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Development Finance Review Weekly - March 17, 2022

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Development Finance Review Weekly
March 17, 2022
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CDFA Development Finance Review Weekly

Features

Announcing the 2022 SSBCI Learning Series
CDFA is excited to announce the launch of the 2022 SSBCI Learning Series to help you stay informed and navigate the implementation of State Small Business Credit Initiative programs. Expanded to five-parts, the SSBCI Learning Series will focus on working with partners, successfully launching new SSBCI programs and financial products, and reaching target audiences.

Broadband Providers Offer Free Internet to Low-income Families in Boston, MA
Last year's federal infrastructure spending bill is about to pay off for low-income households in need of broadband Internet service. Local providers are rolling out options that will let them get high-speed Internet connections at no charge.

California Brings in Over $760M in New Congressional Earmarks
President Biden signed into law a $1.5-trillion government spending bill on Tuesday that includes financing for initiatives specifically written by lawmakers seeking to boost their local universities, roadways or parks with federal dollars. Nearly 500 of the projects will be in California.

Will County, IL to Receive Federal Funding for Health and Safety Projects
Will County Executive Jennifer Bertino-Tarrant announced today that three Community Project Funding requests made by the county were included in the federal FY22 Omnibus Appropriations Bill. The $975,000 in federal funding will support critical local needs.

New TIF Transparency Bill Signed Into Law in Wisconsin
Gov. Tony Evers signed into law 2021 Act 142, which will help ensure local officials, and those they represent, will be aware of all the tax implications of a decision to use tax incremental financing districts. State Sen. Duey Stroebel, R-Saukville, worked with the bill's proponents, particularly the lead author Sen. Joan Ballweg, R-Markesan, to introduce Senate Substitute Amendment 1.

Strategies to Promote Affordable Commercial Space
With federal CARES Act and American Rescue Plan Act funds, as well as potential new investments in physical and human infrastructure outlined in theIIJA and Congressional budget proposal, local governments have an opportunity to advance transformative policies that fight commercial displacement and develop new affordable spaces.

Congress Reauthorizes EB-5 Regional Center Program and Increases EB-5 Investment Minimums
The EB-5 Regional Center Program will be reauthorized through Fiscal Year 2027 in appropriations legislation passed by Congress. The law imposes a new minimum investment of $1,050,000 for standard EB-5 investments and $800,000 for investments in Targeted Employment Areas, and allocates a portion of the EB-5 immigrant visa quota to investments in rural areas, high unemployment areas, and infrastructure projects.

New Mexico Spills the Dirt on Healthy Soil Practices
The  New Mexico Healthy Soil Act authorized the New Mexico Department of Agriculture to provide financial assistance to help farmers and ranchers implement conservation projects focusing on one or more of five "healthy soil" principles through the Healthy Soil Program.

USDA Plans for $250M Investment to Give U.S. Farmers More Choices in the Marketplace
The U.S. Department of Agriculture is announcing $250 million available through a new grant program to support independent, innovative, and sustainable American fertilizer production to supply American farmers. To address growing competition concerns in the agricultural supply chain.

Upcoming Events
Intro Revolving Loan Fund WebCourse
News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

Michigan Universities' Century Bond Deals Offer Risk Needle for the Market
The $1.2 billion University of Michigan deal that priced Wednesday landed at 4.45%, a 210 basis point spread to the 30-year Treasury. Refinitiv Municipal Market Data evaluates the bonds at a 199 bp spread. The university carries triple-A ratings from Moody's Investors Service and S&P Global Ratings.

Washington State Bill Would Protect Highway Bonds From Gas Tax Fluctuations
Lawmakers approved a Washington state bill last week that would supplement existing highway bond authorizations with an additional pledge of vehicle-related fees. Gov. Jay Inslee has 20 days from the Legislature's approval to sign or veto the bill.

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 Food Systems Finance Webinar Series: Cultivating Equitable Lending Models in Agriculture Finance
Tuesday, March 22, 2022 - 11:00 AM - 12:30 PM Eastern
During this installment of the CDFA Food Systems Finance Webinar Series, join us to learn about strategies to expand access to capital for underserved farmers.

Advanced Revolving Loan Fund WebCourse
March 30-31, 2022 - Daily: 12:00 - 5:00 PM Eastern
The Advanced Revolving Loan Fund Course builds on CDFA's Intro RLF Course by providing in-depth instruction on loan underwriting and portfolio management. Topics discussed during this course include analyzing borrower documents, performing financial analysis, and making loan decisions based on the mission and lending criteria of your RLF.

Job & RFP Postings

Commercial Underwriter Position at JobsOhio
The Commercial Underwriter is primarily responsible for understanding and analyzing credit risk, determining and obtaining information needed to thoroughly evaluate risks, assisting in loan origination, preparing loan packages for Loan Committee approval, including concise written narratives. The Underwriter will verbally, at a high level, summarize the loan package for the Loan Committee and will also be the liaison between JobsOhio Legal Staff and Company up to and including the Organizational Call.

Credit Analyst Position at JobsOhio
The Credit Analyst assists in managing the loan portfolio -  from assisting with the vetting of prospective loans through monitoring and administration of closed loans. The Credit Analyst assists with vetting eligibility, initial due diligence, structuring, preparing, and presenting credit underwriting for prospective borrowers. The Credit Analyst is a member of the Project Finance team at JobsOhio and reports to the Director, Project Finance.

Invest Atlanta Hiring Assistant General Counsel
The Assistant General Counsel is a member of the Legal Department of The Atlanta Development Authority d/b/a Invest Atlanta ("Invest Atlanta"), the economic development agency of the City of Atlanta, reports to the General Counsel. This position makes a significant contribution to the successful implementation of the vision and mission of Invest Atlanta (www.investatlanta.com), and provides administrative support for legal matters.

This Week's Headlines

City of Janesville, WI Approves TIF Deal With Living Wage Requirement
GazetteXtra | Mar. 16 | Economic Development | Innovation Finance | Redevelopment | Tax Increment Finance (TIF)

Francis Marion University and JEDA Refinance Campus Residence Construction Bonds
JEDA | Mar. 16 | Bond Finance | Housing Finance

Glenwood, IA Designates Arbor Hills Urban Renewal Area
KMALand | Mar. 16 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Mayor Larson, Sen. Klobuchar Celebrate $1.25M in Funding for Duluth Projects in Minnesota
FOX21 Local News | Mar. 16 | Community Development | Infrastructure Finance

Mutual of Omaha Seeking Over $68M in TIF for Proposed Skyscraper in Omaha, NE
Omaha World-Herald | Mar. 16 | Infrastructure Finance | Redevelopment | Tax Increment Finance (TIF)

Silicon Ranch Selects Company to Construct Regenerative Solar Project in Georgia
Yahoo Finance | Mar. 16 | Energy Finance | Green Finance | Infrastructure Finance

National Governors Association Hosts Infrastructure Implementation Workshop
National Governors Association | Mar. 15 | Economic Development | Infrastructure Finance | Legislative

Austin, TX to Get $150M in Major Transit Corridor Projects Off the Ground
IMPACT newspaper | Mar. 14 | Bond Finance | Infrastructure Finance

Greenville, SC Approves Wastewater Improvements, New Fire Truck, at Town Meeting
Monadnock Ledger-Transcript | Mar. 14 | Bond Finance | Infrastructure Finance | Water Finance

Jaffrey, NH Approve Bonds for Sewer Work and Water Project
Monadnock Ledger-Transcript | Mar. 14 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Lynn, MA to seek $18.75M in Bonds for Projects
Itemlive.com | Mar. 14 | Bond Finance | Economic Development

Chicago, IL Approves New Downtown TIF District
Daily Herald | Mar. 11 | Economic Development | Redevelopment | Tax Increment Finance (TIF) | Urban Development

Valparaiso, IN Approves Economic Development Agreement
The Times of Northwest Indiana | Mar. 11 |

Bloomington, MN Officials OK Tax Subsidy for Water Park Near Mall of America
Star Tribune | Mar. 10 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

EB-5 Immigrant Investor Regional Center Program Returning
The National Law Review | Mar. 10 | Access to Capital | EB-5 Visa | Federal | Legislative

New Beltline Development in Atlanta, GA to Include 250 Affordable Units
The Atlanta Journal-Constitution | Mar. 10 | Housing Finance | Redevelopment | Tax Increment Finance (TIF)


New Additions to the Online Resource Database

SSBCI for Tribal Governments
Federal | Legislative | State Finance Program | State Small Business Credit Initiative (SSBCI) | Webcasts | Access to Capital | Economic Development
CDFA and guest speakers from The Choctaw Nation and gener8tor held this webinar on March 11, 2022 for a discussion on how Tribal Governments can utilize the State Small Business Credit Initiative (SSBCI) program. During this webinar, CDFA provided an overview of the information included in SSBCI for Tribal Governments, and guest speakers discussed their approach to maximizing the program from the Tribal Government perspective and the perspective of a mission-aligned fund manager.


National Sponsor Spotlight

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...
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....
Ice Miller LLP 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...

CDFA Bookstore

Cover thumbnail Unlocking Capital: A Handbook for Becoming a High Performing Development Finance Agency
The Handbook is designed to be a starting point for local leaders to engage in the creation or acceleration of a DFA to build and utilize the development finance toolbox.

New Members

BorrowWorks - Fort Worth, TX

Fort Myers Community Redevelopment Agency - Fort Myers, FL

NASDA - National Association of State Departments of Agriculture - Arlington, VA

Sustainability Partners LLC - Chandler, AZ

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