Markets Tax Credit (NMTC) allocation awards. The CDFI Fund awarded $3.5 billion to 73 Community Development Entities (CDEs) from 35 states, Puerto Rico, and the District of Columbia.
Alpha OZ Fund Acquires Student Housing in Lafayette, LA
Alpha Capital Partners, has announced the acquisition of University Place, a 342-bed student housing community in Lafayette, Louisiana. This acquisition is the second of five identified projects in Alpha's Opportunity Zone Fund. The Fund is a targeted $250 million fund launched in October 2018.
PR Issues $21.6M in Bonds for Universidad Americana
Puerto Rico's Fiscal Agency and Financial Advisory Authority has announced that Afica issued $21.6 million in bonds to finance the construction and development of a new student housing complex, parking facility and "related amenities" for the Universidad Interamericana of Puerto Rico.
Clarksburg, WV Receives USDA Community Facilities Loan
Clarksville, WV officials have signed off on an $8.5 million in low-interest financing for the Robinson Grand Performing Arts Center. The 37-year loan will replace the bond anticipation note from MVB Bank that provided financing for the project during construction.
House Proposes LIFT America Act
This bill authorizes appropriations for the nation's infrastructure, including appropriations for: broadband internet access, drinking water improvements, the electric power grid, energy efficiency in buildings, incentives for renewable energy systems, clean energy, revitalization of brownfield sites, hospital infrastructure and the Indian Health Service, and more.
HUD Awards $1.5B to Seven States for Disaster Recovery
The U.S. Department of Housing and Urban Development (HUD) today awarded nearly $1.5 billion to support seven states in their recovery from major disasters that occurred last year, including Hurricane Michael, Hurricane Florence and devastating wildfires in California.
South Bend, IN Officials Befuddled by Decision to Pause Regional Cities' Projects
Indiana's Regional Cities initiative helped serve as a catalyst for hundreds of millions of dollars in development in St. Joseph, Elkhart and Marshall counties and is expected to help the region grow well into the future. That's why regional leaders are puzzled why the state didn't include a similar program in this year's biennial budget.
University City, MO $70M Retail TIF will Protect Suburb from Sales Tax Pool Lawsuit
University City officials say a $70 million subsidy of a Costco-anchored development will protect the suburb's revenues in case Chesterfield leaves St. Louis County's shared sales tax pool — a possible outcome of a case pending in the Missouri Supreme Court.
HTC Growth and Opportunity Act Introduced in House
Reps. Earl Blumenauer, Darin LaHood, Terri Sewell, and Mike Kelly have introduced the Historic Tax Credit Growth and Opportunity Act. The legislation aims to bring more value to HTC transactions by eliminating the HTC basis adjustment requirement, and increasing the credit from 20 to 30 percent for properties with rehabilitation expenses of less than $2.5 million.
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Upcoming Events |
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News from |
The latest municipal finance headlines from The Bond Buyer.
Dallas-Fort Worth Plans to Issue $3.5B for New Terminal
Dallas-Fort Worth International Airport is approaching its next major round of bond issuance with plans for sixth terminal and improvements to another that could cost up to $3.5 billion. Revenue bonds backed by airline fees will be used to finance the project, expected to cost between $3 billion and $3.5 billion,
Infrastructure Funding Hopes Dim
Though lawmakers are introducing bills aimed at everything from reinstating advance refunding to raising gas taxes, politics appear to be getting in the way of any comprehensive infrastructure bill pushing through. An apparent breakdown in the bipartisan infrastructure effort comes less than a month after the announcement of a $2 trillion infrastructure plan.
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.
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Upcoming Webcasts |
CDFA // BNY Mellon Development Finance Webcast Series: The Landscape of Mega Project Incentives
Tuesday, June 18, 2019 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Webcast Series, expert speakers will provide an in-depth overview of the approaches currently being used by cities, counties, and states across the U.S. to attract mega projects.
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Job & RFP Postings |
CDFA Hiring a Director of Development
The Council of Development Finance Agencies seeks a motivated, well organized and energetic individual to fill the position of Director of Development. This position is critical to the continued success of CDFA's education, advocacy, research, resources and networking efforts.
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This Week's Headlines |
Podcast: The Finance of Food
The Cap Times | May. 23 | Access to Capital | Agriculture Finance | Food Systems Finance
MN Senate Prioritizes Broadband, Value-Added Ag, and Affordable Housing
MNSRC | May. 22 | Agriculture Finance | Food Systems Finance | Housing Finance | Infrastructure Finance | Rural Development
Mansfield, OH to Issue $13M in Bonds for Water Meters
Mansfield News Journal | May. 22 | Bond Finance | Infrastructure Finance | Water Finance
Speaking Up for an Equitable Food System
Resilience | May. 22 | Agriculture Finance | Community Development | Food Systems Finance
Maine Harvest Credit Union, Focused on Ag, to Open
Maine Biz | May. 22 | Access to Capital | Agriculture Finance | Economic Development | Food Systems Finance | Rural Development
AgTech Company 'AppHarvest' Secures $82M to Build KY Greenhouse
AppHarvest | May. 21 | Access to Capital | Agriculture Finance | Economic Development | Food Systems Finance
First Nations Grants 3 Tribes for "Changing Native Food Economies" Project
Yahoo Finance | May. 21 | Agriculture Finance | Community Development | Food Systems Finance | Tribal Finance
NJ EDA to Establish a Value-Added Dairy RLF
Insider NJ | May. 21 | Access to Capital | Agriculture Finance | Food Systems Finance | Revolving Loan Funds (RLFs)
Dubuque, IA Approves TIF Incentives for Affordable Housing Developments
KCRG | May. 20 | Housing Finance | Tax Increment Finance (TIF)
Formation of New York City Climate Mobilization/PACE Task Force Announced
Yahoo Finance | May. 20 | Energy Finance | Property Assessed Clean Energy (PACE)
Catalyst Launches First Real Estate Opportunity Zone Fund
PE Hub Network | May. 20 | Opportunity Zones
JMP Launches an Opportunity Zone Platform: Portfolio Products
ThinkAdvisor | May. 20 | Opportunity Zones
Over 700 Acres of Brownfield Land in Dallas, TX is Now an Opportunity Zone
Builder | May. 20 | Brownfield Financing | Community Development | Opportunity Zones
Columbus, OH Hits $2B Financing Milestone
Columbus-Franklin County Finance Authority | May. 20 | Access to Capital | Bond Finance | Housing Finance
Woodstock, IL Considers Tax Credits and TIF for $5M Courthouse Overhaul
Northwest Herald | May. 19 | Access to Capital | Historic Preservation | Redevelopment | Tax Credits | Tax Increment Finance (TIF)
Rural America Is the Next Place to Pioneer
The Hill | May. 19 | Food Systems Finance | Infrastructure Finance | Opportunity Zones | Public-Private Partnership (P3) Financing | Revolving Loan Funds (RLFs) | Rural Development
Kankakee, IL Holds Community Meeting to Discuss Opportunity Zones
Daily Journal | May. 19 | Community Development | Local Finance Program | Opportunity Zones
Harris Bay Announces Opportunity Zone Investment in Boutique Riverwalk Hotel
BusinessWire | May. 19 | Access to Capital | Opportunity Zones
Questions Colleges Should Ask Before Engaging in P3
Education Dive | May. 17 | Infrastructure Finance | Public-Private Partnership (P3) Financing
Opportunity Zones Could Skip Over Rural Places
Nonprofit Quarterly | May. 17 | Opportunity Zones | Rural Development | Tax Credits
Opportunity Zone in Missoula, MT Lands First Investment, Forming Basis of a Tech Campus
KPAX | May. 17 | Access to Capital | Community Development | Innovation Finance | Opportunity Zones | Tax Increment Finance (TIF)
Water System Improvements Coming Soon to Jonesville, MI
Hillsdale Daily News | May. 17 | Access to Capital | Infrastructure Finance | Water Finance
CO Passes Increase of Affordable Housing Tax Credits
CHFA | May. 17 | Housing Finance | Member News | State Finance Program | Tax Credits
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National Sponsor Spotlight |
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Baker Tilly Virchow Krause
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BNY Mellon
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Bricker & Eckler LLP
Bricker & Eckler LLP, is one of Ohio's leading law firms, representing corporations, nonprofit organizations, government agencies, health care facilities, school districts, and municipalities, as well as individuals.
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Partner Spotlight |
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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...
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CDFA Bookstore |
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DFCP Study Pack
The DFCP Complete Book Package contains all of the reference guides to study for the DFCP final exam at a 10% discount.
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New Members |
Housing Hub Opportunity Fund - lauderhill, FL
Housing Hub LLC - Lauderhill, FL
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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.
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Council of Development Finance Agencies
100 E. Broad Street, Suite 1200
Columbus, OH 43215
(614) 705-1300
info@cdfa.net
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