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Development Finance Review Weekly - September 15, 2022

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Development Finance Review Weekly
September 15, 2022
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CDFA Development Finance Review Weekly

Features

Join Us in Denver, CO for the CDFA National Development Finance Summit
The CDFA National Development Finance Summit, Presented by CHFA, is happening in Denver, CO on November 2-4. This in-person event will bring together the leaders and dealmakers in the development finance industry to discuss best practices, trends, and project financing solutions. After a long three years, we can't wait to see you there!

U.S. Electric Co-ops Plan to Build Rural Broadband Infrastructure
In June, the Biden-Harris administration revealed $25B in American Rescue Plan funding to expand access to high speed, affordable internet across the U.S. The country's rural electric co-operatives welcomed the plan, which aims to bring down costs for families, help small businesses, and boost education.

Annapolis, MD Finalizes Financing for Garage
The city of Annapolis has finalized a long-awaited financial agreement with developers and a state economic agency to fund the reconstruction of Noah Hillman Garage and the redevelopment of City Dock. City officials announced that they had signed an agreement with the development group Annapolis Mobility and Resilience Partners, with backing from the Maryland Economic Development Corp. to pay for what is expected to be the largest municipal project in city history with an estimated cost of $70 million.

EPA Awards $240K Brownfields Grant to North Dakota Department of Environmental Quality
The Environment Protection Agency awarded $240K Brownfields grant to the North Dakota Department of Environmental Quality. The funds will be used towards surveying and taking inventory of brownfield sites, which are properties whose expansion, redevelopment or reuse may be complicated by the presence of hazardous substances.

LCDA Approves $1.1B in Revenue Bonds to Finance LGF Project
Strategic Biofuels, the leader in developing negative carbon footprint renewable fuels plants, announced today that the Louisiana Community Development Authority's executive committee voted unanimously to adopt a resolution granting final approval for the issuance of up to $1.1 billion of its revenue bonds to finance a portion of the Louisiana Green Fuels project (LGF).

US$150M Financing Closed by Qcells for Largest Standalone BESS in Texas' ERCOT Market
Vertically integrated solar PV and clean energy company Qcells has closed a US$150 million financing deal for its first large-scale standalone battery energy storage system (BESS) project. The company announced yesterday that it had secured a revolving credit loan facility with lead arrangers BNP Paribas and Crédit Agricole CIB for its 190MW, two-hour duration (380MWh) Cunningham Energy Storage Project in Texas. 

Florida's $488M SSBCI Plan Approved by State Department of Economic Opportunity
Florida Department of Economic Opportunity (DEO) has approved the State Small Business Credit Initiative (SSBCI) plan proposed by the United States Department of the Treasury. The plan should bring $488M in funding to Florida's small businesses.

USDA Accepting Applications for $1B Rural High-Speed Internet Program
The USDA is now accepting applications for ReConnect Program loans and grants to expand access to high-speed internet for millions of people in rural America nationwide. The Department is making more than $1B available under the Bipartisan Infrastructure Law. The program is critical to connect every American to affordable, reliable, high-speed internet.

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

The latest municipal finance headlines from The Bond Buyer.

California Treasurer Highlights Role of Bonds to Fight Housing Crisis
California State Treasurer Fiona Ma delivered an update on state finances Monday to attendees of The Bond Buyer's California Public Finance conference in Los Angeles, vowing to protect bond issuance and explaining the relief package that will return some of the state's surplus to taxpayers.

Improved Financials Ease Richmond, CA, POB Refinancing
Simplify is what improved bond ratings helped Richmond, California, accomplish in a deal that traded a 17-year-old pension obligation bond financing entangled with interest-rate swaps and intercept agreements into plain-vanilla fixed-rate debt.

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 Infrastructure Finance Learning Series: Reviewing the Guidance
Tuesday, October 4, 2022 - 1:00 PM - 4:00 PM Eastern
Experts will join this session to provide a detailed review of the recently released guidance on the Infrastructure Investment and Jobs Act. Presentations will cover the steps to apply and provide an overall timeline for when communities can expect to access funding. This session will also continue the discussion around the utilization of IIJA funds in coordination with local funding through bond finance, tax credit programs, tax increment financing, and other development finance approaches to cover long-term project costs.

CDFA // BNY Mellon Development Finance Webcast Series: Financing Tools to Invest in Clean Energy
Tuesday, October 18, 2022 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, experts will provide an overview of the resources and financing tools - such as PACE financing, green bonds, and energy tax credits - that can help communities seize the benefits of investing in clean energy.

CDFA Federal Financing Webinar Series: Tools for Rural Communities from USDA
Tuesday, October 25, 2022 - 2:00 PM - 3:30 PM Eastern
This session of the Federal Financing Webinar Series will highlight the resources available at the U.S. Department of Agriculture for financing broadband, food systems, healthy food access, and small businesses – all with a focus on rural areas.

Job & RFP Postings

Connecticut Green Bank-Manager/Senior Manager, Clean Energy Finance
The Connecticut Green Bank (hereafter "Green Bank") is seeking a Manager/Senior Manager, Clean Energy Finance to support the implementation, development, and deployment of several complex financial products to meet the requirements of the Green Bank's division directors and emerging program needs.

DHCD-CDA Lending and Risk Analyst Senior I/Commercial Loan Underwriter
The Department of Housing and Community Development has an opening for CDA Lending and Risk Analyst Senior I/Commercial Loan Underwriter position. The CDA Lending and Risk Analyst Senior I performs financial analysis of applicants documents to determine eligibility for CDA programs including mortgage lending, energy assistance, grants, rental assistance, business lending, special loans, etc.

New Mexico EDD-State Fund Manager
The purpose of this Request for Proposals (RFP) is to select a State Fund Manager (CONTRACTOR) to manage a statewide healthy food financing initiative (HFFI). The NM Economic Development Department (EDD) seeks an administrative partner State Fund Manager to assist in the roll out of a new pilot, the Healthy Food Financing Fund (HFFF).

EDD-FUNDIT Program Coordinator
Economic Development Department is advertising to hire a FUNDIT Program Coordinator. This position will serve as FUNDIT Program Coordinator in the Office of the Cabinet Secretary to assist with the administration, coordination, marketing and expansion of development programs, including a focus on developing and improving the EDD FUNDIT program.

This Week's Headlines

Columbia Housing Authority Seeks Tax Credits for Housing Construction Project
Columbia Daily Tribune | Sep. 13 | Housing Finance | State Finance Program | Tax Credits

Inverness County, FL Agrees to Take Part in Clean Energy Program
The Reporter | Sep. 13 | Energy Finance | Green Finance

Remarks by President Biden on the Bipartisan Infrastructure Law
The White House | Sep. 13 | Access to Capital | Federal | Infrastructure Finance | Legislative | Understanding Access to Capital | Understanding Infrastructure Finance

Rural Incentives in Missouri Tax Cut Proposal Target Biofuels, Small Producers for Help
Missouri Independent | Sep. 13 | Agriculture Finance | Federal | Food Systems Finance | Rural Development | State Finance Program | Tax Credits

Hamilton County, ID Eyes $63M Fairgrounds Improvement
IndyStar | Sep. 12 | Bond Finance | Public-Private Partnership (P3) Financing | Redevelopment

Illinois EPA Announces Notice of $20M for Unsewered Communities Construction Grants
Illinois.gov | Sep. 12 | Access to Capital | Infrastructure Finance | State Finance Program | Water Finance | Water Finance | Sewage & Waste

Impact of the Inflation Reduction Act of 2022 on Renewable Energy Tax Credits
JD Supra | Sep. 12 | Energy Finance | Legislative | Tax Credits

New Maps Will Help Decide Where $1B Goes for Pennsylvania Broadband
Go Erie | Sep. 12 | Community Development | Economic Development | Federal | Infrastructure Finance | Broadband

Tennessee Awards Nearly $450M to Providers to Expand Broadband Access
WBIR | Sep. 12 | Community Development | Economic Development | Infrastructure Finance | Broadband

The BIPOC Loan Fund is Helping Small Tucson, AZ Businesses
KJZZ | Sep. 12 | Access to Capital | Economic Development | Revolving Loan Funds (RLFs) | Social Finance

Williamsburg, VA Moves Forward With Financing Capital Improvement Projects
Daily Press | Sep. 12 | Bond Finance

$200M Investment in Illinois Water Infrastructure
ABC 20 | Sep. 12 | Infrastructure Finance | Revolving Loan Funds (RLFs) | Water Finance | State Revolving Fund

Florida Department of Economic Opportunity Announces Approval of Florida's SSBCI Plan
Florida Department of Economic Opportunity | Sep. 9 | Access to Capital | Economic Development | State Finance Program | State Small Business Credit Initiative (SSBCI)

Kentucky Agricultural Finance Corporation Approves $1.8M in Loans
The Lane Report | Sep. 9 | Access to Capital | Agriculture Finance | Revolving Loan Funds (RLFs) | State Finance Program


National Sponsor Spotlight

FBT Project Finance Advisors LLC FBT Project Finance Advisors LLC
FBT Project Finance Advisors LLC, a consulting affiliate of the law firm of Frost Brown Todd, acts as an independent registered municipal advisor and assists government entities and borrowers in creating the best financing solutions for projects in...
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...
gener8tor gener8tor
gener8tor's turnkey platform for the creative economy connects startup founders, musicians, artists, investors, universities and corporations. The gener8tor platform includes pre-accelerators, accelerators, corporate programming, conferences and...

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

American Lending Center - Irvine, CA

REI Oklahoma - Durant, OK

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