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Development Finance Review Weekly - October 27, 2022

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Development Finance Review Weekly
October 27, 2022
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CDFA Development Finance Review Weekly

Features

We are Excited for the CDFA National Development Finance Summit, Presented by CHFA
We hope to see you in Denver, CO on November 2-4 for the CDFA National Development Finance Summit, Presented by CHFA. This in-person event will bring together the leaders and dealmakers in the development finance industry to discuss best practices, trends, and project financing solutions. After a long three years, we can't wait to see you there!

Morgantown, WV to Lay Out Financing Plan for BOPARC's Ice Arena, Marilla Pool Projects
An ordinance authorizing nearly $30 million in bond funding for recreation projects will get its first public airing when Morgantown City Council sits for its October committee meeting. The ordinance is in support of BOPARC's long-awaited overhaul of the Morgantown Ice Arena and the creation of a new Marilla Pool complex.

$45M Approved to Finance Once-Debated New Orleans, LA Project
Louisiana Bond Commission gave final approval to $45 million in state financing for a critical infrastructure project in New Orleans. The agency wants to build a new power plant to replace unreliable turbines that power the city's drainage and drinking water systems. The project has been touted as a game-changer in New Orleans' efforts to combat more frequent flooding and boil advisories.

No-Interest Microloans: Philanthropist's New Tool in Preventing Homelessness
The Short-Term Eviction Prevention Fund, a philanthropic enterprise created by a West Los Angeles software entrepreneur, Adam Miller, was created to test his theory that non-punitive microloans could reduce homelessness. Miller created a $1-million fund to make interest-free loans to people facing imminent eviction. They will have three years to repay, and those who default will be forgiven.

New York Receives $38M from USDA to Bring More Local Foods to Communities and Schools
Governor Kathy Hochul announced that the USDA has awarded nearly $38M to the New York State Department of Agriculture and Markets and the New York State Education Department to further enhance the resilience of New York's food system by providing a boost to farmers and increasing access to local foods.

U.S. Tax Credits Set to Spur Bigger Wind Farms, New Siting Strategies
President Joe Biden's Inflation Reduction Act (IRA) extends tax credits for wind and solar for the next ten years and allows stand-alone energy storage projects to qualify for the first time. The bill also includes tax credits for the manufacturing of wind and solar components.

$143M in Federal Infrastructure Funds to Be Used for Water Projects Across Wisconsin
Governor Tony Evers announced $143 million in federal funds to improve wastewater and drinking water infrastructure across the state. The funds come from the federal Bipartisan Infrastructure Law and will provide $800 million over five years to the State Revolving Loan Fund, which is composed of the Clean Water and Safe Drinking Water loan programs.

$40M Investment to Bring More Than 600 Jobs to Eastern Kentucky
Several Eastern Kentucky communities received more than $9.9 million in Appalachian Regional Commission (ARC) Partnerships for Opportunity and Workforce and Economic Revitalization (POWER) funds to support 11 projects. The projects will create more than 600 jobs and will generate up to a $40 million investment.

Upcoming Events
CDFA National Development Finance Summit
News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

Chicago GOs Raised to BBB by Fitch
Fitch Ratings said it raised Chicago's general obligation bonds and issuer default rating to BBB from BBB-minus and the raised rating on the Sales Tax Securitization Corp.'s sales tax securitization bonds to AA from AA-minus.

Shifting Buyer Base Will Boost Borrowing Costs, Increase Focus on Credit
A shift in the municipal bond buyer base away from mutual funds might mean an uptick in borrowing costs for states and local governments and a more credit-focused investment strategy. Massive mutual fund outflows this year of around $100 billion means issuers have "lost their prime funding mechanism," said Tom Doe.

CDFA is proud to partner with The Bond Buyer as our Official Media Sponsor. The Bond Buyer offers CDFA State and Local Members a 55% discount off of the Issuer Rate. Contact CDFA for more information.

Upcoming Webcasts

CDFA // BNY Mellon Development Finance Webcast Series: Funding Childcare Facilities
Tuesday, November 15, 2022 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA// BNY Mellon Development Finance Webcast Series, presenters will look across the development finance spectrum for ways to invest in childcare facilities with tools like bonds, RLFs, tax credits, and more. Experts will also highlight various case studies that have successfully utilized these tools.

CDFA-Bricker Webinar Series: PACE and Traditional Lending Institutions
Tuesday, November 22, 2022 - 2:00 PM - 4:00 PM Eastern
Since the origins of PACE financing in the early 2010s, PACE lenders have been primarily non-traditional lending institutions. However, with the explosive growth of PACE across the country, the traditional lending world has begun to enter the PACE market. In this session, attendees will get an overview of the PACE lending history and the influx of traditional lending institutions across the country.

CDFA Infrastructure Finance Learning Series: How Different Communities Can Benefit From IIJA
Tuesday, December 6, 2022 - 1:00 PM - 4:00 PM Eastern
One of the goals of the IIJA is to foster an equitable economy by investing in historically underserved and under-resourced communities. Infrastructure challenges in these areas range from public transportation to digital access to online information. Speakers on this final installation will cover the variety of problems experienced across different communities - including those in urban, mid-sized, rural, and tribal communities - to discuss how IIJA funds can best be deployed.

Job & RFP Postings

Lake Champlain – Lake George Regional Planning Board-Assistant Economic Development Coordinator
The Lake Champlain – Lake George Regional Planning Board (LCLGRPB) is seeking a full-time Assistant Economic Development Coordinator. Duties include performance of specialized economic development assignments including program research and administration, public outreach, technical program assistance, grant writing/administration, government liaison services, etc. Email resume and cover letter to: Beth Gilles, Director at beth.gilles@lclgrpb.org with the subject line "Assistant Economic Development Coordinator Resume" by November 28, 2022.

Lake Champlain – Lake George Regional Planning Board-Business Development Coordinator
The Lake Champlain – Lake George Regional Planning Board (LCLGRPB) is seeking a fulltime Business Development Coordinator. This position involves management of the LCLGRPB's Small Business Loan Fund and working with small businesses throughout the region to address their economic development needs. Email resume and cover letter to: Beth Gilles, Director at beth.gilles@lclgrpb.org with the subject line "Business Development Coordinator Resume" by November 28, 2022.

NCRC-CDF Underwriting & Loan Service Specialist
NCRC CDF is seeking an Underwriting & Loan Service Specialist who is an exceptional multi-tasker that is goal-oriented and highly detailed. The Underwriting & Loan Service Specialist will oversee a high volume of small business loan inquiries from application through underwriting, funding, and post-closing activities, manage existing borrower customer support and provide overall program support within the small business and affordable housing programs.

CDFA-Manager Research & Technical Assistance
CDFA is seeking a motivated, well-organized, and energetic individual to fill the position of Manager, Research & Technical Assistance. This position will be responsible for working with fellow CDFA team members to manage and execute a research initiative working with state departments of agriculture to increase access to finance programs among socially disadvantaged farmers of color. The position will also involve various activities related to ongoing research, project planning, stakeholder engagement, and writing.

Philadelphia Industrial Development Corporation-President
Philadelphia Industrial Development Corporation is seeking a President position. The President is elected by the Board of Directors as its Chief Executive Officer and has general charge and supervisory authority over the business and affairs of PIDC, subject to control and direction of the Board. The President leads PIDC's strategies, resources, products, transactions, and partnerships, promoting investment and development that drives inclusive economic and job growth to every part of Philadelphia.

This Week's Headlines

Arizona Elementary School District Launches New Investor Relations Initiative to Expand Reach of Bond Sales with Investors
Digital Journal | Oct. 24 | Bond Finance

Atlanta, GA to Convert Former Downtown Bank Building Into Affordable Housing
Reporter Newspapers & Atlanta Intown | Oct. 24 | Economic Development | Housing Finance | Redevelopment

PWSA Receives $139M in Loans And Grants for Water Main, Lead Line Replacement
Pittsburgh Post-Gazette | Oct. 24 | Bond Finance | Infrastructure Finance | Water Finance

Statewide PACE Program Launches to Spur Commercial Investment in Clean Energy
Illinois Business Journal | Oct. 24 | Energy Finance | Property Assessed Clean Energy (PACE)

U.S. DOE Awards $2.8B to Boost EV And Grid Battery Production
pv magazine | Oct. 24 | Energy Finance | Infrastructure Finance | U.S. Dept. of Energy (DOE)

Arkansas Groups Form Coalition to Focus on Tax Credits, Better Benefits to Help Families
ABC7 | Oct. 21 | Community Development | State Finance Program | Tax Credits

Developers Seek Tax Credits for Three Residential Projects in Missouri
Emissourian.com | Oct. 21 | Housing Finance | Rural Development | Tax Credits

Duke Energy to Pass First $56M Wave of Inflation Reduction Act Tax Credits to Customers
Utility Dive | Oct. 21 | Energy Finance | Tax Credits

EPA Opens Civil Rights Probe Into Mississippi's Role in Water System
Meridian Star | Oct. 21 | Access to Capital | Infrastructure Finance | Revolving Loan Funds (RLFs) | Water Finance

Anovion Battery Materials Selected to Receive $117M Under Infrastructure Law for Battery Materials Processing
Yahoo Finance | Oct. 20 | Energy Finance | Infrastructure Finance

City of Ocala, FL Receives $500K Grant From EPA
Ocala-News.com | Oct. 20 | Brownfield Financing | Economic Development | Redevelopment | U.S. Environmental Protection Agency (EPA)

JEDCO Awarded $1.5M for JEDgrow Program
Biz New Orleans | Oct. 20 | Access to Capital | Disaster Recovery & Relief | Economic Development | Revolving Loan Funds (RLFs) | U.S. Economic Development Administration (EDA)

Kresge Investments Accelerate Community Solar Projects in Underserved Areas
Environment and Energy Leader | Oct. 20 | Energy Finance | Foundations | Green Finance | Social Finance

New York, NY Finalizes Requirements for Clean-Energy PACE Loans
Habitat | Oct. 20 | Energy Finance | Green Finance | Property Assessed Clean Energy (PACE)

NOVONIX Selected For $150M Grant From U.S. Department of Energy
Yahoo Finance | Oct. 20 | Energy Finance | Infrastructure Finance | U.S. Dept. of Energy (DOE)

Philadelphia, PA Minority Business Owners to Bid for ‘Historic' Federal Infrastructure Contracts
KYW | Oct. 20 | Federal | Infrastructure Finance | Social Finance | Transportation

Utah-Based Equipment Finance Company is on a Mission to Help Businesses
Digital Journal | Oct. 20 | Access to Capital | Economic Development | Infrastructure Finance | Tax Credits

Vermont Announces Bonus Round of State Tax Credits
The Center Square | Oct. 20 | Community Development | Federal | Infrastructure Finance | State Finance Program | Tax Credits

$30M Grant to Speed Up Wind Energy Deployment
AZoCleantech | Oct. 20 | Energy Finance | Infrastructure Finance


National Sponsor Spotlight

BNY Mellon 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...
Bricker & Eckler LLP Bricker & Eckler LLP
Bricker & Eckler LLP, is one of Ohio's leading law firms. Located in Columbus, Cleveland and Cincinnati-Dayton, the firm represents corporations, nonprofit organizations, government agencies, health care facilities, school districts, and...
U.S. Bank U.S. Bank
U.S. Bancorp (USB), with $416 billion in assets, is the parent company of U.S. Bank, the fifth largest commercial bank with more than 65,000 employees, and 3,151 offices in the United States.

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 DFCP Study Pack
The DFCP Complete Book Package contains all of the reference guides to study for the DFCP final exam at a 10% discount.

New Members

City of Fayetteville - Fayetteville, NC

Native American Agriculture Fund - Fayetteville, AR

North American Development Bank - El Paso, TX

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