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Development Finance Review Weekly - January 7, 2021

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Development Finance Review Weekly
January 7, 2021
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CDFA Development Finance Review Weekly

Features

Announcing the 2021 CDFA // BNY Mellon Development Finance Webcast Series
CDFA is excited to partner again with The Bank of New York Mellon on the CDFA // BNY Mellon Development Finance Webcast series! This year, CDFA will host 12, 1-hour long webinars covering a wide range of development finance topics such as forecasting the bond market and financing rural broadband. As always, these webinars are free and will be viewable after the recording.

Democrats Begin Laying Groundwork for Big Budget Plans
Democratic leaders began outlining a bold agenda for the coming year Wednesday as they prepared for their party's takeover of the Senate. Neera Tanden, Biden's pick to head the White House Office of Management and Budget, outlined priorities that include climate change, infrastructure, broadband access, small-business assistance, housing aid, and unemployment insurance.

Solar and Energy Loan Fund Finances New Roof and Solar Panels for Gibson Plaza in Miami-Dade, FL
The residents of Gibson Plaza will soon be living in safer, more climate-resilient housing powered by solar energy. The Solar and Energy Loan Fund (SELF) leveraged support from the Leon Lowenstein Foundation and Miami-Dade local government to create a public-private-nonprofit partnership to fund the project.

Black Farmers Look to Next Congress, Biden to Dismantle 'Culture of Discrimination'
Black farmers are hoping for a major boost in their decades-long struggle for racial and economic equity next year, anticipating that aggressive measures by the incoming Biden administration and Congress could expand their access to credit and address their discrimination complaints.

Port Covington Development to Resume Construction in Baltimore, MD
Baltimore's Port Covington development team will begin the next phase of construction on the waterfront revitalization project with more than 1 million sq. ft. of residential, retail, and office space after finalizing a $650 million financing deal. But closing on the next phase's financing — which included $137 million in tax increment financing (TIF) bonds — ensures that the project's momentum has not been lost.

Michigan Governor Signs Legislation Reinstating State Historic Tax Credit
Michigan Gov. Gretchen Whitmer signed legislation that reinstates the state historic tax credit (HTC) through the end of 2030. S.B. 54 grants a state HTC for 25% of qualified rehabilitation expenses, with an annual statewide cap of $5 million and a per-taxpayer cap of $2 million.

SBA Launches Largest Expansion of Women's Business Centers in 30 Years
The U.S. Small Business Administration announced grant funding and the historic launch of 20 new Women's Business Centers (WBCs) across America to serve rural, urban, and underserved communities alike. The opening of the 20 new WBCs is the largest single expansion of WBCs across America in its 30-year tenure.

Illinois Finance Authority, EPA Close $500M Clean Water Initiative Green Bonds
The Illinois Environmental Protection Agency and the Illinois Finance Authority closed their joint $500 million Clean Water Initiative – State Revolving Fund Revenue Bonds. The bonds maintained the highest rating, "AAA" from both Fitch and S&P. The proceeds of the Green Bonds will be used to deliver clean water to the people of Illinois and fund wastewater treatment at a lower cost while putting people to work.

Upcoming Events
Fundamentals of Economic Development Finance WebCourse
News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

Outlook 2021: A Banner Year for Muni Law Changes?
Public finance groups are optimistic 2021 will be a breakthrough year for the enactment of federal tax law changes to help grow the use of tax-advantaged bonds. The National Association of Bond Lawyers recently sent a letter to President-elect Joe Biden's transition team highlighting "a series of proposals that will allow state and local governments immediate access to much-needed capital." The recommendations include both regulatory relief that could be quickly implemented and changes in tax law that NABL officials are hoping will be included in infrastructure legislation in 2021.

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.

Upcoming Webcasts

CDFA // BNY Mellon Development Finance Webcast Series: Forecasting the Bond Market Amid the Recovery
Tuesday, January 19, 2021 - 2:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast, we will hear from experts for a forecast on the economic recovery and how it will affect the bond market.

CDFA // BNY Mellon Development Finance Webcast Series: Rural Broadband and Telehealth Financing
Tuesday, February 16, 2021 - 2:00 PM Eastern
During this webinar, experts will explain how rural communities can embrace the challenges of financing high-speed internet for the economic and societal gains provided by broadband.

CDFA // BNY Mellon Development Finance Webcast Series: Social Justice and the Muni Markets
Tuesday, March 16, 2021 - 2:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we'll discuss strategies for aligning social justice priorities with bond financing and actions in the muni markets.

Job & RFP Postings

New Mexico Economic Development Department Seeking 3 Economic Development Representatives
The New Mexico Economic Development Department is advertising to hire 3 Economic Development Representatives: a Finance Program Specialist, a Program Development Specialist, and a Statewide Disaster Recovery Coordinator. If you are interested in applying for a position or know someone interested in applying, the job postings are viewable on the State of New Mexico's Career Website.

NM Economic Development Department Posts RFP for Economic Development Industry Strategies
The purpose of this Request for Proposals (RFP) is to solicit proposals to establish a contract through competitive negotiations for the procurement of a statewide economic development plan for New Mexico consisting of a summary of short-term recovery strategies, five-year strategies, and 20-year strategies.

NM Economic Development Department Publishes RFP for Economic Development Data Collection & Coordination
The purpose of the Request for Proposal (RFP) is to solicit proposals to establish a contract through competitive negotiations for the procurement of the development of statewide and regional data to be used in the development of a statewide economic development plan focusing on short-term recovery, five-year growth, and 20-year diversification strategies.

Dallas, TX Hiring for Economic Development Coordinator, Area Development Position
The City of Dallas, Texas is currently hiring for an Economic Development Coordinator in their Office of Economic Development, with experience in the areas of real estate development finance, municipal economic development, and municipal incentive tools. The current job posting is open until January 8, 2021.

This Week's Headlines

North Dakota GOP Lawmakers Unveil $1.1B Bonding Proposal to Pay for Infrastructure Projects
Grand Forks Herald | Jan. 7 | Bond Finance | Infrastructure Finance | Water Finance

U.S. Senate Flip Would Put $2T Infrastructure and Green Energy Stimulus Into Play
ICIS | Jan. 7 | Disaster Recovery & Relief | Economic Development | Energy Finance | Green Finance | Infrastructure Finance | Legislative | COVID-19

Albion Economic Development Corp. Offering $30K to Help Struggling Small Businesses
Battle Creek Enquirer | Jan. 6 | Disaster Recovery & Relief | Revolving Loan Funds (RLFs)

Massachusetts Lawmakers Pass $16.5B Transportation Bond Bill, Send to Gov. Baker
Patriot Ledger | Jan. 6 | Bond Finance | Infrastructure Finance

New York Creates $3M Restaurant Survival Fund
Times Union | Jan. 6 | Access to Capital | Disaster Recovery & Relief | Food Systems Finance

Blanchard, LA Awarded $3.7M to Improve Water Network, Merge with Smaller System
KTBS | Jan. 5 | Revolving Loan Funds (RLFs) | Water Finance | State Revolving Fund

Details of the New Jersey Economic Recovery Act of 2020
JD Supra | Jan. 5 | Brownfield Financing

HUD Announces $10M in Capacity Building Grants for Rural America
HUD | Jan. 5 | Federal | Housing Finance | Rural Development | U.S. Dept. of Housing & Urban Development (HUD)

CDFI Fund Seeks Public Comment on NMTC Program Allocation Application
CDFI Fund | Jan. 4 | Community Development | Federal | U.S. Dept. of Treasury CDFI Fund

How COVID-19 Changed the Housing Conversation in 2020
Next City | Jan. 4 | Disaster Recovery & Relief | Housing Finance | COVID-19

New Tax Extender Legislation Passed for Renewable Energy, Carbon Capture Projects
McGuire Woods | Jan. 4 | Disaster Recovery & Relief | Energy Finance | Legislative | Tax Credits | COVID-19

The More Things Change, the More They Stay the Same: Renewable Energy Growth Continues
Power Magazine | Jan. 4 | Energy Finance | Green Finance | Infrastructure Finance

Minority-Owned Companies Waited Months for PPP Loans, Data Shows
Progressive Farmer | Jan. 3 | Access to Capital | Disaster Recovery & Relief | Federal | Food Systems Finance | Revolving Loan Funds (RLFs) | Social Finance | COVID-19

Seekonk, MA Gets State Grant to Clean up Former Attleboro Dye Works Site
The Sun Chronicle | Jan. 3 | Brownfield Financing

It's Back: Paycheck Protection Program 2.0
The National Law Review | Jan. 1 | Access to Capital | Disaster Recovery & Relief | Federal | Food Systems Finance | Revolving Loan Funds (RLFs) | COVID-19

Minority Businesses: Wounded by COVID, But Key to Inclusive Revival
CT Mirror | Dec. 31 | Access to Capital | Disaster Recovery & Relief | Revolving Loan Funds (RLFs) | COVID-19

USDA Opens Loan, Grant Applications to Support Rural Microenterprises
NimB | Dec. 31 | Access to Capital | Food Systems Finance | Revolving Loan Funds (RLFs) | Rural Development | U.S. Dept. of Agriculture (USDA)

Will Restaurants Survive Winter with New Loans from U.S. Government?
CBS News | Dec. 31 | Access to Capital | Disaster Recovery & Relief | Food Systems Finance | Revolving Loan Funds (RLFs) | U.S. Small Business Administration (SBA) | COVID-19


New Additions to the Online Resource Database

State Tax Revenue During the COVID-19 Pandemic
Disaster Recovery & Relief | Economic Development | State Finance Program
This dataset, compiled by the Urban Institute, examines the economic factors driving state tax collections during the COVID-19 pandemic based on data from US federal agencies like the Bureau of Economic Analysis, Bureau of Labor Statistics, and Federal Housing Finance Agency.


National Sponsor Spotlight

Kutak Rock LLP 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...
McGuireWoods McGuireWoods
With 1000 lawyers and 21 strategically located offices worldwide, McGuireWoods LLP uses client-focused teams to serve public, private, government, and nonprofit clients from virtually every area of the law. To complement their services, they offer...
MuniCap, Inc. MuniCap, Inc.
MuniCap, Inc. is a public finance consulting firm based in Columbia, Maryland that specializes in the public finance aspects of redevelopment. MuniCap is headquartered in Columbia, Maryland, with additional offices located in Dallas, Texas,...

Partner Spotlight

The Bond Buyer The Bond Buyer
The Bond Buyer is the only independent information resource serving the municipal finance community. Every day and throughout the day, through its web site, e-newsletters and alerts, and daily print edition, The Bond Buyer reaches more than 25,000...

CDFA Bookstore

Cover thumbnail Tax Increment Finance Best Practices Reference Guide 2nd Edition
The Tax Increment Finance Best Practices Reference Guide 2nd Edition addresses what TIF is, why it should be used, and how best to apply the TIF tool. This guide highlights both TIF and special assessment projects across the country and how they can be applied to address common economic development issues.

New Members

Cedar Ventures LLC - Atlanta, GA

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