Development Finance Review Weekly - February 24, 2022
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Features |
U.S. DOT Announces Funding to Strengthen Port Infrastructure and Supply Chain Resiliency
The U.S. Department of Transportation's Maritime Administration announced nearly $450 million in newly available grant funding for port-related projects through the Port Infrastructure Development Program—by far the largest investment in the program ever. These grants can help ports expand capacity and improve the movement of goods through our supply chains.
Michigan Spending $37M on EV, Other Subsidies
The Michigan International Technology Center Redevelopment Authority (MITC) plans to construct a 65,952-square-foot commercial flex space development in the townships of Plymouth and Northville at the site of the former Detroit House of Corrections. The MSF approved a $15.6 million in state tax capture to alleviate site brownfield conditions, making it suitable for redevelopment.
Advancing Equity: Review of the Efforts to Implement a Racial Equity Agenda
In 2021 Congress reauthorized the SSBCI for the first time since it expired in 2017, injecting $10 billion for CDFIs to distribute funds to small businesses. The increase in funding toward CDFIs primarily benefits low-income and marginalized communities. Data show that 84 percent of CDFI customers are low-income, 60 percent are people of color, 50 percent are women, and 28 percent live in a rural area.
Investing in Culturally Sensitive Medical Care: How Mission-Based Financing Fills a Gap
When tribal developers shared their vision for the Ko-Kwel Wellness Center with the CDFI Craft3, the regional lender stepped forward with a New Markets Tax Credit allocation to secure the necessary equity. The unique financing package for the Ko-Kwel Wellness Center also includes several private grants and two long-term, affordable loans.
Ohio Senate Bill 225 Doubling Historic and Opportunity Zone Incentives Heads to House
Ohio historic preservation and economic development projects may soon receive a large temporary boost from the Ohio General Assembly. Recently passed by the Ohio Senate and now under consideration in the Ohio House, Ohio Senate Bill 225 would double both the Ohio Historic Preservation Tax Credit and Opportunity Zone Tax Credit caps.
Philadelphia, PA Bill Would Establish First Ever Municipal Public Bank Entity
The mission of the proposed Philadelphia Public Financial Authority is to support Black-owned businesses and other businesses in neighborhoods that have historically lacked access to credit. The bank partners with private banks and credit unions all over the state to finance economic development, making loans to support everything from huge infrastructure projects to small local businesses.
Los Angeles, CA Could House Nation's Largest Green Hydrogen Infrastructure System
The Southern California Gas Company announced a plan to develop the nation's largest green hydrogen energy infrastructure system – the "Angeles Link" – which would deliver green hydrogen to the Los Angeles Basin region. Southern California Gas will submit the first phase of its plans to the California Public Utilities Commission today.
USDA and EPA Welcome New U.S. Food Loss and Waste 2030 Champions
The EPA and the USDA recognized seven companies that have committed to reducing food loss and waste in their U.S. operations by 50 percent by 2030. This effort is part of the Partnerships for Climate-Smart Commodities, which provides up to $1 billion for pilot projects that create market opportunities for commodities produced using climate-smart practices.
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Upcoming Events |
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Upcoming Webcasts |
CDFA Federal Financing Webinar Series: Capacity Building Programs from EDA and NIST
Tuesday, March 1, 2022 - 2:00 PM - 3:30 PM Eastern
This session of the Federal Financing Webinar Series will highlight the resources available at the Department of Commerce to support projects in communities of all sizes. Learning about these programs can help fund projects in your community such as investing in physical infrastructure, developing new small business access to capital tools, building scalable startups, and creating and retaining manufacturing jobs.
CDFA // BNY Mellon Development Finance Webcast Series: Capitalization Strategies & Funding from the American Rescue Plan
Tuesday, March 15, 2022 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will discuss capitalization strategies that communities can use to leverage federal funding to drive long-term private investment.
SSBCI Coalition Meeting - March 18 (Virtual)
March 18, 2022 - 1:00 PM - 2:00 PM Eastern
SSBCI Coalition meetings will be held once a month to provide an interactive forum for CDFA members during the State Small Business Credit Initiative (SSBCI) application period. CDFA will facilitate discussions that allow for networking, peer knowledge sharing, and problem solving.
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Job & RFP Postings |
RFI on ESG Practices in the Municipal Securities Market
The Municipal Securities Rulemaking Board is issuing this Request for Information to solicit public input on environmental, social and governance practices in the municipal securities market. The purpose is to obtain input from market participants and the general public in furtherance of the MSRB's mandate of protecting investors, municipal issuers and the public interest by promoting a fair and efficient municipal securities market.
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This Week's Headlines |
Kansas City, MO Officials to Target Federal Infrastructure Funds Along Transit Corridor
The Kansas City Star | Feb. 22 | Economic Development | Energy Finance | Green Finance | Housing Finance | Infrastructure Finance
Louisiana Green Fuels Allocated $250M of PAB
Biomass Magazine | Feb. 22 | Bond Finance | Energy Finance | Green Finance
State Conservation Program to Funnel $217.5M to Projects in Next Decade
Sierra Nevada Ally | Feb. 22 | Bond Finance
Tribal Official Calls on Congress to Fund ‘Critical' Water Infrastructure
Indianz.com | Feb. 22 | Community Development | Infrastructure Finance | Social Finance | Water Finance
Baltimore, MD Market Redevelopment Project Thinks Local
Next City | Feb. 21 | Access to Capital | Community Development | Food Systems Finance | Revolving Loan Funds (RLFs) | Social Finance | Urban Development
Black Farmers Fear Foreclosure as Debt Relief Remains Frozen
The New York Times | Feb. 21 | Access to Capital | Federal | Food Systems Finance | Revolving Loan Funds (RLFs) | Social Finance | U.S. Dept. of Agriculture (USDA)
Boston, MA Nonprofit Makes Transformative Purchase of Food Production Center
CommonWealth Kitchen | Feb. 18 | Access to Capital | Community Development | Economic Development | Federal | Food Systems Finance | Local Finance Program | Social Finance | U.S. Dept. of Housing & Urban Development (HUD) | Urban Development
Nineteen Companies Received $36.2M in Refundable Tax Credits from Iowa
The Iowa Torch | Feb. 18 | Federal | Legislative | Tax Credits
State Declares Rome, NY's Erie Boulevard Area a Brownfield Opportunity Area
Observer-Dispatch | Feb. 18 | Brownfield Financing | Economic Development | Redevelopment
A CDFI Helps Rural Residents Start Child Care Businesses in Maine
The Daily Yonder | Feb. 17 | Community Development | Education | Rural Development | U.S. Dept. of Health & Human Services (HHS)
Brownfield Site to Be Redeveloped Into Outdoor Fitness Court
Up North Live | Feb. 17 | Brownfield Financing | Community Development | Redevelopment
Historic Affordable Community in Oakland, CA Lands $20M Refinancing
MHN | Feb. 17 | Access to Capital | Housing Finance | Redevelopment | Tax Credits
LaSata Legislation Would Help New Farmers, Grow Michigan Agriculture
Sturgis Journal | Feb. 17 | Access to Capital | Agriculture Finance | Legislative | State Finance Program | Tax Credits
New York's Brownfield Cleanup Program
Bloomberg Law | Feb. 17 | Bond Finance | Economic Development | Redevelopment | State Finance Program
Pennsylvania Invests in Charitable Food System for Improved Food Security and Economy
PennWATCH | Feb. 17 | Access to Capital | Agriculture Finance | Food Systems Finance | Legislative | Social Finance | State Finance Program | Urban Development
President Biden Touts $1B in Infrastructure Bill Funding for Great Lakes Cleanup
Pittsburgh Post-Gazette | Feb. 17 | Infrastructure Finance | Water Finance
Tucson IDA Works to Broaden Reach for Small Businesses, Homebuyers
tucson.com | Feb. 17 | Access to Capital | Community Development | Economic Development | Housing Finance | Member News | Revolving Loan Funds (RLFs)
What is the State Small Business Credit Initiative and How Can You Apply?
GOBankingRates | Feb. 17 | Federal | State Small Business Credit Initiative (SSBCI) | U.S. Dept. of Treasury
$2M Awarded to 11 Businesses in Battle Creek, MI Through Entrepreneurial Fund
Battle Creek Enquirer | Feb. 17 | Access to Capital | Food Systems Finance | Foundations | Social Finance | Urban Development
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National Sponsor Spotlight |
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BNY Mellon
BNY Mellon is the world's leading provider of corporate trust and agency services, administering $28.5 trillion in outstanding debt from 69 locations in 39 countries. Our clients include governments and their agencies, corporations, financial...
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Stern Brothers
Stern Brothers is the nation's largest certified 100% woman-owned business enterprise ("WBE") investment bank. As one of the few remaining independent, private investment banks in the country, they provide successful Underwriting, Private Placement,...
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Wells Fargo Securities
Wells Fargo Securities offers a comprehensive set of capital markets services, including originating and distributing public debt and equity, hedging interest rates and commodity and equity risks, advising on mergers and acquisitions, and...
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Partner Spotlight |
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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...
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CDFA Bookstore |
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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.
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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.
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Council of Development Finance Agencies
100 E. Broad Street, Suite 1200
Columbus, OH 43215
(614) 705-1300
info@cdfa.net
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