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Development Finance Review Weekly - December 27, 2018

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Development Finance Review Weekly
December 27, 2018
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CDFA Development Finance Review Weekly

Feature

Is the Third Time the Charm for a 2019 Infrastructure Bill?
A proposed infrastructure bill has floated around for the last two years, but those in the transportation industry believe 2019 could serve as a unique window to finally push it through. With a multi-billion dollar gap to fill and the FAST Act expiring in 2020, lawmakers and industry professionals alike are looking for ways to fund infrastructure for the long haul. 

Three Ways Tax Reform Has Impacted the Muni Market
The impact of the federal tax overhaul on the municipal bond market hasn't been as bad as many feared, but the elimination of advanced refunding bonds has reduced the overall supply of municipal bond offerings. While banks are retreating from the muni market, taxpayers in high-tax states are sheltering more of their income in municipal bonds.

Current Issues in Community Solar Projects
Three community solar developers and one aggregator of community solar customers talked at the Infocast Community Solar 2.0 conference in New Orleans in November about the how the basic business model is evolving and current issues in the market.

New Data Makes Case for Permanent Authorization for NMTC
Updated annually, the data once again reflects the flexibility of the NMTC with respect to the types of businesses financed with flexible or non-traditional rates and terms. The data also confirms the fact that allocatees go above and beyond the minimum statutory distress requirements.

HUD, USDA, and Treasury Affected by Government Shutdown
The recent government shutdown directly affects federal agencies that manage affordable housing and community development programs. While each agency has established contingency planning in case of a shutdown, a prolonged government shutdown could result in an administrative backlog and delayed payments.

How State and Local Officials Can Make Their Opportunity Zones More Attractive
Recent studies reveal only a small percentage of the 8,700 designated Opportunity Zones are well positioned to produce the returns needed to justify the investment, even with the tax break. Many Opportunity Zones located in rural and suburban America are ill-equipped to attract investments from Opportunity Funds.

U.S. EPA Closes $47.7M WIFIA Loan in St. Louis, MO
The U.S. Environmental Protection Agency (EPA) has announced a $47.7 million Water Infrastructure Finance and Innovation Act (WIFIA) loan to the Metropolitan St. Louis Sewer District in Missouri to help finance its Deer Creek Sanitary Tunnel and Sanitary Relief project.

Intel Seeks $300M in Bonds for OR Water Project
Intel wants $300 million in tax-exempt bonds from the state to help finance an enormous, $600 million water treatment project in Hillsboro, OR. Intel's water project has been under construction for well over a year. The company uses nearly 3 billion gallons of water every year in its Hillsboro factory,

OK Lawmakers Consider Changes to Affordable Housing Tax Credit
The Incentive Evaluation Commission recommends shortening the period the credit may be claimed from ten years to five. Mental Health Association Oklahoma Chief Housing Officer Greg Shinn said that could mean a building slowdown if developers opt not to build because they're getting less in tax credits and must take on more debt.

State Future Funds: Investing in Community Resilience Across the U.S.
Modeled on the highly successful Drinking Water State Revolving Loan Fund (DWSRF) and Clean Water State Revolving Fund (CWSRF), State Future Funds would provide low-interest or interest-free loans and loan guarantees, while leveraging philanthropic and private capital, to expand investments in critical future-ready investments.

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

The latest municipal finance headlines from The Bond Buyer.

Hope Dims for Multifamily Bond Tax Fix
Hope is fading that Congress will enact a tax fix for bond-financed multifamily housing projects that include a preference for military veterans and establish an independent Office of Appeals at the Internal Revenue Service before adjourning for the year.

RI Infrastructure Bank Touts Green Bond Milestone
In late November, the Rhode Island Infrastructure Bank closed its $18.3 million Efficient Buildings Fund bond, which received S&P Global Ratings' AA rating. The Efficient Buildings Fund bond is the first public market green bond to be issued by the Bank.

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 - PFM Capital Markets Webinar Series - Effects of the Tax Cuts and Jobs Act One Year Later
January 10, 2019 - 2:00 - 3:30 PM Eastern
The Tax Cuts and Jobs Act of 2017 was enacted one year ago this month, and we'll spend some time looking back what we've learned in that time. Our panel will explore the preservation of Private Activity Bonds, changes in the corporate tax rate and its effects, evaluate volume and the types of bonds most often used, and consider the effects of the elimination of advance refundings. We'll discuss options that issuers have for more flexible redemption options and strategies that have emerged to work around the absence of refundings. This webinar will feature the pros and cons and the questions that still remain twelve months into the new tax law.

This Week's Headlines

Three Trends in Land Banking
The Port | Dec. 27 | Community Development

The Regal Theater Preserved for Future Generations in Cincinnati, OH
The Port | Dec. 27 | Historic Preservation | Local Finance Program

ID Historical Society Proposes State Historic Tax Credit
Idaho Business Review | Dec. 27 | Legislative | Tax Credits

CDFI Fund Staff, Services Unavailable During Government Shutdown
Novogradac & Co. | Dec. 27 | Federal | U.S. Dept. of Treasury CDFI Fund

New Board Assignments Announced for DFA of Summit County
Development Finance Authority of Summit County | Dec. 27 | Economic Development

Northeastern PA Alliance Seeks Qualification Statements from NMTC Experts
Northeastern Pennsylvania Alliance | Dec. 26 | Member News | Tax Credits

Opportunity Zones Can Boost Business Where Needed
The Advocate | Dec. 25 | Opportunity Zones | Tax Credits

St. Clair Township, OH Approves a Third TIF District
The Review | Dec. 25 | Tax Increment Finance (TIF)

Village of Rantoul, IL Recommends Approval of Two Microloans
Rantoul Press | Dec. 24 | Access to Capital | Revolving Loan Funds (RLFs)

Tax Credits Support Housing in North Eastam, MA
Cape Cod Times | Dec. 23 | Tax Credits

Terre Haute, IN Closes on $63M Sewer Bond
Tribune Star | Dec. 22 | Bond Finance | Revolving Loan Funds (RLFs) | U.S. Environmental Protection Agency (EPA) | Water Finance

Both Twin Cities Making Moves on Affordable Housing
Next City | Dec. 22 | Community Development

MI House Approves Tax Incentives for Out-of-State Workers
The Detroit News | Dec. 21 | Tax Credits

Hillsboro, IL Approves $100K Revolving Loan For Atlas 46
The Journal-News | Dec. 21 | Revolving Loan Funds (RLFs)

Douglas County, NV Receives $5.55M Loan from SRF
The Record-Courier | Dec. 21 | Revolving Loan Funds (RLFs) | U.S. Environmental Protection Agency (EPA) | Water Finance

The Organizers Who Want Single-Family Zoning Abolished in Minneapolis, MN
Next City | Dec. 21 | Community Development | Legislative

Responsible Finance Releases Annual Industry Report
Responsible Finance | Dec. 21 | Access to Capital | International

WI Businesses Getting No-Interest Loans to Recover from Flooding
Wisconsin State Journal | Dec. 21 | Access to Capital | Disaster Recovery & Relief


National Sponsor Spotlight

KeyBanc Capital Markets KeyBanc Capital Markets
KeyBanc Capital Markets is an investment banking firm serving issuers of tax-exempt debt for over 40 years. Their team identifies opportunities, designs financing structures and develops an array of solutions that meet and exceed clients' financial...
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. The firm's primary practice concentrations are business and corporate law, public finance, litigation and real estate law, with numerous areas of...
MB Financial Bank, NA MB Financial Bank, NA
MB has a 100+ year history of building deep and lasting relationships with public and private companies and individuals.  MB offers a full range of powerful financial solutions and the expertise and experience of bankers who are focused on their...

Partner Spotlight

Institute of Economic Development (IED) - United Kingdom Institute of Economic Development (IED) - United Kingdom
The Institute of Economic Development (IED) is the UK's leading independent professional body representing economic development and regeneration practitioners. Established over 30 years ago, the IED's key objective is to represent the interests of...

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

Tulsa Industrial Authority - Tulsa, OK

Developers Equity Fund - St. Louis, MO

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