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Development Finance Review Weekly - June 6, 2024

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Development Finance Review Weekly
June 6, 2024
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CDFA Development Finance Review Weekly

Features

It's Time to Register for the 2024 CDFA Summer School!
CDFA Summer School is a 2-week long virtual series of courses designed to help you accelerate your development finance education, with a curation of seven different training courses to choose from. Don't miss the opportunity to learn from our expert practitioners and experience CDFA's most interactive educational event of the year! Register today!

Request for Qualifications for Mixed-Use Development in San Bernardino, CA
San Bernardino Community College District (SBCCD) is developing an innovative approach that includes partnerships with city and county governments, non-profits, community organizations, and developers, collaborating on a project that will address student and community needs. Site K is a 15-acre development opportunity SBCCD acquired in 2023, aiming to develop high-quality affordable housing to support its students. In order to create value and affordability for both the student housing and market components of the project, the Council of Development Finance Agencies and its constituent organizations can play an important role in identifying such sources of financing.

Join CDFA and EPA for FREE Community Change Grants Briefing
Join us on June 13 as we host experts from the U.S. Environmental Protection Agency (EPA) to discuss the Environmental and Climate Justice Community Change Grant program, a $2 billion funding opportunity to advance environmental and climate justice projects in communities impacted by climate change, legacy pollution, and historical disinvestments.

DC Partners Scores $46M PACE Funding for Texas Thompson Hotel, Retail
DC Partners' mixed-use development near Houston's Buffalo Bayou Park has secured a $46.6 million loan from a funding source that rewards energy-efficient projects. Lone Star PACE, an administrator of Texas' Property Assessed Clean Energy program, dished out over $31 million in C-PACE financing for the Thompson, a 172-key luxury hotel at 1711 Allen Parkway. Another $15 million was directed toward a 53,000-square-foot retail building adjacent to the hotel, at 1755 Allen Parkway.

Explore Impacts of Inflation on Bond Yields, Arbitrage, Rates With CDFA and BNY Mellon
Join us on June 18 to explore the impact of rate hikes in the bond market. During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, panelists will walk through the impact of rate hikes on yield and arbitrage and share best practices for managing these impacts, especially with considerations for bond issues closed before the rate hikes. Register today!

NewPoint Sponsored Fund Provides $13.3M in 501(c)(3) Tax-Exempt Bond Financing for Affordable Housing in Washington D.C.
NewPoint Impact Fund I has provided $13.3 million in 501(c)(3) bond financing to facilitate the acquisition, rehabilitation, and recapitalization of Ridgecrest Apartments Phase II, a 128-unit affordable housing community located in the Anacostia submarket of southeast Washington D.C. The borrower is The NHP Foundation, a New York-based not-for-profit developer that specializes in affordable housing. The transaction represents the inaugural residential rehab financed by the District of Columbia's Revenue Bond program supported through a tax-exempt 501(c)(3) bond transaction.

Treasury Issues Proposed Guidance on Technology-Neutral Clean Energy Tax Credits
The U.S. Department of the Treasury and IRS issued proposed guidance for the Inflation Reduction Act's new technology-neutral 48E and 45Y clean electricity credits, which will replace existing production and investment tax credits. The credits offer incentives for the first time to any clean energy facility that achieves net zero greenhouse gas emissions and recognizes wind, solar, hydropower, marine and hydrokinetic, nuclear fission and fusion, geothermal, and certain types of waste energy recovery properties as qualifying technologies.

Biden-Harris Administration Announces Actions to Strengthen Tribal Food Sovereignty, Co-Stewardship, and Knowledge of Tribal Agriculture Policy
U.S. Agriculture Secretary Tom Vilsack announced a series of actions by the U.S. Department of Agriculture (USDA) under the Biden-Harris Administration to strengthen tribal sovereignty and fulfill long-standing tribal requests for USDA to better partner with tribal nations, and make our overall food system more resilient. Announcements include over $42 million for awardees under the Indigenous Animals Harvesting and Meat Processing Grant Program, $18 million for projects under the Tribal Forest Protection Act, and $2.3 million to support the service of Indigenous foods in school meal programs.

Upcoming Events
Intro Tax Increment Finance WebCourse
Upcoming Webcasts

CDFA-Bricker Graydon Webinar Series: Catalyzing Transformative Redevelopment with TIF
June 11, 2024 - 2:00 PM - 4:00 PM Eastern
Speakers on this event will present the basics of how these tools work and provide case studies highlighting how PACE and special assessment financing can be paired to create more environmentally sustainable projects.

CDFA FedFund Briefing: Community Change Grants
June 13, 2024 - 2:00 PM - 3:00 PM Eastern
CDFA will host staff from the U.S. Environmental Protection Agency (EPA) to discuss the Environmental and Climate Justice Community Change Grant program, a $2 billion funding opportunity to advance environmental and climate justice projects in communities impacted by climate change, legacy pollution, and historical disinvestments.

CDFA // BNY Mellon Development Finance Webcast Series: Impacts of Inflation on Bond Yields, Arbitrage, and Rates
June 18, 2024 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, panelists will walk through the impact of rate hikes on yield and arbitrage and share best practices for managing these impacts.

Job & RFP Postings

DHCD - Invoice Processor
The Maryland Department of Housing and Community Development (DHCD) is looking for an Invoice Processor who ensures the completion of an invoice request for a variety of funding sources. This includes but is not limited to supporting documentation of completed measures and program requirements. Working closely with the Program Managers to ensure communication on budgets, balances, and allocations are correct.

IFA - Public Finance Associate
IFA/CB is seeking a Public Finance Associate with one to two years of legal work experience to join its Public Finance Group. The objective of this position is to provide support to senior staff on all aspects of transaction management and execution. This is an excellent opportunity to learn from a team of highly experienced financial, legal, and public policy professionals in a collaborative and positive team environment with an opportunity to grow and develop your career.

The North Central Pennsylvania Regional Planning and Development Commission - RFP
North Central Pennsylvania Regional Planning & Development Commission is currently soliciting a Request for Proposals for the Development of a Regional Microloan Program for the North Central Pennsylvania Region. Proposals are due on June 14, 2024.

This Week's Headlines

Farm Credit Awards $100K to Develop and Promote Northeast Agriculture
Morning AgClips | Jun. 6 | Access to Capital | Agriculture Finance

Four Things Community Lenders Realized about the Clean Energy Transition
RMI | Jun. 6 | Community Development | Energy Finance | Green Finance | Tax Credits

Minnesota New Laws Update Residential Code, Energy Rules
Finance & Commerce | Jun. 6 | Energy Finance | Property Assessed Clean Energy (PACE)

New York First in Nation to Offer Inflation Reduction Act Rebates to Low-Income Homeowners
The Sun | Jun. 6 | Energy Finance | Tax Credits | U.S. Dept. of Energy (DOE)

North Carolina Senator Proposes Commercial Lending Program Bill for Energy Improvements
Port City Daily | Jun. 6 | Energy Finance | Property Assessed Clean Energy (PACE) | U.S. Dept. of Commerce (DOC)

Arizona Advances in Renewable Energy with Federal Investments
AZPM News | Jun. 5 | Community Development | Energy Finance | Green Finance | Legislative | State Energy Finance Programs | Local Green Finance Programs

Kansas DOC Awards Nearly $300K for Downtown Improvements in Kearny County
The Kansas Department of Commerce | Jun. 5 | Community Development | Economic Development | Historic Preservation | Redevelopment | U.S. Dept. of Commerce (DOC) | Urban Development | Downtown Revitalization

$1.5M Investment for White Earth Tribal College Healthcare Workers in Mahnomen, Minnesota
Native News Online | Jun. 5 | Community Development | Education | Federal | Healthcare | Tribal Finance | U.S. Economic Development Administration (EDA)

Agriculture and Interior Departments Invest $2.8B to Protect Public Lands, Support Conservation Efforts Across the U.S.
USDA | Jun. 4 | Access to Capital | Federal | Tribal Finance | U.S. Dept. of Agriculture (USDA)

New and Beginning Farmers: Investing in Our Future
U.S. Senate Committee on Agriculture, Nutrition & Forestry | Jun. 4 | Access to Capital | Agriculture Finance | Federal | Legislative

Orange County, FL Moves Forward With Proposed Rural Land Protections Amendment
Spectrum News 13 | Jun. 4 | Community Development | Economic Development | Rural Development

Churchill Stateside Group Closes $1.8M USDA Rural Development Loan in Brevard, NC
Business Wire | Jun. 3 | Community Development | Housing Finance | Rural Development | Tax Credits

MassDevelopment Provides $21.8M Bond for Boston, MA Affordable Housing Project
REBusiness Online | Jun. 3 | Bond Finance | Housing Finance

Fitch Rates Denton, TX's $240.6M COs and $135.2M GOs 'AA+'; Outlook Stable
Fitch Ratings | May. 31 | Bond Finance | Bond Rating Agencies

LITHC - Not the Only Way to Finance Housing; Benefits of Workforce Housing Projects
National Law Review | May. 31 | Bond Finance | Housing Finance

$450K Investment from the KeyBank Foundation to Help Fight Food Insecurity in East Buffalo, NY
Accesswire | May. 31 | Access to Capital | Food Systems Finance | Foundations


National Sponsor Spotlight

MuniCap, Inc. 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,...
NW Financial Group, LLC NW Financial Group, LLC
NW Financial Group LLC is the premier Financial Advisory / Municipal Underwriting firm in the Northeast whose experienced professionals provide unparalleled expert advice to States, Local Governments, and Authorities. The professionals that make up...
PGAV Planners, LLC PGAV Planners, LLC
PGAV is a global leader in planning, design, and development consultation to public, corporate, and institutional clients. For more than fifty years, PGAV has created unique approaches and solutions to community planning and development issues, and...

CDFA Bookstore

Cover thumbnail Revolving Loan Fund Reference Guide
The Revolving Loan Fund Reference Guide offers an in-depth look at RLF program development, implementation and management. This guide demonstrates how an RLF program can complement economic development strategies, encourage investment and assist traditionally underserved businesses.

New Members

Community Facility Partners - St. Louis Park, MN

Lafayette Public Trust Financing Authority - Lafayette, LA

Olney Industrial Development Corporation - Olney, TX

University of Southern Mississippi - Hattiesburg, MS

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