Development Finance Review Weekly - January 30, 2020
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CDFA and The Opportunity Exchange Launch Partnership
Columbus, OH - The Council of Development Finance Agencies (CDFA) and The Opportunity Exchange (TOE) are pleased to announce the launch of a new partnership increasing opportunities for members to integrate modern technical tools into their local community and economic development strategies.
CDFA Announces Second Grant Award from the W.K. Kellogg Foundation
Columbus, OH – The Council of Development Finance Agencies (CDFA) has received a second round of funding from the W.K. Kellogg Foundation (WKKF). This funding will continue to advance opportunities and leverage existing capital financing streams that scale local and regional food systems and increase access to better food while creating new living wage jobs in communities across the country.
Senator Scott Mulls Bill Giving States a Mulligan on Choosing Opportunity Zones
Sen. Tim Scott (R-SC) said at the United States Conference of Mayors that he is considering a bill that would allow local and state governments to revisit a small percentage of the census tracts that were, or were not, designated opportunity zones in 2018. Scott said he is in discussions with Sen. Cory Booker (D-NJ), his fellow co-sponsor on the original legislation, and Sen. Ron Wyden (D-OR), on a new bill.
EDA's Five Investment Priorities
For local communities interested in knowing where the U.S. Economic Development Administration (EDA) is at with their current investment priorities, this month's speech at the 88th Winter Meeting of the U.S. Conference of Mayors delivered by Deputy Assistant Secretary for Economic Development and Chief Operating Officer Dennis Alvord pointed the way.
House Ways and Means Committee Unveils Infrastructure Proposal
The House Ways and Means Committee has released its much-anticipated infrastructure proposal. It includes $760 billion over five years for transportation, broadband, water, wastewater, and brownfields redevelopment. It also would expand many existing clean energy financing programs as well as tax credits like the NMTC, LIHTC, and HTC.
Public Finance Authority P3 Financings Help Bring Proton Cancer Treatment to South FL and AL
Thanks to a public-private partnership (P3) between the Public Finance Authority (PFA) and Proton International (PI), cancer patients in Delray Beach, FL, and Birmingham, AL will have access to all the benefits of proton therapy treatment. PFA and PI work with hospitals and physician groups to develop one- and two-room proton treatment centers, to help address cost and financing constraints.
House Leadership Releases Puerto Rico Aid Bill - Includes New Markets Tax Credits
The House Democratic Leadership released a supplemental appropriations bill increasing aid to Puerto Rico. The bill, referred to as the Puerto Rico Earthquake Supplemental, contains over $4.6 billion in education, transportation, and infrastructure (CDBG) aid. It also includes an allocation of New Markets Tax Credits for Puerto Rico.
Freddie Mac Surpasses $1B in LIHTC Investments
Freddie Mac has topped the $1 billion mark in low-income housing tax credit (LIHTC) equity investments after re-entering the market in 2018. The latest investments were made in underserved communities in 22 states, Puerto Rico, and Guam and provide more than 8,500 homes for households that struggle to find safe and affordable rental housing, announced the company.
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Upcoming Events |
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News from |
The latest municipal finance headlines from The Bond Buyer.
Commentary: Finding the Impact on Munis in CRA Reform
Over the last month, banks and community development professionals have grappled with the potential fallout brought by dramatic changes to the Community Reinvestment Act (CRA) proposed in a draft rule released by the OCC and the FDIC. To date, the remaining bank regulator, the Federal Reserve, has not joined the rulemaking process but the rule, if adopted, would impact 85% of banks subject to the CRA.
Issuers Oppose Broad Interim Disclosure
Issuers are pushing back against analysts and regulators seeking more frequent financial disclosures and say they want to know what specifically investors and analysts are looking for in their finances. At a GFOA debt committee meeting, issuers aired concerns about being asked to provide financial documents on a more frequent basis. Some said groups like the NFMA are asking for too much.
Libor Task Forces Formed by GFOA, NABL
Task forces on Libor are being formed by two public finance professional organizations as anticipation grows over the technical challenges involving its phaseout. The Government Finance Officers Association and National Association of Bond Lawyers both are in the process of forming committees to examine the unresolved issues facing the municipal bond market.
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.
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Upcoming Webcasts |
Food & Social Equity: Detroit's Approach to Financing the Food System
Monday, February 10, 2020 - 2:00 PM Eastern
During this webinar, supported by the W.K. Kellogg Foundation, we will hear from speakers working in Detroit, Michigan to correct social inequity through the support and financing of food-related businesses and projects.
CDFA-TEDC Webinar: The Who, What, When, Where and Why of Affordable Housing in Texas
February 12, 2020 - 10:00 AM -11:30 AM Central
This webinar will explore some of the tools that can be utilized to support a myriad of housing challenges and opportunities as well as how development finance agencies can become key partners in housing development in their community.
Strategies for Successful Funding through USDA's ReConnect Program
February 12, 2020 - 2:00 PM Eastern
Join CDFA and experts from across the country as we discuss creative solutions for responding to ReConnect's funding notice, and learn from the successes of the program thus far.
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Job & RFP Postings |
Commercial Real Estate Investment Manager - Michigan Economic Development Corporation (MEDC)
The Commercial Real Estate Investment Manager is responsible for highly technical negotiating, structuring and closing of complex commercial and other special community development driven investment projects, generally featuring between $1 million and $10 million in program capital at risk. This position will manage the Community Revitalization Program (CRP) project portfolio from concept to close while seeking to stimulate economic development; ensure the Michigan Economic Development Corporation (MEDC) and State of Michigan investments are protected and structure deals so that the state realizes the best possible rate of return.
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This Week's Headlines |
Buffalo, NY Has Already Identified Incentives for Brownfield Waiting for Redevelopment
Buffalo Rising | Jan. 30 | Brownfield Financing | Tax Credits
Fitchburg, MA Receives $87K in Brownfield State Funding
Sentinel & Enterprise | Jan. 30 | Brownfield Financing
Chicago, IL's Pullman: A Model for Neighborhood Revitalization?
WTTW | Jan. 30 | Community Development | Historic Preservation | Tax Increment Finance (TIF) | Urban Development
North Shore CDC Receives $150K in Brownfield Assistance
Gloucester Daily Times | Jan. 30 | Brownfield Financing
Funding Lined Up for $1.5B in Miami-Dade County, FL Water/Sewer Upgrades
Miami Today | Jan. 29 | Bond Finance | Infrastructure Finance | Water Finance
Boaz, AL Seeks $8.5M to Fund Outlet Property Renovations, Remaining Recreation Center Cost
The Sand Mountain Reporter | Jan. 28 | Bond Finance | Rural Development
A Deal on Bonding and a Drafted Transportation Bill Move CT Closer to Tolls
The Connecticut Mirror | Jan. 27 | Bond Finance | Infrastructure Finance | State Finance Program
HUD Announces Nationwide Bus Tour Focused on Affordable Housing
U.S. Department of Housing and Urban Development | Jan. 27 | Federal | Housing Finance | U.S. Dept. of Housing & Urban Development (HUD)
MO Hotel Developer Calling For Tax Incentives
Times Newspapers | Jan. 27 | Special Assessment Districts | Tax Increment Finance (TIF)
South Beach, FL Business Improvement District Moves Forward
Olean Times Herald | Jan. 27 | Special Assessment Districts | Tax Increment Finance (TIF)
Missoula, MT City Council Member Explains TIF
KGVO | Jan. 27 | Tax Increment Finance (TIF)
More SC Low-Income Housing Could Get Built With Tax Incentive Proposal
Post and Courier | Jan. 27 | Tax Credits
Historic Tax Credits OK'd For Project in Granite City, IL
The Telegraph | Jan. 27 | Tax Credits
Fifth Third Bank Announces Chicago-based Decennial Group as Partner for $30M Investment in Opportunity Zones
Business Wire | Jan. 27 | Opportunity Zones
What's Going On With the Madison Public Market
The Cap Times | Jan. 27 | Tax Credits | Tax Increment Finance (TIF)
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New Additions to the Online Resource Database |
Moving America and the Environment Forward Framework
Bond Finance | Brownfield Financing | Community Development | Energy Finance | Federal | Green Finance | Housing Finance | Infrastructure Finance | Innovation Finance | Legislative | Revolving Loan Funds (RLFs) | Rural Development | Tax Credits | Water Finance
"Moving America and the Environment Forward" is a House Ways and Means Committee statement of principles on how the committee wants to approach an infrastructure bill. It includes $760 billion of proposals.
Private Activity Bonds: Comparing How the Structure and Use of These Bonds in Kansas Compares to Other States
Bond Finance
The Kansas Legislative Division of Post Audit examined how Kansas and other states used private activity bonds in calendar years 2016 through 2018. In this audit, they used data from CDFA and other states to determine how states used private activity bonds from 2016 to 2018.
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National Sponsor Spotlight |
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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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Stifel Nicolaus
Stifel Nicolaus is a full-service securities firm dedicated to development finance. Stifel Nicolaus has developed innovative public financing structures for private developments, saving millions of dollars for their public and private sector clients.
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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.
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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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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 intiative that supports entrepreneurship, business investment and job creation.
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New Members |
City of Fort Lauderdale - Fort Lauderdale, FL
Decide DeKalb - Decatur, GA
Brevet Capital - New York, NY
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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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