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Development Finance Review Weekly - December 28, 2023

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Development Finance Review Weekly
December 28, 2023
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CDFA Development Finance Review Weekly

Features

Michigan RLF Provides High-Quality Drinking Water to Residents
The Drinking Water State Revolving Fund (DWSRF) administered by the Department of Environment, Great Lakes, and Energy (EGLE) assists Michigan's public water systems in protecting public health and complying with federal Safe Drinking Water Act requirements by financing drinking water infrastructure capital improvement projects.

HUD Awards $174M for Green and Resilient Retrofit Program
The U.S. Department of Housing and Urban Development (HUD) announced $173.9 million in new loans and grants under the Green and Resilient Retrofit Program's (GRRP) Comprehensive and Elements categories. The awards will support energy efficiency, electrification, clean energy, low embodied carbon materials, and climate resilience improvements in 30 HUD-assisted multifamily properties that include 3,070 rental homes for low-income individuals and families.

Certified Ag Group Introduces New Financing Option
The Certified Agriculture Group (TCAG) is rolling out Certified Agriculture Dealer Financing (CADFi), the next evolution of the only agriculture program in the automotive industry. The CADFi program seeks to bridge the gap in financing/leasing options for the farming and ranching industry. Farmers and ranchers can finance/lease trucks, accessories, and upgrades as well as bundle other farm operation expenses using irregular payment terms that best suit the farm or ranch.

USDA Announces $1.1M for Rural Iowa Projects
The U.S. Department of Agriculture (USDA) Rural Development announced $1.1 million in funds awarded to 16 rural Iowa projects. Among the grants awarded is $22,000 for the City of Pisgah to create a water facility plan developed by engineers. This project will address water system conditions and performance and will include alternatives and recommendations to meet the rehabilitation needs of the entire water system.

Tax Allocation District Planned for Southwest Dekalb County, GA
DeKalb County Board of Commissioners unanimously approved the creation of the Southwest DeKalb Tax Allocation District (TAD). This TAD seeks to build new opportunities for those members of the community while simultaneously enhancing education, workforce development, business resources, small business growth, housing options, parks and green space, and various public amenities to make for a stronger community.

EPA Completes Cleanup at 187 Properties in Evansville, IN
The U.S. Environmental Protection Agency (EPA) announced contaminated soil cleanup of 187 residential properties is complete at the Jacobsville Neighborhood Soil Contamination Superfund site in Evansville, Indiana, bringing the total number of properties cleaned to 4,187. EPA completed the last of the cleanups in December 2023 and will resume cleanups in the spring of 2024.

North Carolina Approves $1.1M to Complete Wake County Outer Loop
The North Carolina Local Government Commission approved $1.1 million in financing for the North Carolina Turnpike Authority to complete Phase 2 of the I-540 outer loop in Wake County. The funding for the project will come from revenue bonds and a Transportation Infrastructure Finance & Innovation Act (TIFIA) loan through the U.S. Department of Transportation.

Youngstown, OH City Council OKs $10M for Housing Projects
Youngstown City Council approved three ordinances to spend a combined $10 million in American Rescue Plan funds on three housing initiatives. The legislation includes $5 million to create a fund for down payments and interior work for those wanting to buy homes in the city, $3 million for a residential facade program, and $2 million for a landlord revolving loan fund.

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

The latest municipal finance headlines from The Bond Buyer.

Arizona Agency Revs Up Water Hunt With $1B to Spend
Arizona's Water Infrastructure Financing Authority will begin a solicitation process for projects to boost the parched state's water supply using information gleaned from a query it sent out. The agency, which oversees $1 billion the state legislature in 2022 appropriated over three years for water augmentation, received 28 responses to its request for information, with a few citing the potential for bond issuance.

Bonds, Budgets Tapped for Affordable Housing Efforts in Southwest
Housing advocates in Dallas, TX are pushing for a $200 million share of a $1.1 billion general obligation bond proposition city officials want to place on the ballot next year. The city is becoming unaffordable, according to Bryan Tony, organizer of the Dallas Housing Coalition, which was formed as a unified voice for greater housing investment.

CDFA is proud to partner with The Bond Buyer as our Official Media Sponsor. The Bond Buyer offers CDFA State and Local Members a 55% discount off of the Issuer Rate. Contact CDFA for more information.

Job & RFP Postings

City of Santa Fe - ITB
The City of Santa Fe's Community Development Department has released the second of two solicitations. The Invitation to Bid (ITB) seeks bids from qualified developers to purchase the seven City-owned tracts and to develop market-rate, affordable, and senior housing, as well as open and recreational space and retail, office, and other commercial units according to the Las Estrellas master plan. The deadline for submissions for the ITB is January 22, 2024.

This Week's Headlines

How to Use Integrated Capital to Shift Power to the Front Lines
Stanford Social Innovation Review | Dec. 27 | Access to Capital | Community Development | Food Systems Finance | Foundations | Revolving Loan Funds (RLFs) | Social Finance

California is Supporting Access to Healthy Foods, Resilient Food Systems
Nation World News | Dec. 23 | Access to Capital | Food Systems Finance | State Finance Program | U.S. Dept. of Agriculture (USDA)

Fitch Rates Tampa General Hospital 2024 Bonds 'A'; Outlook Stable
Fitch Ratings | Dec. 22 | Bond Finance | Development Finance Toolbox | Healthcare | 501(c)(3) Bonds

Fitch Takes Various Rating Actions on U.S. Enhanced Municipal Bonds and TOBs
Fitch Ratings | Dec. 22 | Bond Finance | Bond Rating Agencies

Ocean City, DE to Issue $10M Bond to Acquire Former Car Sales Lot
Press of Atlantic City | Dec. 22 | Bond Finance

Sharyland, TX Receives $17M WIFIA Loan for Drinking Water Project
U.S. Environmental Protection Agency | Dec. 22 | Access to Capital | Development Finance Toolbox | Federal | Revolving Loan Funds (RLFs) | U.S. Environmental Protection Agency (EPA) | Water Finance | WIFIA

USDA Awards $920K for Public Safety Building in Greenville, ME
The Piscataquis Observer | Dec. 22 | Access to Capital | Federal | Rural Development | U.S. Dept. of Agriculture (USDA)

U.S. Department of Energy Provides $40M for Clean Energy Workforce
U.S. Department of Energy | Dec. 22 | Development Finance Toolbox | Energy Finance | Green Finance | Legislative | U.S. Dept. of Energy (DOE)

AgSouth Farm Credit Awards $200K in Georgia, North and South Carolina
Morning AgClips | Dec. 21 | Access to Capital | Agriculture Finance | Food Systems Finance

Church, Developer Break Ground on $42M Affordable Housing Project in Mango, FL
Business Observer | Dec. 21 | Housing Finance | Tax Credits

City of Moline, IL Considers Downtown TIF District
WQAD-TV | Dec. 21 | Economic Development

Grants Available to Strengthen Kentucky Food System
The Daily Independent | Dec. 21 | Access to Capital | Food Systems Finance | State Finance Program | U.S. Dept. of Agriculture (USDA)

New Illinois Program Accepting Plans to Build Local Food Infrastructure
SE Illinois News | Dec. 21 | Access to Capital | Food Systems Finance | State Finance Program

USDA Provides $125M to Puerto Rico to Repair Hurricane-Damaged Landfills
News Is My Business | Dec. 21 | Federal | Infrastructure Finance | Rural Development | U.S. Dept. of Agriculture (USDA)


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...
Grow America | Formerly NDC Grow America | Formerly NDC
NDC's work focuses on HOMES, JOBS, and COMMUNITY. Founded as a national nonprofit in 1969, NDC has worked for over 50 years fulfilling its mission to increase the flow of capital for investment in low-income communities. NDC directs capital to...
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 website, e-newsletters and alerts, and daily print edition, The Bond Buyer reaches more than 25,000...

CDFA Bookstore

Cover thumbnail Tax Credit Finance Reference Guide
The Tax Credit Finance Reference Guide provides an exploratory overview of how communities can use tax credit finance programs to support economic growth. This guide examines how to effectively apply tax credits to development opportunities, and explains the basics of tax credits and the fundamentals of using these tools.

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
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