Development Finance Review Weekly - February 25, 2021
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Features |
CDFA to Host Webinar on Federal Capital Access Tools for Preserving Small Businesses
COVID-19 has left many small businesses – critical economic development drivers in urban centers and rural towns alike – struggling to identify and obtain capital to retain employees and pay bills. Many have been forced to lay off workers or close altogether. During the March 9 installment of the CDFA Federal Financing Webinar Series, experts from the SBA, EDA, and USDA will provide an analysis of its small business support programs and discuss strategies for distributing capital to small businesses in disadvantaged areas.
Biden's $1.9T Relief Plan Enters Three-Week Congress Dash
Democrats began the final push for President Joe Biden's $1.9 trillion economic-relief bill this week, dropping any pretense of bipartisanship to quickly pass the package before an earlier round of benefits runs out. The House plans to vote as soon as Friday on Democrats' stimulus package, setting up a Senate vote as soon as next week.
Opportunity Zones: State of the Marketplace 2021
This 2021 EIG report explores whether the Opportunity Zones policy and regulations are working as intended, what its early effects have been, and details the improvements needed to ensure the policy fulfills its promise. While the early findings from the field provide cause for optimism, there is room for policy improvements and continued opportunities to educate investors, local leaders, and other stakeholders.
HUD Awards $2.7B to Improve, Preserve Nation's Public Housing
The U.S. Department of Housing and Urban Development today awarded more than $2.7 billion in funding to nearly 2,900 public housing authorities (PHAs) in all 50 states, as well as the District of Columbia, Guam, Puerto Rico, and the U.S. Virgin Islands to make capital investments in their public housing units. The grants announced are provided through HUD's Capital Fund Program.
Biden-Harris Administration Announces Changes to PPP to Further Promote Equitable Access to Relief
The Biden-Harris administration has made delivering equitable relief to hard-hit small businesses a top priority. The Biden-Harris administration is announcing several reforms to build on this success by further targeting the PPP to the smallest businesses and those that have been left behind in previous relief efforts. These efforts will extend much-needed resources to help small businesses survive, reopen, and rebuild.
Distressed Communities and the Role of Economic and Tax Incentives
The Pew Charitable Trusts recently released a report on how state policymakers can better direct what the report refers to as place-based, or geographically targeted economic development efforts, to help people living in those communities. This discussion includes tax increment finance, Opportunity zones, tax credits, and other financing programs.
U.S. Treasury Announces $175M in Awards for Affordable Housing Nationwide
The U.S. Department of the Treasury's CDFI Fund awarded 48 organizations $175.35 million to finance the development of affordable housing and community facilities in low-income communities. These awards were made through the fiscal year 2020 round of the Capital Magnet Fund and will support financing for the preservation, rehabilitation, development, or purchase of affordable housing for low-income communities.
DOT's Build America Bureau Publishes NOFA for Regional Infrastructure Accelerators
The Build America Bureau is seeking information and input for the development of a Regional Infrastructure Accelerators (RIA) program. Accelerators would provide assistance and act as a resource to regional entities (e.g. counties, towns, economic development agencies, etc.) as they develop transportation infrastructure programs and projects that could be eligible for DOT credit assistance.
$60.7M Fund Provides Equity Financing for Affordable Housing in Maine, New Hampshire, Vermont
Evernorth closed its second multi-investor fund - Housing New England, Fund II – on January 29, 2021. This fund will provide equity to finance affordable housing in Maine, New Hampshire, and Vermont. Evernorth raises equity by syndicating federal Low Income Housing and Historic tax credits as well as various state, historic, and affordable housing credits.
California Governor Newsom, Legislative Leaders Announce Immediate Action Agreement for Relief
Governor Gavin Newsom, Senate President pro Tempore Toni G. Atkins, and Assembly Speaker Anthony Rendon announced that they have reached an agreement on a package of immediate actions that will speed needed relief to individuals, families, and businesses suffering the most significant economic hardship from the COVID-19 Recession.
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Upcoming Events |
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News from |
The latest municipal finance headlines from The Bond Buyer.
Robles Appointed to Head Two California Housing Committees
Nancee Robles will head two California state committees that oversee state bond entities that are heavily involved in affordable housing. Robles starts March 1 with the California Tax Credit Allocation Committee and California Debt Limit Allocation Committee.
Indianapolis Bond Bank Selling Bonds to Renovate Arena for NBA's Pacers
The Indianapolis Local Public Improvement Bond Bank hits the market this week with a long-planned sale to pay for Pacers' arena renovations as well as a consolidation and refunding of some existing Capital Improvement Board debt. The $390 million issue has long been in the works. It's tentatively expected to price Thursday.
Puerto Rico Reaches Deal with Debt Holders with 14% Less Repayment
The Puerto Rico Oversight Board announced a central government debt deal that could pay out 14.1% less than a debt deal announced about a year earlier. The deal reached Feb. 15 and announced Tuesday promises to pay at least $34.1 billion, less than the $39.7 billion of central government debt service agreement reached on Feb. 9, 2020.
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 |
CDFA Federal Financing Webinar Series: Expanding Capital Access to Preserve Small Businesses
Tuesday, March 9, 2021 - 2:00 PM - 3:30 PM Eastern
During this installment of the CDFA Federal Financing Webinar Series, experts from the SBA, EDA, and USDA will provide an analysis of its small business support programs and discuss strategies for distributing capital to small businesses in disadvantaged areas.
CDFA // BNY Mellon Development Finance Webcast Series: Social Justice and the Muni Markets
Tuesday, March 16, 2021 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we'll discuss strategies for aligning social justice priorities with bond financing and actions in the muni markets.
CDFA-Bricker PACE Webinar Series: How PACE Gets Utilized Across All Market Segments
Tuesday, March 30, 2021 - 2:00 PM - 4:00 PM Eastern
PACE can be used for new construction, existing building renovations, or refinancing. Each market segment has its own view of why PACE is valuable and this workshop will provide insights and details into each.
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Job & RFP Postings |
CDFA is Seeking a Coordinator, Research & Technical Assistance
The Council of Development Finance Agencies (CDFA) seeks a motivated, well-organized and energetic individual to fill the position of Coordinator, Research & Technical Assistance. This position is critical to the continued success of CDFA's education, advocacy, research, resources, and networking efforts.
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This Week's Headlines |
How a Food Business Incubator is Building Black Economic Strength in Minnesota
Civil Eats | Feb. 24 | Access to Capital | Community Development | Food Systems Finance
Buttigieg Makes Equity a Top Priority for DOT
Roll Call | Feb. 23 | Federal | Infrastructure Finance | Social Finance | U.S. Dept. of Transportation (DOT)
JPMorgan and Google Launch Program to Help Minority-Owned Banks
CNN | Feb. 23 | Access to Capital | Community Development | Crowdfunding | Revolving Loan Funds (RLFs) | Social Finance | Tax Credits
Kansas Gov. Kelly Forgives $5M in COVID-19 Hospitality Business Loans
KSNT | Feb. 23 | Access to Capital | Disaster Recovery & Relief | Food Systems Finance | COVID-19
Eastern Iowa Meat Processors Awarded TIF, Tax Benefits for Planned Expansions
Business Record | Feb. 22 | Disaster Recovery & Relief | Food Systems Finance | Rural Development | Tax Increment Finance (TIF)
Ohio Agriculture Legislation Moving Forward
Ohio's Country Journal | Feb. 22 | Agriculture Finance | Energy Finance | Rural Development | State Finance Program | Tax Credits
Plan Approved for Riverbank Improvements in North Wichita, KS
KFDI | Feb. 22 | Tax Increment Finance (TIF)
Is TIF Worth It? In Case of Crossroads Mall, Omaha City Council Will Soon Decide
Omaha World-Herald | Feb. 21 | Tax Increment Finance (TIF)
Boardman River Wall Project Could Cost Millions, Reshape Portion of Traverse City, MI Waterfront
The Ticker | Feb. 20 | Tax Increment Finance (TIF)
Are 2020 Bond-Financed Projects Eligible for the New Federal 4% Fixed-Rate?
Sheehan Phinney | Feb. 19 | Bond Finance | Housing Finance | Tax Credits | Rules and Regulations | Low Income Housing Tax Credits (LIHTCs)
Bill Proposes Extending Minnesota State Historic Tax Credit Program
Alberta Lee Tribune | Feb. 19 | Historic Preservation | Tax Credits | Federal Historic Rehab Tax Credits | State Historic Tax Credits
For MGM Springfield and Other Massachusetts Casinos, Sports Betting Could be Key for Economic Development
Mass Live | Feb. 19 | Historic Preservation | Housing Finance | Tax Credits | Federal Historic Rehab Tax Credits | State Historic Tax Credits
More Oversight Sought for $30M 'Competitiveness Fund' with Foundation Park Plan in Sioux Falls, SD
Argus Leader | Feb. 19 | Tax Increment Finance (TIF)
Townhome Project to Provide Affordability and Historic Preservation in St. Petersburg, FL
St. Pete Rising | Feb. 19 | Energy Finance | Historic Preservation | Housing Finance | Tax Increment Finance (TIF)
Vermillion, SD City Council Approves New TIF District for Housing Project
Plain Talk | Feb. 19 | Housing Finance | Tax Increment Finance (TIF)
Bellwether Provides $11.6M HUD-Insured Loan for Affordable Housing Community in Dothan, Alabama
RE Business Online | Feb. 18 | Housing Finance | Tax Credits | U.S. Dept. of Housing & Urban Development (HUD) | Low Income Housing Tax Credits (LIHTCs)
Chicago, IL Panel OK's ‘Audacious' Plan That Imagines a Mixed-Income Fulton Market Community
Block Club Chicago | Feb. 18 | Housing Finance | Tax Increment Finance (TIF)
Gov. Scott Pushes $2M Effort to Rehab Brownfield Sites in Vermont
WCAX | Feb. 18 | Brownfield Financing
Kansas City Approves Deal to Build Northland Soccer Park for Sporting KC, with Conditions
Kansas City Star | Feb. 18 | Bond Finance | Tax Increment Finance (TIF)
Multi-use Development Ideas Emerge in Carroll, IA Highway Corridor Revitalization Plan
Carroll Times Herald | Feb. 18 | Housing Finance | Tax Increment Finance (TIF)
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New Additions to the Online Resource Database |
FY2020 Capital Magnet Fund Award Book
Community Development | Housing Finance
Organizations received $175.35 million from the FY2020 round of the Capital Magnet Fund. Awardees plan to develop nearly 23,000 Affordable Housing Units, including more than 20,300 Rental Units and more than 2,600 Homeownership Units. Combined, 97% of all Housing Units will be developed for Low-Income Families.
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National Sponsor Spotlight |
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Kutak Rock LLP
Kutak Rock LLP is a national law firm of more than 500 lawyers with offices from coast to coast. Their firm serves local, regional and national clients in a practice that spans a wide range of disciplines. They encourage their attorneys to take...
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McGuireWoods
With 1000 lawyers and 21 strategically located offices worldwide, McGuireWoods LLP uses client-focused teams to serve public, private, government, and nonprofit clients from virtually every area of the law. To complement their services, they offer...
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MuniCap, Inc.
MuniCap, Inc. is a public finance consulting firm based in Columbia, Maryland that specializes in the public finance aspects of redevelopment. MuniCap is headquartered in Columbia, Maryland, with additional offices located in Dallas, Texas,...
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CDFA Bookstore |
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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.
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New Members |
Columbus Metropolitan Housing Authority - Columbus, OH
Medina County Economic Development Corporation - Medina, OH
Region IV Development Association, Inc. - Twin Falls, ID
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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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