Development Finance Review Weekly - September 10, 2020

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Feature

CDFA Recognizes James Metz, DFCP

CDFA is pleased to congratulate James Metz, a valued member of the CDFA team, as the newest graduate of the prestigious Development Finance Certified Professional (DFCP) program. Mr. Metz joins the ranks of fellow graduates who have invested in their professional development and are ready to tackle the complexities of the development finance industry.

Report Alleges More Than $1B In Bad PPP Loans As Feds Make Another Arrest

The PPP, which was part of the CARES Act, consists of billions of dollars in forgivable loans guaranteed by the Small Business Administration (SBA) intended to keep workers on the payroll. But mistakes have been made. A recent report by the House Select Subcommittee on the Coronavirus Crisis advised that over $1 billion in COVID relief went to companies in violation of the program's rules.

Using CARES Act Funding for Economic Development Purposes

This article from CDFA's partners at Frost Brown Todd examines second-order effects that cost jobs and closed stores can be attacked with CARES Act funding. Eligible expenditures of CARES Act funds can include expenditures incurred to respond to "second-order effects" of the emergency.

Healthcare Still Waiting on $121B in COVID-19 Financial Relief

So far, about $291B of COVID-19 financial relief for the healthcare industry has been disbursed or committed, leaving about $121 billion still up for grabs, the Committee for a Responsible Budget recently reported. At least $412B has been authorized by Congress, the Federal Reserve, and the Administration to go to healthcare stakeholders to offset the massive revenue hits caused by the COVID-19 pandemic.

HHS Partners With FCC and USDA On Rural Telehealth Initiative

The U.S. Department of Health and Human Services has signed a Memorandum of Understanding with the Federal Communications Commission and the U.S. Department of Agriculture to work together on the Rural Telehealth Initiative, a joint effort to collaborate and share information to address health disparities, resolve service-provider challenges, and promote broadband services and technology to rural areas in America.

Novogradac Opportunity Fund List Shows Nearly $2B in Additional Investment

Equity raised by qualified opportunity funds (QOFs) listed on the Novogradac Opportunity Funds List surpassed $12 billion, data that comes on the heels of an estimate made last week by the White House Council of Economic Advisers (CEA) that $75 billion was invested in QOFs by the end of 2019.

Treasury Releases New CRF Guidelines Impacting Counties

The U.S. Department of Treasury's Office of Inspector General (OIG) released updated guidance outlining new requirements for recipients of the Coronavirus Relief Fund. The new guidance comes after a July 2 memorandum was released stating that OIG is responsible for monitoring and oversight of the receipt, disbursement, and use of CRF payments.

Where to Prioritize Emergency Rental Assistance to Keep Renters in Their Homes

As states and localities allocate emergency rental assistance funds to help renters avoid losing their homes, local leaders must decide where to prioritize their resources. To help inform those decisions, the Urban Institute has developed the Emergency Rental Assistance Priority Index.

Upcoming Events

News from

The latest municipal finance headlines from The Bond Buyer.

Municipals Steady as Market Searches for Direction

Municipals were little changed on Tuesday and off to a slow start post the Labor Day holiday. Triple-A benchmarks showed steady levels from last week while trade volume remained light ahead of the week's $7 billion new-issue slate.

Transportation Groups Warn Congress of Billions in Canceled Projects

Transportation groups warn billions of dollars worth of future infrastructure projects will be canceled if Congress doesn't act swiftly to extend current surface transportation funding. In a letter to congressional leaders published this week, groups urged lawmakers to extend the Fixing America's Surface Transportation Act, which will expire Sept. 30, by one year.

Congress Faces Sept. 30 Deadline to Decide on State and Local Aid

The post-Labor Day return of Congress to Washington leaves lawmakers just over three weeks to agree on a stopgap to avoid a government shutdown and whatever new emergency aid might be provided to address the COVID-19 pandemic. The deadline for acting is the Sept. 30 end of the federal fiscal year.

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.

Upcoming Webcasts

CDFA Federal Financing Webinar Series: Resources for Resilient Infrastructure from the DOE

CDFA // BNY Mellon Development Finance Webcast Series: Understanding The Municipal Liquidity Facility
Tuesday, September 15, 2020 - 1:00 PM Eastern

During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, finance experts will discuss the Municipal Liquidity Facility's requirements, market trends since the MLF's launch, and what can be done to make the MLF an attractive option for issuers.

CDFA-Bricker PACE Webinar Series: PACE Program Capitalization
Tuesday, September 22, 2020 - 11:00 AM - 1:00 PM Eastern

PACE program financing can be provided through private third parties, public bonds, or a combination of both, and within those options, there are many creative approaches being implemented across the nation. In 2017, The Kresge Foundation made a $3 million program-related investment into the St. Paul Port Authority's "Trillion BTU" and "MinnPACE" loan programs. This was a first of its kind PRI to help the community on-board PACE. This webinar will explore this and other creative methods that communities can utilize to capitalize their PACE program.

This Week's Headlines

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National Sponsor Spotlight

	CohnReznick With origins dating back to 1919, CohnReznick is the 11th largest accounting, tax and advisory firm in the United States, combining the resources and technical expertise of a national firm with the hands-on, entrepreneurial approach that today's...
	FBT Project Finance Advisors LLC FBT Project Finance Advisors LLC, a consulting affiliate of the law firm of Frost Brown Todd, acts as an independent registered municipal advisor and assists government entities and borrowers in creating the best financing solutions for projects in...
	Fifth Third Bank Fifth Third Bancorp is a diversified financial services company that has $168 billion in assets and operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Wealth & Asset Management. With nearly 160 years of...

Partner Spotlight

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

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

Commonwealth Economics - Lexington, KY

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