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Development Finance Review Weekly - October 26, 2023

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Development Finance Review Weekly
October 26, 2023
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CDFA Development Finance Review Weekly

Features

Join CDFA at the 2023 National Development Finance Summit in Philadelphia
We are less than two weeks away from our 2023 National Development Finance Summit (NDFS)! The NDFS brings together leaders and dealmakers in the development finance industry to discuss best practices, trends, and project financing solutions. Register today to get this in-person and exclusive learning and networking experience!

Nation's Largest-Ever State Investment in Renewable Energy is Moving Forward in New York
Governor Kathy Hochul announced the largest state investment in renewable energy in United States history, demonstrating New York's leadership in advancing the clean energy transition. The conditional awards include three offshore wind and 22 land-based renewable energy projects totaling 6.4 gigawatts of clean energy, enough to power 2.6 million New York homes and deliver approximately 12 percent of New York's electricity needs once completed.

U.S. EPA Awards $128M for 186 Environmental Justice Projects Nationwide
The U.S. Environmental Protection Agency (EPA) announced nearly $128 million to fund 186 projects across the country that advance environmental justice. The organizations, that EPA has selected through its Environmental Justice Collaborative Problem Solving Cooperative Agreement and Environmental Justice Government-to-Government programs, will use the funds to ensure disadvantaged communities have access to clean air and water and climate resilience solutions.

Maryland's SSBCI Program Assists 27 Businesses, Securing 1,300 Jobs
The Maryland Department of Housing and Community Development celebrated the first year of operations of the Maryland State Small Business Credit Initiative (SSBCI). Launched in August 2022, Maryland's SSBCI will administer $198 million to small businesses and entrepreneurs. The state has already committed more than $33.1 million to 27 applicants and leveraged nearly $192 million in additional private capital to create or retain more than 1,300 full-time equivalent jobs.

Hawaiʻi Community Lending to Receive $2.4M USDA Loan to Finance Homes
Hawai'i Community Lending will receive a $2.4 million loan from the U.S. Department of Agriculture (USDA) to finance 10 homes. Hawaiʻi Community Lending is one of eight Native Community Development Financial Institutions to receive USDA funding to expand homeownership opportunities for Native communities.

IRA Update: Buildings Projected to Deliver Largest IRA-Related Emissions Reductions
A new report from the U.S. EPA finds that buildings will likely deliver larger greenhouse gas emissions reductions through 2035 than any other end-use sector, particularly with the programs created under the Inflation Reduction Act (IRA). The report estimates greenhouse gas emissions reductions through 2035 over a 2005 baseline, incorporating numerous modeling scenarios, both with the effects of the IRA's programs and without them. This analysis helps readers understand the impact of the IRA programs on GHG emissions from end uses, as well as the power sector.

New York Blood Center Approved for $52M Bond Financing for Facility Upgrades
The Westchester County's Local Development Corporation voted preliminary approval of $52 million in tax-exempt bond financing for the redevelopment of the former Avon headquarters into a 187,000-square-foot facility to be leased to the New York Blood Center Inc. The New York Blood Center will occupy the entire property for office space, testing and research laboratories, and processing, storage, and distribution of blood and associated supplies.

California Invests $3.7B to Rebuild Road and Rail Infrastructure
California allocated more than $3.7 billion to rebuild the state's transportation infrastructure. More than $2.3 billion is from the Infrastructure Investment and Jobs Act of 2021, the bulk of which is going to improve bridges, travel times and air quality; reduce planet-warming pollution; increase highway and rail safety; and provide transportation services. Nearly $169 million in funding is from California's Road Repair and Accountability Act of 2017.

Port of Walla Walla, WA Pursues Tax Increment Area for Economic Growth
The Port of Walla Walla is on the cusp of finalizing its plans for the creation of a Tax Increment Financing Area in property the port owns near Burbank and Wallula Gap. Covering an extensive area that spans properties within the Attalia Urban Growth Area, including the Wallula Gap Business Park, and sections of the nearby Burbank Urban Growth Area, this project encompasses a total of 5,877.2 acres.

Upcoming Events
CDFA National Development Finance Summit
News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

More Good News for N.Y. MTA as Fitch Upgrades The Agency's Revenue Bonds
Fitch Ratings upgraded the Metropolitan Transportation Authority's TRBs to A from A-minus and assigned a stable outlook to the bonds. The upgrade reflects a material improvement in the MTA's fiscal outlook, which was largely driven by New York State increasing the maximum rate of the payroll mobility tax.

Munis Take Breather Ahead of Smaller - but Still Sizable - New-Issue Calendar
Municipals took a breather and were little changed ahead of a sizable new-issue calendar while underperforming a better U.S. Treasury market. Equities were in the red to close the session. Triple-A yields barely budged while USTs saw yields fall nine to 11 basis points on bonds in the three- to seven-year maturities and smaller gains out long.

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.

Upcoming Webcasts

CDFA // BNY Mellon Development Finance Webcast Series: The Latest in Cannabis Finance
November 21, 2023 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, speakers will review the latest regulations affecting cannabis financing and the creative financing approaches providing capital to this emerging industry.

CDFA Food Systems Finance Webinar Series: Restoring Local Food Systems Through Finance
November 28, 2023 - 2:00 PM - 3:30 PM Eastern
In this installment of the CDFA Food Systems Finance Webinar Series, we will illustrate the Reframe, Build, Plan framework of critical success factors that are needed to expand financing and drive capital into local food systems.

2023 Equitable Lending Learning Series: Program Design
December 5, 2023 - 1:00 PM - 4:00 PM Eastern
During this event in the Equitable Lending Learning Series, speakers will discuss how loan fund programs have traditionally been designed, introduce technical strategies and best practices for proactively reducing barriers to capital among prospective borrowers, and share examples of loan funds with replicable program innovations.

This Week's Headlines

City of Houston, TX Approves Clear Guidelines for Reinvestment Zones
Houston Public Media | Oct. 31 | Economic Development | Legislative | Tax Increment Finance (TIF)

Massachusetts Seeks Federal Funds to Decarbonize Low-Income and Affordable Housing
Mass.gov | Oct. 25 | Energy Finance | Housing Finance | U.S. Dept. of Energy (DOE) | U.S. Environmental Protection Agency (EPA)

Naperville, IL Awarded More Than $1.1M in Federal Funding to Boost Energy Grid Capacity
Energy Central | Oct. 25 | Energy Finance | Infrastructure Finance | U.S. Dept. of Energy (DOE)

Senior Housing Project in Lewisburg, PA Being Considered for ARPA Funding
The Daily Item | Oct. 25 | Housing Finance | Incentives | Rural Development | Tax Credits

Spearmint Secures $92M Tax Equity Financing for Battery Storage Project in Texas
Energy Storage News | Oct. 25 | Energy Finance | Tax Credits

Myrtle Beach, SC may Issue $15M in Bonds for Stormwater Infrastructure
My Horry News | Oct. 24 | Bond Finance | Infrastructure Finance | Water Finance | Stormwater

Norfolk, VA Closes $52M Water Revenue Bond Sale
City of Norfolk, VA | Oct. 24 | Bond Finance | Infrastructure Finance | Water Finance | Water Finance | Drinking Water

Monterey County, CA Receives $76M WIFIA Loan for Climate Resiliency
U.S. Environmental Protection Agency | Oct. 23 | Federal | Green Finance | U.S. Environmental Protection Agency (EPA) | Water Finance | Water Infrastructure Finance and Innovation Act (WIFIA)

U.S. EDA Designates 31 Tech Hubs Across the United States
U.S. Economic Development Administration | Oct. 23 | Access to Capital | Innovation Finance | Legislative | U.S. Economic Development Administration (EDA)

Oklahoma Tribal Governments and State Agencies Pool $200M for Water Infrastructure
KTUL 8 ABC | Oct. 22 | Infrastructure Finance | Legislative | Tribal Finance | Water Finance | Water Finance

Chattanooga, TN to Receive $125B in Bond Proceeds for Electricity Infrastructure
New Channel 9 ABC | Oct. 21 | Bond Finance | Energy Finance | Infrastructure Finance

North Dakota Receives $600M for Electric Grid Investments
Office of U.S. Senator Kevin Cramer | Oct. 21 | Energy Finance | Green Finance | Infrastructure Finance | U.S. Dept. of Energy (DOE)

Pennsylvania Communities Receive $157M from Bipartisan Infrastructure Law for Roads
The Daily Item | Oct. 21 | Brownfield Financing | Infrastructure Finance | Legislative | Revolving Loan Funds (RLFs) | Local Brownfield Programs | Transportation | EPA Revolving Loan Fund Grants

Austin Avenue Grocery Store Project up for Waco, TX TIF Incentives
Waco Tribune-Herald | Oct. 20 | Community Development | Economic Development | Tax Increment Finance (TIF)


National Sponsor Spotlight

PGAV Planners, LLC PGAV Planners, LLC
PGAV is a global leader in planning, design, and development consultation to public, corporate, and institutional clients. For more than fifty years, PGAV has created unique approaches and solutions to community planning and development issues, and...
Raza Development Fund Raza Development Fund
Raza Development Fund invests capital and creates financial solutions to increase opportunities for Latino and poor families across the country.
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...

CDFA Bookstore

Cover thumbnail Revolving Loan Fund Reference Guide
The Revolving Loan Fund Reference Guide offers an in-depth look at RLF program development, implementation, and management. This guide demonstrates how an RLF program can complement economic development strategies, encourage investment, and assist traditionally underserved businesses.

New Members

Cooper Levenson - Atlantic City, NJ

COR Development Company - Fayetteville, NY

Economic Impact Catalyst - Clearwater, FL

Team Capital, LLC - Zanesville, OH

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
Become a Sponsor