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Development Finance Review Weekly - May 27, 2021

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Development Finance Review Weekly
May 27, 2021
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CDFA Development Finance Review Weekly

Features

Treasury Department Publishes SSBCI Request for Information in Federal Register
Treasury invites the public to comment on the SSBCI program design and implementation in order to support new and existing small businesses. Responses may be used by Treasury to assist in developing program design and guidance. Responses may also be used to inform Treasury's allocation of technical assistance funding to states, territories, and Tribal governments, the Minority Business Development Agency (MBDA), and programs implemented directly by Treasury. Responses must be received by June 4, 2021 to be assured of consideration.

Banks Fight $4B Debt Relief Plan for Black Farmers
The Biden administration's efforts to provide $4 billion in debt relief to minority farmers is encountering stiff resistance from banks, which are complaining that the government initiative to pay off the loans of borrowers who have faced decades of financial discrimination will cut into their profits and hurt investors. The debt relief was approved as part of the $1.9 trillion stimulus package that Congress passed in March, but no money has yet gone out the door.

Bipartisan Highway Bill Advances in Senate, Offering a Path Through Infrastructure Morass
A bipartisan proposal to spend hundreds of billions of dollars on highways advanced through a Senate committee Wednesday even as negotiations on a much bigger package continued to struggle — offering a possible off-ramp for Congress to make some progress on infrastructure this year. The bill, approved unanimously by the Senate Environment and Public Works Committee, would allocate $311 billion over five years for roads and highways.

The States and Cities With the Strongest and Weakest Levels of Capital Investment
A new tool the Urban Institute released Thursday provides perspective on how the amount of capital varies widely from state-to-state and city-to-city. The tool includes easy-to-view data for states and Washington, D.C., and the nation's 250 largest cities and counties. The tool provides information on the overall amounts of investment each place receives.

Do State and Local Governments Need to Worry About Inflation?
Consumer Price Index data showed that a 4.2 percent rise from a year ago spooked investors briefly as costs spiked for food, energy, used cars, and commodities ranging from microprocessors to lumber. That alone may not signal persistent inflation according to the White House and Federal Reserve officials.

OCC Announces It Will Reconsider Final Rule on CRA Regulations
The Office of the Comptroller of the Currency (OCC) announced that it will reconsider its final rule to modernize the agency's regulations for the Community Reinvestment Act (CRA) and will not implement much of the evaluation criteria in the May 2020 rule. The announcement says the OCC will continue to implement certain provisions that had a compliance date of Oct. 1, 2020.

Treasury Will Allow States to Take ARP Funds and Cut Taxes, With Some Guardrails
The U.S. Treasury Department released guidance for the American Recovery Plan's (ARP) $350 billion in direct state and local aid, including details on how it will implement the law's restriction on using ARP funds for state tax cuts.

White House Releases Fact Sheet Detailing Housing Provisions in the American Jobs Plan
The Biden-Harris Administration is proposing a bold investment in America's housing infrastructure to make housing more affordable for working and middle-class families. The American Jobs Plan pairs $213 billion in direct funding with more than $100 billion in new and expanded tax credits with bipartisan support to build and modernize housing across the country.

Upcoming Events
CDFA Virtual Summer School
News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

Rhode Island Bond Sale to Fund New East Providence High School
The Rhode Island Health and Educational Building Corp. intends to issue $127.1 million next week to pay for the construction of East Providence High School. Oppenheimer & Co. is the senior managing underwriter for the negotiated sale of the tax-exempt bonds, labeled social bonds.

WMATA, High-Grade Competitives Direct Yields Lower
Municipals improved Tuesday on the back of a strong primary led by the Washington Metropolitan Area Transit Authority's $788 million green bonds, gilt-edged Loudoun County, Virginia, and the New Jersey Infrastructure Bank, which sold competitively with tight spreads.

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 Rural Development Finance Webinar Series: Assembling Capital for Rural Development
Tuesday, June 1, 2021 - 2:00 PM - 3:00 PM Eastern
During the second installment of the CDFA Rural Development Finance Webinar Series, learn about essential financing sources employed by rural communities to complete projects in today's economy.

CDFA Federal Financing Webinar Series: Federal Financing for Energy and Water Systems
Tuesday, June 8, 2021 - 2:00 PM - 3:30 PM Eastern
During this installment of the CDFA Federal Financing Webinar Series, experts from the EPA and DOE will highlight best practices, case studies, and mitigation tools that will help your community finance critical projects.

Job & RFP Postings

County of Monterey, California Invites Applications for Economic Development Manager
The County of Monterey is seeking to fill the newly created position of Economic Development Manager. As a member of the County Administrative Office, this manager will lead the Economic Development Management team.

This Week's Headlines

ESG Municipal Bonds: The Next Sustainable Opportunity
Visual Capitalist | May. 26 | Bond Finance | Green Finance

Lincoln, NE Gets $800K EPA Grant to Clean Up Contaminated Properties
KFOR | May. 26 | Brownfield Financing | Redevelopment | U.S. Environmental Protection Agency (EPA) | EPA Assessment Grants

SBA Launches $100M Community Navigator Pilot Program
U.S. SBA | May. 26 | Access to Capital | Economic Development | Federal | U.S. Small Business Administration (SBA)

Solano, CA Board Signs Off on $12M in Local, Tax-Exempt Bonds
The Daily Republic | May. 26 | Bond Finance | Infrastructure Finance

Getting Rural Projects Ready for Investment
The Opportunity Exchange | May. 25 | Access to Capital | Community Development | Opportunity Zones | Rural Development

HUD Announces $145M Funding Opportunity to Address the Needs of Youth Experiencing Homelessness
HUD | May. 25 | Federal | Housing Finance | Rural Development | U.S. Dept. of Housing & Urban Development (HUD) | Urban Development

In Nashville, TN, Using Loan Guarantees to Fund Affordable Housing Preservation
Next City | May. 25 | Foundations | Housing Finance | Tax Credits | Low Income Housing Tax Credits (LIHTCs)

JEDA Bonds Finance Statewide Expansion for Presbyterian Communities of South Carolina
SC JEDA | May. 25 | Bond Finance | Community Development | Member News | Exempt Facility Bonds

U.S. Department of Energy Announces $6.5M for Projects Advancing the Modernization of America's Water Infrastructure
U.S. Department of Energy | May. 25 | Federal | Infrastructure Finance | U.S. Dept. of Energy (DOE) | Water Finance

Greystone Affordable Development Transforming Indiana Affordable Housing with 4% and 9% LIHTC Hybrid Portfolio
Greystone | May. 24 | Bond Finance | Housing Finance | Rural Development | Tax Credits | U.S. Dept. of Agriculture (USDA) | Low Income Housing Tax Credits (LIHTCs)

How a Small Change Could Help Revitalize Main Streets Across Pennsylvania
WESA | May. 24 | Brownfield Financing | Community Development | Redevelopment

Tulsa County, OK Launches New Program for Energy, Water Efficiency
Fox 23 | May. 24 | Energy Finance | Green Finance | Local Finance Program | Property Assessed Clean Energy (PACE) | Resiliency | Water Finance

USDA Announces Assistance for Coastal Communities; Priority for National Scenic Areas Hit by Wildfire
USDA | May. 24 | Federal | Resiliency | Rural Development | U.S. Dept. of Agriculture (USDA)

Camanche, IA Plans Urban Renewal, TIF District
Clinton Herald | May. 23 | Community Development | Tax Increment Finance (TIF) | Urban Development

Three Indiana Communities Receive EPA Grants to Address Brownfields
Daily Journal | May. 22 | Brownfield Financing | Redevelopment | U.S. Environmental Protection Agency (EPA) | EPA Assessment Grants | EPA Clean-Up Grants

Lexington, NE Community Development Agency Gives Final Approval for Levander's Body Shop Project
Lexington Clipper-Herald | May. 21 | Community Development | Redevelopment | Tax Increment Finance (TIF)

A Closer Look at Energy-Focused Financing for Multifamily
Multi-Housing News | May. 20 | Energy Finance | Green Finance | Housing Finance | Property Assessed Clean Energy (PACE) | Resiliency | Social Finance

Don't Fear the Taper: Fed to Dominate Treasury Market for Years
Bloomberg | May. 20 | Disaster Recovery & Relief | Economic Development | Federal | U.S. Dept. of Treasury | COVID-19

In First 11 Days, Treasury Distributes $105.3B through Coronavirus State and Local Fiscal Recovery Funds
U.S. Department of the Treasury | May. 20 | Disaster Recovery & Relief | Federal | U.S. Dept. of Treasury | COVID-19

Titusville Among Seven Florida Communities to Get EPA Grant
Hometown News | May. 20 | Brownfield Financing | Redevelopment | U.S. Environmental Protection Agency (EPA)


New Additions to the Online Resource Database

Fact Sheet: The American Jobs Plan Housing Provisions
Disaster Recovery & Relief | Economic Development | Housing Finance | Legislative | Tax Credits | Urban Development | Community Development | Energy Finance | Infrastructure Finance | Social Finance
The Biden-Harris Administration is proposing a bold investment in America's housing infrastructure to make housing more affordable for working and middle-class families. The American Jobs Plan pairs $213 billion in direct funding with more than $100 billion in new and expanded tax credits with bipartisan support to build and modernize housing across the country.

SSBCI Fact Sheet for Tribal Governments
Community Development | State Small Business Credit Initiative (SSBCI) | Tribal Finance | Access to Capital | Economic Development
This SSBCI fact sheet for Tribal Governments was created by the Department of the Treasury in May 2021. SSBCI will allocate at least $500 million to Tribal governments. A Notice of Intent to apply for SSBCI funds from Tribal governments is due July 30, 2021, and applications are due December 11, 2021.

Tribal Colleges and Universities White Paper
Access to Capital | Education | Innovation Finance | Tribal Finance
This paper considers the role of TCUs and in particular the role of TCU curriculum in business development and entrepreneurship in tribal areas. We utilize existing data on TCU curriculum and tribal area characteristics and consider whether and to what extent entrepreneurship on reservations varies according to TCU curriculum in entrepreneurship courses and hands-on learning.

Notice and Request for Information - SSBCI
Access to Capital | Economic Development | State Small Business Credit Initiative (SSBCI)
Treasury invites the public to comment on the SSBCI program design and implementation in order to support new and existing small businesses. Responses may be used by Treasury to assist in developing program design and guidance. Responses may also be used to inform Treasury's allocation of technical assistance funding to states, territories, and Tribal governments, the Minority Business Development Agency (MBDA), and programs implemented directly by Treasury. Responses must be received by June 4, 2021 to be assured of consideration.

Fact Sheet: Coronavirus State and Local Fiscal Recovery Funds
Disaster Recovery & Relief
The $350 billion Coronavirus State and Local Fiscal Recovery Funds provide substantial flexibility for each jurisdiction to meet local needs—including support for households, small businesses, impacted industries, essential workers, and the communities hardest hit by the crisis. These funds also deliver resources that recipients can invest in building, maintaining, or upgrading their water, sewer, and broadband infrastructure.


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...
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,...
NW Financial Group, LLC NW Financial Group, LLC
NW Financial Group LLC is the premier Financial Advisory / Municipal Underwriting firm in the Northeast whose experienced professionals provide unparalleled expert advice to States, Local Governments, and Authorities. The professionals that make up...

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 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

California Statewide CDC - Davis, CA

County of Cuyahoga, Ohio - Cleveland, OH

County of Monterey - Salinas, CA

gener8tor - Madison, WI

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