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Development Finance Review Weekly - February 1, 2024

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Development Finance Review Weekly
February 1, 2024
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CDFA Development Finance Review Weekly

Features

Applications Now Open for the 2024 Caren S. Franzini Fellowship
The Caren S. Franzini Fellowship was created to develop and recognize outstanding women in the field of development finance for their leadership and dedication to the advancement of the industry. This 6-month fellowship program, run through the CDFA Foundation, is open to women employed by a CDFA member organization who have worked in the development finance industry for less than 10 years. Apply by Friday, March 15!

Pennsylvania Invests $3M SSBCI Investment in Two Venture Capital Firms
The Pennsylvania Department of Community and Economic Development (DCED) has announced a $3 million investment of State Small Business Credit Initiative (SSBCI) funds in two venture capital firms. Sana Capital Fund I, LP, established by Sana Capital Partners, LLC, will receive $2 million and aims to improve healthcare access and quality of care for underprivileged individuals. Science Center Health Fund, LLC, which plans to invest in early-stage healthcare and med-tech companies, will receive $1 million.

CDFA is Hiring a New Vice President of Development Finance
The Council of Development Finance Agencies is now accepting applications for Vice President, Development Finance. This position leads CDFA's development finance practice and is responsible for ensuring CDFA delivers on its research projects, resource collection, educational offerings, partnerships, and content creation. Want to join the CDFA family in Columbus, Ohio? Email your cover letter, resume, salary request, and three professional references to jobs@cdfa.net.

Illinois EPA Helps QCA Counties with Water Infrastructure Loans
Illinois Environmental Protection Agency (EPA) Director John J. Kim has announced the investment of more than $66 million through water infrastructure loans to local governments and water districts for the first half of Fiscal Year 2024 (July-December 2023,). The Illinois EPA State Revolving Fund (SRF) Program provides low-interest loans that fund wastewater, stormwater, and drinking water projects.

Peachtree Group Approaches $750M in C-PACE Financing
Peachtree Group achieved a significant milestone by securing $150 million in Commercial PACE (C-PACE) financing, approaching $0.75 billion completed since its inception in 2019. For the year, Peachtree Group completed 23 C-PACE transactions across the U.S. for a total of approximately $250 million in directly originated and balance-sheet-funded C-PACE financing.

Developer to Get $24.5M From TIF for Elk Grove, IL Gateway Corner Project
Public funds will help pay a quarter of the costs of a $100 million transformation of the oldest shopping center in Elk Grove Village. The developer will construct two retail buildings totaling 45,000 square feet; a five-story, 270-unit apartment building with 8,000 square feet of ground-floor retail, a 530-space parking deck, and 16 townhouses.

Fort Myers, FL CRA Approves $30M Tax Increment Rebate for Royal Palm Development
Fort Myers Community Redevelopment Agency (CRA) Board of Commissioners approved a tax increment rebate request for the development of The Royal Palm Hotel & Residences. The more than $30 million in tax increment financing will be broken up into three separate phases of the project. The site is on a 2-acre parcel known as Royal Palm Towers in the historic river district, overlooking the Fort Myers Yacht Basin to the northwest.

Hawaii Community Lending Receives $5M to Expand Affordable Housing RLF
Hawaii Community Lending (HCL) received a $5 million investment from the Stupski Foundation to expand the nonprofit's affordable housing fund focused on servicing native Hawaiians. HCL will pool the investment with other public and private capital to grow its revolving loan fund to $20 million. HCL is a nonprofit community development financial institution founded in 2014 that funds the affordable housing ecosystem in Hawaii from the homebuyer to the home builder to the homeowner.

Upcoming Events
Intro Bond Finance WebCourse
Upcoming Webcasts

CDFA Tribal Finance Webinar Series: Federal Funding for Tribal Communities
February 13, 2024 - 2:00 PM - 3:30 PM Eastern
During this installment of the CDFA Tribal Financing Webinar Series, speakers from federal agencies will discuss financing tools and programs available to tribal nations to promote community health, restore local economies, and protect our environment.

CDFA // BNY Mellon Development Finance Webcast Series: Economic Development & Bond Finance
February 20, 2024 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, panelists will share how communities can use bonds in conjunction with tax increment financing, federal legislative programs, and other development financing tools for an array of projects.

CDFA Food Systems Finance Webinar Series: Exploring Bonds as the Foundational Financing Tool
February 27, 2024 - 2:00 PM - 3:30 PM Eastern
During this installment of the CDFA Food Systems Finance Webinar Series, speakers will explore the potential for leveraging this foundational financing tool to cultivate resilient and thriving local and regional food systems.

Job & RFP Postings

CDVCA - Program Manager
CDVCA is seeking a highly motivated individual dedicated to working with high-growth SEDI entrepreneurs to help them succeed and benefit their communities. The successful candidate will help develop the Unlock Capital program nationally, including recruiting, assessing, tracking, and supporting participating businesses and engaging with program mentors, lecturers, technical assistance providers, and volunteers. To apply send a cover letter and resume to: opportunities@cdvca.org

NJEDA - Sector Financing & Incentives Analyst
NJEDA is seeking a Sector Financing & Incentives Analyst who serves as an advisor on Sector Financing & Incentives products. In addition, an Analyst maintains a general working knowledge of other NJEDA Programs and Departments in order to support, promote, and manage NJEDA's offerings effectively to manage external and internal relationships.

NJEDA - Senior Product Officer - Sector Financing
NJEDA's Senior Product Officer – Sector Financing is responsible for understanding the suite of NJEDA financial assistance programs and how they can be used to help facilitate a company's growth within any of the state's targeted sectors. They are a member of EDA's Sector Financing team and will partner with colleagues, across the Economic Transformation division, to market these initiatives and provide market feedback to assist in developing future programs.

Maryland DHCD - Fiscal Compliance Manager
DHCD is seeking a fiscal compliance manager. This position has direct oversight of all invoicing activities within the Energy Department. The fiscal manager will lead a team of invoice processors, review and revise invoicing procedures, track and review timeliness of payment processing, oversee the execution of payments, monitor funding balance data, perform data analyses, coordinate with Accounting  staff to discuss issues, trends and results, develop and maintain databases and reporting tools, and assist with evaluating opportunities to improve accounting, budgeting and financial processes and systems.

This Week's Headlines

Funding From Infrastructure Bill Could Advance ADA for New York City Subway Stations
RT&S | Feb. 1 | Economic Development | Infrastructure Finance

PACE Loan Group Arranges $4.4M C-PACE Loan for Northern California RV Resort
Rebusiness Online | Feb. 1 | Energy Finance | Property Assessed Clean Energy (PACE) | Water Finance

Sustainable Fintech Startup Crux Raises $18M for Clean Energy Tax Credit Platform
ESG Today | Feb. 1 | Energy Finance | Tax Credits

Water and Sewer Authority Gets $32M to Improve Pittsburgh, PA Drinking Water
Water Finance & Management | Feb. 1 | Infrastructure Finance | Water Finance

Biden-Harris Administration Announces Investments to Strengthen Specialty Crops Sector
USDA | Jan. 29 | Access to Capital | Agriculture Finance | Federal | U.S. Dept. of Agriculture (USDA)

IRS Revises Form 8038-CP for Credit Payments to Issuers of Qualified Bonds
Internal Revenue Service | Jan. 29 | Bond Finance | Build America Bonds (BABs) | Rules and Regulations | Qualified School Construction Bonds (QSCBs) | Qualified Zone Academy Bonds (QZABs) | Recovery Zone Economic Development Bonds (RZEDBs)

U.S. DOT Provides $31.4M Loan to Upgrade Critical Rail Lines in California
U.S. Department of Transportation | Jan. 29 | Access to Capital | Development Finance Toolbox | Federal | Infrastructure Finance | U.S. Dept. of Transportation (DOT) | Transportation

White House Announces $150M Investment in Regional Innovation Engines
The White House | Jan. 29 | Access to Capital | Innovation Finance | Legislative

State RLF Funds Drinking Water Study in Hinesburg, VT
Vermont's Own WCAX | Jan. 28 | Infrastructure Finance | Revolving Loan Funds (RLFs) | Water Finance

Salem, IL Grade School Board Approves 12-Year Extension of City's TIF
Southern Illinois Now | Jan. 27 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Alaska's CROP ACT Includes Improvements to the Agriculture RLF
Office of Governor Mike Dunleavy | Jan. 26 | Food Systems Finance | Revolving Loan Funds (RLFs) | Rural Development

Cherokee Nation in Oklahoma Receives $500K Grant to Create Small Business Loans
Anadisgoi | Jan. 26 | Access to Capital | Economic Development | Rural Development | Tribal Finance

New Winery Coming to Butler, PA Thanks to Housing Redevelopment Assistance RLF
Butler Radio | Jan. 26 | Access to Capital | Redevelopment | Revolving Loan Funds (RLFs)

$20M RLF Launched to Finance Land Access for Colorado Beginning Farmers, Ranchers
Foodtank | Jan. 26 | Agriculture Finance | Food Systems Finance | Revolving Loan Funds (RLFs)


National Sponsor Spotlight

Bryan Cave Leighton Paisner LLP Bryan Cave Leighton Paisner LLP
Formed by the combination of Bryan Cave and Berwin Leighton Paisner, global law firm Bryan Cave Leighton Paisner LLP is purposely structured in a way few other law firms are, as a fully integrated international team that provides clients with clear,...
Business Oregon Business Oregon
Business Oregon works to create, retain, expand, and attract businesses that provide sustainable, living-wage jobs for Oregonians through public-private partnerships, leveraged funding, and support of economic opportunities for Oregon companies and...
Cirrus Secure Cirrus Secure
Cirrus provides a cloud-based document collection portal that helps specialty finance agencies streamline their loan and investment processes. Using robotic process automation, Cirrus orchestrates complex workflows to keep all parties engaged and...

CDFA Bookstore

Cover thumbnail Innovation Finance Reference Guide
The Innovation Finance Reference Guide explores the growing seed, venture capital, and angel investment industry, and gives development finance agencies a roadmap for building an innovation finance initiative that supports entrepreneurship, business investment, and job creation.

New Members

Jefferson County Port Authority - Steubenville, OH

Locus - Landenberg, PA

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
  • The Bond Buyer
  • U.S. Bank
  • Wells Fargo Securities
Become a Sponsor