Development Finance Review Weekly - September 2, 2021
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Features |
A Transparent Look at How Governments Are Spending $350B in ARPA Funds
States and territories, as well as cities and counties with populations of more than 250,000, will soon be delivering the first of seven annual Recovery Plan Performance Reports to the U.S. Treasury, and those reports are required to be posted on "publicly facing" websites. The reports are unlikely to reveal much about actual performance but will give an initial view of how states and localities are spending the $350 billion in the American Rescue Plan Act.
Billion-Dollar Muni Deals a Rarity as Free Cash, Revenue Pile Up
U.S. states and localities have sold 15 bond deals of at least $1 billion this year, on pace to surpass the total of 18 offered in 2020 and potentially even challenge the record 26 issued in 2018, data compiled by Bloomberg show. The conditions are right: the amount that municipalities are paying to borrow is at rock-bottom generational lows, their credit has never been better, and investor demand is seemingly insatiable.
CDFI Fund Announces $5B in New Markets Tax Credits
The CDFI Fund announced $5 billion in New Markets Tax Credits that will spur investment and economic growth in low-income urban and rural communities nationwide. A total of 100 Community Development Entities (CDEs) were awarded tax credit allocations, made through the calendar year 2020 round of the New Markets Tax Credit Program.
New Federal Funding Opportunities for Broadband
The National Telecommunications and Information Administration (NTIA) has several new broadband financing programs available, as does the USDA. To help bridge the gap communities face when assembling capital to invest in their broadband networks, CDFA will host experts for a discussion on how federal financing tools can be used to fund broadband networks.
Biden-Harris Administration Announces Steps to Increase Affordable Housing Supply
The Biden-Harris Administration is announcing a number of steps that will create, preserve, and sell to homeowners and non-profits nearly 100,000 additional affordable homes for homeowners and renters over the next three years, with an emphasis on the lower and middle segments of the market.
Impact Community Closes $210M Affordable Housing Fund
IMPACT Community Capital has closed the new $210 million IMPACT Mortgage Opportunity Fund developed in partnership with Rose Community Capital's Bridge Lending Program for affordable housing properties. The loans provide borrowers time to apply for permanent financing and government subsidy programs.
Ohio Capital Fund Shrinks Dependence on State Tax Credits
The state-backed fund that drew venture capital to Ohio tech startups is shrinking its reliance on tax credits to make bond payments and still aiming for a big return from its cumulative investments. Ohio Capital Fund LLC will use about $3 million in state tax credits in the next week to augment some $5 million in returns and pay the August principal and interest on its bonds.
EPA Announces $131M WIFIA Loan for PFAS Treatment and Removal Systems in Orange County, CA
The U.S. EPA announced a $131 million Water Infrastructure Finance and Innovation Act (WIFIA) loan to the Orange County Water District to help remove per- and polyfluoroalkyl substances (PFAS) from drinking water sourced from local groundwater. By helping finance this project, EPA's WIFIA loan will protect public health from PFAS while reducing reliance on imported water for 2.5 million residents in Orange County.
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Upcoming Events |
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News from |
The latest municipal finance headlines from The Bond Buyer.
Reconciliation Bill Provides Two-Week Window for Muni Agenda
The exclusion of the muni industry's top priorities in the bipartisan infrastructure package has set up a two-week battle for lobbyists and industry advocates to include advance refunding, a bank-qualified expansion, and a direct-pay bond program in the upcoming reconciliation bill. "It continues to be a procedural fight at this point," said Brett Bolton, vice president and head of government and industry relations at the Bond Dealers of America.
Kentucky Issuers Rev up Two Big Transportation Bond Deals
Taking advantage of low rates and market stability, the Kentucky Public Transportation Infrastructure Authority and the Turnpike Authority of Kentucky plan two refunding revenue bond sales. The Public Transportation Infrastructure Authority will sell $191.81 million of Series 2021 taxable fixed-rate first-tier toll revenue refunding bonds for the Downtown Crossing project the week of Sept. 13.
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 |
SSBCI Coalition Meeting - September 10 (Virtual)
September 10, 2021 - 1:00 PM Eastern
CDFA Federal Financing Webinar Series: The Federal Role in Financing Broadband
Tuesday, September 14, 2021 - 2:00 PM - 3:30 PM Eastern
During this installment of the CDFA Federal Financing Webinar Series, experts will discuss how federal financing tools can be used to fund 5G broadband networks.
CDFA // BNY Mellon Development Finance Webcast Series: Layering the Capital Stack
Tuesday, September 21, 2021 - 2:00 PM - 3:00 PM Eastern
The phrase "Capital Stack" is one that is pretty commonplace in the Development Finance nomenclature these days, but what does it truly mean to build the Capital Stack and how can it work for your project? This session will discuss how Bonds, Tax Increment Finance, Tax Credits as well as the litany of federal funding through recent legislation can work for your project and ultimately the community that is benefitting.
SSBCI Learning Series - Module II
September 24, 2021 - 1:00 PM Eastern
The second module of the SSBCI Learning Series will discuss the structure of Venture Capital Programs, Capital Access Programs, and Loan Guarantee Programs. It will also cover private financing strategies for engaging Angel Investors, Venture Capitalists, CDFIs, and Impact Investors.
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Legislative & Federal Affairs |
A look at the latest legislative news impacting the development finance industry:
U.S. Sen. Wyden Unveils Bill To Combat Profiteers In Low-Income Housing
U.S. Sen. Ron Wyden announced a bill he said would close a loophole that allows large investors to seek outsized profits in taxpayer-funded affordable housing. If successful, the change would apply to current and future housing deals that use the federal Low Income Housing Tax Credit for funding.
Visit CDFA's Advocacy Center to view the latest legislative and federal updates, explore CDFA's Policy Agenda, track legislation relevant to development finance, get involved in CDFA-led initiatives, and more.
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Job & RFP Postings |
Invest Atlanta Seeking Deputy CFO
The Deputy Chief Financial Officer (DCFO) is responsible for assisting the SVP & CFO with strategic planning, implementing, managing, and controlling financial related activities of Invest Atlanta and its' related entities. The DCFO will assist the SVP & CFO in managing a staff of seven professionals performing financial, real estate and administrative activities.
Invitation to Quote (ITQ) To Perform Financial Analysis for 115 N. Federal Highway Infill Mixed-Use Redevelopment Project
The Boynton Beach CRA is seeking qualified individuals or firms to perform an independent third-party evaluation of development proposals from the 115 N. Federal Highway Infill Mixed-Use Redevelopment Project Request for Proposals and Developer Qualifications (RFP/RFQ) received by the CRA.
State of Connecticut's Office of Policy and Management is Recruiting for a Principal Budget Specialist
The State of Connecticut's Office of Policy and Management is recruiting for a Principal Budget Specialist position in the Budget and Financial Management Division. This is an exciting opportunity to help develop the capital budget for all of state government and to assist in managing the agenda for the State Bond Commission.
PGAV Planners Hiring Project Manager
PGAV Planners is seeking a creative, experienced Project Manager to join our team! Project Managers are responsible for managing projects from start to finish within determined schedules and budgets, including interacting with clients one-on-one, writing reports, and presenting at public meetings.
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This Week's Headlines |
Delaware County, DE Saves Hundreds of Thousands on Bonds and Will Repave Streets
Muncie Journal | Sep. 1 | Bond Finance | Infrastructure Finance | Tax Increment Finance (TIF)
EPA Administrator Regan Announces $168M in Water Investments, Highlights Benefits of Bipartisan Infrastructure Deal
U.S. EPA | Sep. 1 | Federal | Infrastructure Finance | Water Finance
Fannie Mae Increases Commitment to Low-Income Housing Tax Credit Market
GuruFocus | Sep. 1 | Economic Development | Housing Finance | Redevelopment | Tax Credits
Capital Analysis of the Proposed Middle-Income Housing Tax Credit
Novogradac | Aug. 30 | Economic Development | Housing Finance | Tax Credits
Committee Approves $19M for New Affordable Apartment Complex in East Colfax, CO
Colorado Politics | Aug. 30 | Bond Finance | Community Development | Housing Finance | Redevelopment
Fox Theatre Executive Director Floats Possible Completion Timeline
Yahoo News | Aug. 30 | Community Development | Economic Development | Historic Preservation | Tax Credits
Gov. Hochul Announces Groundbreaking of Housing Development in Historic Cheektowaga Building
WGRZ | Aug. 30 | Access to Capital | Community Development | Economic Development | Housing Finance | Redevelopment | Tax Credits
Historic Dayton, KY Building to Become Residential
The River City News | Aug. 30 | Economic Development | Historic Preservation | Housing Finance | Redevelopment | Tax Credits
Jamestown, NY Awarded $10K Grant to Preserve Historically Significant Homes
Erie News Now | Aug. 30 | Historic Preservation | Housing Finance | State Finance Program | Tax Credits
Regions Bank Closes $126M LIHTC Fund
Multi-Housing News | Aug. 30 | Access to Capital | Community Development | Economic Development | Housing Finance | Tax Credits
SBA Opens Supplemental Grant Applications for Shuttered Venue Operators Grant Awardees
U.S. SBA | Aug. 30 | Access to Capital | Disaster Recovery & Relief | Federal | U.S. Small Business Administration (SBA) | COVID-19
St. Paul, MN City Council Approves Major $209M TIF Expansion
St. Paul Pioneer Press | Aug. 30 | Access to Capital | Economic Development | Housing Finance | Infrastructure Finance | Redevelopment | Tax Increment Finance (TIF)
USDA on Track to Provide Record-Breaking Support for Rural Working Capital Needs in FY21
West Virginia Daily News | Aug. 30 | Access to Capital | Federal | Rural Development | U.S. Dept. of Agriculture (USDA)
Yorktowne Hotel in York, PA Has a New Opening Timeline
York Daily Record | Aug. 30 | Economic Development | Housing Finance | Redevelopment | Tax Credits
California Tax Incentive's Success Is in Its Failures
Bloomberg Tax | Aug. 26 | Economic Development | Incentives | State Finance Program | Tax Credits
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New Additions to the Online Resource Database |
A Playbook for Scaling Latino-Owned Businesses
Access to Capital | Economic Development | Food Systems Finance | Incentives | Opportunity Zones | Revolving Loan Funds (RLFs) | Social Finance
A Playbook for Scaling Latino-Owned Businesses is designed to support the scaling and continued growth of Latino-owned businesses by offering entrepreneur support organizations, financial institutions, and other stakeholders actions they can take to offer Latino entrepreneurs greater access to financial capital, expanded markets, and support for rapid scale.
Equity in Capital Improvement Planning Processes
Community Development | Economic Development | Housing Finance | Infrastructure Finance | Social Finance
Capital budgets and improvement plans present exceptional opportunities for governments to drive equitable outcomes in municipalities, particularly when budgeting for recovery. The significant spending power authorized through capital budgets – multiple billions for some jurisdictions – can allow for increased, targeted spending on geographies that historically lacked investment from the public and private sectors.
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National Sponsor Spotlight |
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Ice Miller LLP
Ice Miller is nationally recognized for its public-private partnerships (P3s), municipal bond and economic development experience. Ice Miller is a full service law firm dedicated to helping our clients stay ahead of a changing world. With over 340...
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KeyBanc Capital Markets
KeyBanc Capital Markets, headquartered in Cleveland, Ohio, is a full service investment banking firm serving issuers of tax-exempt debt for over 40 years. The Public Finance Municipal Banking Group operating out of offices in Cleveland, Chicago, New...
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Kutak Rock LLP
Kutak Rock LLP is a national law firm of more than 500 lawyers with offices from coast to coast. Their firm serves local, regional and national clients in a practice that spans a wide range of disciplines. They encourage their attorneys to take...
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CDFA Bookstore |
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Innovation Finance Reference Guide
The Innovation Finance Reference Guide explores the growing seed, venture capital, and angel investment industry, and gives development finance agencies a roadmap for building an innovation finance initiative that supports entrepreneurship, business investment, and job creation.
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New Members |
Ecostrat, Inc. - Toronto, ON
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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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