The Office of Management and Budget (OMB) completed its review of new draft regulations for the EB-5 Immigrant Investor Program Modernization. OMB review is the second to last step in the regulatory process before the new regulations become effective. OMB put investors and the entire EB-5 industry on notice that regulatory changes are likely coming soon.

Construction activity has increased on the Detroit side of the $2.9 billion U.S.-Canada Gordie Howe International Bridge. At least 40 Michigan companies already are working on the project — from contractors to service providers. Canada is financing the project, and the U.S. is set to repay its bridge obligation through tolls it collects in Detroit.

HQ2's arrival added urgency to the housing situation. State and local governments have added millions to the affordable housing fund—Arlington and Alexandria will dedicate $150 million for affordable housing over the next decade—and local leaders are warming up to more zoning changes to increase supply.

The U.S. Environmental Protection Agency (EPA) announced a $218 million Water Infrastructure Finance and Innovation Act (WIFIA) loan to Silicon Valley Clean Water (SVCW) to finance wastewater infrastructure upgrades that will protect public health and the San Francisco Bay.

The developers behind a fully affordable, mixed-use, 700-unit multifamily development in East Harlem have secured $223 million. Funding came from the NYC Council, NYSERDA, a letter of credit from Bank of America, syndication of federal LIHTC and solar investment tax credits, and New York State Brownfield Tax Credits.

U.S. Secretary of Agriculture Sonny Perdue announced the award of more than $9 million in USDA Farm to School Program grants that will increase the amount of healthy, local foods served in schools and create economic opportunities for nearby farmers.  

The staff of both the Securities and Exchange Commission (SEC) and the North American Securities Administrators Association (NASAA) have provided a summary of the Opportunity Zone incentive that briefly discusses the program and describes the compliance implications for Opportunity Funds under federal and state securities laws.

North Carolina Gov. Roy Cooper wants to use about $800 million from a proposed $3.9 billion bond issue to help fix the state's deteriorating water systems. The state's 2017 Water Master Plan Report estimated that between $17 billion and $26 billion and 20 years will be needed to repair or replace its aging and decrepit water infrastructure.

The Bond Buyer has released its Bond Rankings for the first half of 2019. Highly ranked firms in their respective categories included Hawkins Delafield & Wood, PFM, Kutak Rock, Ballard Spahr, Katten Muchin Rosenman, Squire Patton Boggs, Gilmore & Bell, Greenberg Traurig, and Baker Tilly - all of whom are Members of CDFA. Congratulations!

The Municipal Securities Rulemaking Board Reform Act of 2019 has been awaiting Senate Banking Committee action since its introduction at the end of April. Among other things, Kennedy's bill would whittle down to 15 the 21-member board and require a five-year cooling-off period for public members who have previously worked as bankers, brokers, or municipal advisors.

During this webinar expert speakers discuss the various partnerships your organization can structure in order to maximize your RLF's impact.

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