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Development Finance Review Weekly - January 6, 2022

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Development Finance Review Weekly
January 6, 2022
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CDFA Development Finance Review Weekly

Features

Tune in Jan. 18 for a Webinar on Forecasting the Bond Market's Response to Federal Infrastructure Investments
With the passage of the Bipartisan Infrastructure Bill, the U.S. infrastructure sectors are predicting a stable and productive year ahead. Despite pandemic-related challenges, the municipal bond market is expected to remain resilient in 2022. During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will explore economic insights for 2022, including the impacts of the Bipartisan Infrastructure Bill, the state of the bond market, and an outlook on economic recovery strategies.

Treasury Issues Final Rule for State and Local Fiscal Recovery Funds Program to Support the Ongoing COVID Response
Today, the U.S. Department of the Treasury issued the Final Rule for the State and Local Fiscal Recovery Funds (SLFRF) program, enacted as a part of the American Rescue Plan, which delivers $350 billion to state, local, and Tribal governments to support their response to and recovery from the COVID-19 pandemic.

Midwest Senators Introduce Bill to Strengthen Economic Program
Minnesota Senator Tina Smith is one of two senators trying to jumpstart economic development in underserved communities. Smith and South Dakota Republican Senator Mike Rounds introduced a bill called the CDFI Bond Guarantee Program Improvement Act. The bill would strengthen and expand Community Development Financial Institutions, which play a critical role in bringing capital and financial services to a wide range of underserved communities.

Connecticut Green Bank Sells Green Bond on Raise Green
The Connecticut Green Bank is issuing a "Green Bond" on FINRA regulated funding portal Raise Green. The securities offering is being pursued using the Reg CF securities exemption. The debt offering is seeking up to $250,000 with a 1.00% Annual Interest Rate. Investors must commit a minimum of $100 to participate in the bond offering and as of this writing, $75,600 has been raised.

House Passes Bipartisan Small Business Contracting Provisions in NDAA Bill
The House passed the National Defense Authorization Act (NDAA), a bipartisan defense bill that includes numerous provisions to help small government contractors. Committee members fought to include several provisions that address critical issues facing small firms seeking procurement opportunities.

Senate Draft of Build Back Better Reconciliation Bill Would Finance Nearly 1 Million Affordable Homes Over 10 Years
Novogradac estimates that the Senate Finance Committee's Dec. 11 revised section of the tax portion of the $1.7 trillion Build Back Better (BBB) reconciliation legislation would finance 944,900 affordable homes over 2022-2031, including an estimated 819,900 affordable rental homes from the bill's primary low-income housing tax credit (LIHTC) unit financing provisions.

SSBCI Comes to Indian Country: New Federal Funding for Tribes to Invest in Indian Country Small Businesses and Native Entrepreneurs
Tribal governments may use SSBCI funds to support eligible small business financing in any eligible manner it chooses. This includes supporting small businesses on Tribal lands, small businesses in states where Tribal lands or Tribal citizens are located, and small businesses owned by the Tribe and Tribal citizens, wherever they are located.

Rep. Cartwright Discusses Infrastructure Bill's Impact on Abandoned Mine Lands Reclamation
The Infrastructure Act includes $21 billion in funding to address Legacy Pollution and can be used to clean up brownfield and superfund sites, as well as reclaim abandoned mine lands and plug orphan oil and gas wells. Pennsylvania has more unreclaimed abandoned mine land acreage than any other state in the country and represents nearly 41 percent of the country's reclamation costs. The Infrastructure Act will provide nearly $3.8 billion to Pennsylvania for reclamation efforts.

White House Action Plan for a Fairer, More Competitive, and More Resilient Meat Supply Chain
The Biden-Harris Administration will dedicate $1 billion in American Rescue Plan funds for expansion of independent processing capacity. USDA reviewed nearly 450 comments received over the summer in response to its request for input on how best to increase independent processing capacity.

Berkeley, CA to Adopt Blockchain Technology for Microbond Financing Program
The city of Berkeley is set to become one of the first cities in the nation to incorporate blockchain technology in its municipal bond market. This announcement comes after a unanimous city council vote granted authorization for the city manager to work with a firm that will provide support to the city in developing a microbond financing program. The city of Berkeley has been working to develop the new blockchain market since 2019, according to the release.

Upcoming Events
Fundamentals of Economic Development Finance Course

CDFA // BNY Mellon Development Finance Webcast Series: Forecasting the Bond Market's Response to Federal Infrastructure Investments
Tuesday, January 18, 2022 - 2:00 PM - 3:00 PM Eastern
With the passage of the Bipartisan Infrastructure Bill, the U.S. infrastructure sectors are predicting a stable and productive year ahead. Sizeable federal infrastructure investments forecast positive growth. Despite pandemic-related challenges, the municipal bond market is expected to remain resilient in 2022. During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will explore economic insights for 2022, including the impacts of the Bipartisan Infrastructure Bill, the state of the bond market, and an outlook on economic recovery strategies.

News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

Munis Outperform UST Selloff, Ratios Plummet
The U.S. Treasury market sold off in double-digits to start 2022 and equities were better on Monday while munis saw a softer tone, but most triple-A yield curves only saw a basis point cut in spots. Municipal to UST ratios fell on the moves in UST. The five-year was at 44%, 64% in 10 and 74% in 30, according to Refinitiv MMD's 3 p.m. read. ICE Data Services had the five at 43%, the 10 at 65% and the 30 at 73%.

Muni Returns in The Black, Inflows Hit $1.2B to Close Out 2021
Municipals ended 2021 little changed and lightly traded. U.S. Treasuries pared back losses and equities saw modest gains. Municipal bond mutual fund inflows hit $1.2 billion in the last reporting week of the year.

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.

This Week's Headlines

USDA Advancing Equity in Distressed Rural Communities
LA Daily Post | Jan. 6 | Agriculture Finance | Disaster Recovery & Relief | Economic Development | Federal | Legislative | Rural Development | U.S. Dept. of Agriculture (USDA)

Governor Mills Announces $3.5M in Lifeline Loans to Cover the Property Tax Bills of Older or Disabled Maine People
Office of Governor Janet T. Mills | Jan. 5 | Bond Finance | Housing Finance | Social Finance

Horry County, SC Approves $11M for CCU to Upgrade Library, Golf Management Program
The Sun News | Jan. 5 | Bond Finance | Education

The Windfall in U.S. Infrastructure Spending Won't Be Coming From the Government Alone
Quartz | Jan. 5 | Bond Finance | Economic Development | Infrastructure Finance | Public-Private Partnership (P3) Financing | Water Finance

Watertown City Council, SD Approves Memorandum That Includes TIF for Stony Point Project
Watertown Public Opinion | Jan. 5 | Bond Finance | Infrastructure Finance | Tax Increment Finance (TIF)

Anouncing Infrastructure Finance Series Featuring Frost Brown Todd LLC
CDFA | Jan. 4 | Energy Finance | Infrastructure Finance

Fact Sheet: 2021 HUD Year in Review
HUD | Jan. 4 | Disaster Recovery & Relief | Federal | Housing Finance | Legislative | U.S. Dept. of Housing & Urban Development (HUD) | Urban Development

Farmer-Friendly Loan Process Could Aid Rural Revival
La Junta Tribune Democrat | Jan. 4 | Agriculture Finance | Federal | Rural Development

Harrison County, WV Commission to Hold Public Hearing on Restructuring Charles Pointe Bonds
The Exponent Telegram | Jan. 4 | Bond Finance | Community Development | Economic Development | Tax Increment Finance (TIF)

HUD Announces More Than $52M to Deliver Equitable COVID-19 Relief to Tribal Communities
HUD | Jan. 4 | Disaster Recovery & Relief | Federal | Tribal Finance | U.S. Dept. of Housing & Urban Development (HUD)

Maine Company GO Lab Secures $85M in Funding for Revitalization of the Madison Paper Mill
News Center Maine | Jan. 4 | Bond Finance | Green Finance | Tax Credits

Muni Market Opens 2022 With Calls for Third Year of Record Sales
Yahoo Finance | Jan. 4 | Bond Finance

NJEDA Releases Draft List of Food Desert Communities for $240M Funding Initiative
NJ Business Magazine | Jan. 4 | Access to Capital | Food Systems Finance | State Finance Program

California Expanded School Programs without Expanding Construction Funding
Sanjose Inside | Jan. 3 | Bond Finance | Education | Legislative

Gloversville, NY Targets 4 Brownfields for Clean-Up Funding
The Gloversville Leader Herald | Jan. 3 | Brownfield Financing | Redevelopment | State Finance Program

Lack of Competition in U.S. Meat Industry Amounts to 'Exploitation'
Ag Week | Jan. 3 | Access to Capital | Federal | Food Systems Finance | Revolving Loan Funds (RLFs) | Rural Development | U.S. Dept. of Agriculture (USDA)

These Bethlehem, MI Projects Will Reshape the City in 2022
The Morning Call | Jan. 3 | Brownfield Financing | Historic Preservation | Redevelopment | State Finance Program

Another Voice: Brownfield Cleanup Program Has Made Buffalo, NY Cleaner, More Vibrant
The Buffalo News | Jan. 1 | Brownfield Financing | Economic Development | Housing Finance | Redevelopment | State Finance Program

Michigan DOT Video Recaps 2021 Investments in Roads, Bridges
Transportation Today | Jan. 1 | Bond Finance | Infrastructure Finance | U.S. Dept. of Transportation (DOT)


New Additions to the Online Resource Database

Coronavirus State and Local Fiscal Recovery Funds: Final Rule
Disaster Recovery & Relief | Economic Development | Infrastructure Finance | Tribal Finance
The Secretary of the Treasury (Treasury) is adopting as final the interim final rule with amendments. This rule implements the Coronavirus State Fiscal Recovery Fund and the Coronavirus Local Fiscal Recovery Fund established under the American Rescue Plan Act. The SLFRF program delivers $350 billion to state, local, and Tribal governments to support their response to and recovery from the COVID-19 pandemic.

USDA Advancing Equity in Distressed Rural Communities
Access to Capital | Agriculture Finance | Disaster Recovery & Relief | Economic Development | Federal | Legislative | Revolving Loan Funds (RLFs) | Rural Development
U.S. Department of Agriculture announced that the Department is increasing the maximum loan amount to $400,000 under the Intermediary Relending Program. This change is in accordance with provisions in the Agriculture Improvement Act of 2018 (2018 Farm Bill). USDA is offering priority points to projects that advance key priorities under the Biden-Harris Administration to help communities recover from the COVID-19 pandemic, advance equity and combat climate change.

The Case for Investing in Employee Ownership
Access to Capital | Economic Development | State Small Business Credit Initiative (SSBCI)
Transitioning businesses to employee ownership has the potential to significantly reduce the overall wealth gap as well as the racial equity gap. But it will take capital investment to scale.


National Sponsor Spotlight

Baker Tilly Baker Tilly
More than 2,800 talented and passionate individuals strong, Baker Tilly is a top 15* full-service accounting and advisory firm with specialized professionals who connect with you and your business through refreshing candor and clear industry...
Stifel Nicolaus Stifel Nicolaus
Stifel Nicolaus, founded in 1890, is a full-service securities firm dedicated to development finance. Stifel Nicolaus has developed innovative public financing structures for private developments saving millions of dollars for our public and...
U.S. Bank U.S. Bank
U.S. Bancorp (USB), with $416 billion in assets, is the parent company of U.S. Bank, the fifth largest commercial bank with more than 65,000 employees, and 3,151 offices in the United States.

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.

New Members

THOMAS | MICHAEL LLC - Greenbelt, MD

Urban Renewal Authority Colorado Springs - Colorado Springs, CO

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