Development Finance Review Weekly - October 29, 2020

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Development Finance Review Weekly October 29, 2020	Subscribe View Archives

Spotlight

Speakers Confirmed for the CDFA Virtual National Summit. Register Today!

The CDFA Virtual National Summit will focus on finding solutions to the challenges presented by COVID-19 and how our cities and states can use financing to support our recovery. Development finance agencies are uniquely positioned to solve the challenges through pragmatic solutions and adjustments to existing initiatives. This event will help connect development finance professionals to COVID-19 solutions by providing important strategies to support our recovery.

Feature

Dow Falls More Than 650 Points as COVID-19 Cases Rise, Stimulus Hopes Fade

Stocks were down badly on Monday as U.S. daily coronavirus cases hit record highs and investors dealt with the likelihood that stimulus negotiations will not produce a bipartisan relief deal before Election Day. The Dow Jones Industrial Average closed with a loss of just more than 650 points after losing more than 900 points earlier in the day.

Assessment of County Needs in Economic Recovery from COVID-19

County leaders have witnessed firsthand the impacts of the COVID-19 pandemic on their neighbors and constituents and are well-informed on needs arising in their local communities. This report outlines what county leaders have identified as primary concerns, priority actions, and resources needed to create equitable long-term economic recovery.

LIHTC Per-Capita Multiplier Remains Same for 2021; PAB Multiplier Increases

The per-capita multiplier to set a state's 9 percent low-income housing tax credit (LIHTC) cap for 2021 will remain the same as 2020, while the private activity bond (PAB) multiplier will increase by $5 per capita, according to Revenue Procedure 2020-45, published today by the Internal Revenue Service.

Infrastructure, Energy Investments Urgently Needed to Create U.S. Jobs

Despite a deep partisan divide, two worries appear to be top-of-mind for voters across the political spectrum — large-scale unemployment and the COVID-19 pandemic. The two problems are intertwined, of course, since the coronavirus crisis has plunged the U.S. economy into a major recession.

Oakland County, MI Lays Out Ambitious Economic Development Plan for COVID-19 Pandemic Recovery

Oakland County unveiled its economic plan to recover from the impact of the coronavirus recession and revitalize its largest city. The strategic action plan is built around the strategies of stabilizing businesses impacted by the recession, policies that aid in business recovery, diversifying the county's industries, and ongoing implementation of those economic development efforts, the county said in a press release.

USTR and USDA Release Report on Agricultural Trade between the United States and China

The Office of the U.S. Trade Representative (USTR) and the USDA issued a report highlighting the progress made to date in implementing the agricultural provisions in the U.S.-China Phase One Economic and Trade Agreement. Since the Agreement entered into force, the United States and China have addressed a multitude of structural barriers in China that had been impeding exports of U.S. food and agricultural products.

Resetting the Mission for WIFIA

The WIFIA Loan Program recently announced that it has reset the interest rates on two undrawn loan commitments originally made in mid-2018. The fixed-rate on a $135 million loan to Orange County Water District and a $614 million loan to San Diego Public Facilities Financing Authority (PFFA) were reset downward from about 3.1 percent and 3.3 percent, respectively, to around 1 percent.

Upcoming Events

CDFA Virtual National Summit: Financing Our COVID Recovery

News from

The latest municipal finance headlines from The Bond Buyer.

New Jersey's Decision to Use Tax-Exempts for Planned $4B Bond Sale Reflects Market Strength, Analysts Say

With interest rates at historic lows and despite its poor credit ratings, New Jersey's decision to tap the muni market instead of the Federal Reserve's lending program for a planned $4 billion borrowing is seen as a prudent strategy by analysts.

Chicago, IL Turns to Scoop and Toss, Tax Hikes, and Job Cuts to Manage Coronavirus Wounds

Chicago's fix for a $1.2 billion 2021 budget shortfall and remaining 2020 COVID-19 pandemic tax wounds count on $948 million of relief through a $1.7 billion refinancing and restructuring of general obligation and Sales Tax Securitization Corporation debt.

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 // BNY Mellon Development Finance Webcast Series: Financing Resilient Infrastructure
Tuesday, November 17, 2020 - 1:00 PM Eastern

During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will analyze how to finance the built environment to mitigate disaster and protect human life.

CDFA-PFM Capital Markets Webinar Series: An Advanced Discussion on Ratings
November 19, 2020 - 2:00 - 3:30 PM Eastern

During this installment of the CDFA-PFM Capital Markets Webinar Series, we will gather experts from the leading rating agencies for a timely discussion on ratings, long-term outlooks, and how municipal advisors determine the importance of rating deals.

Job & RFP Postings

Ohio Statewide Development Corporation Seeking Loan Officer

Do you know a lending professional looking for a new opportunity? If so, we'd like to talk to them about joining our growing team. OSDC provides small business commercial and real estate lending, in partnership with private lenders, utilizing the public sector financing programs – specifically, the U.S. SBA 504 Loan Program and the Ohio 166 Regional Program.

This Week's Headlines

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National Sponsor Spotlight

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	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

Institute of Economic Development (IED) - United Kingdom

The Institute of Economic Development (IED) is the UK's leading independent professional body representing economic development and regeneration practitioners. Established over 30 years ago, the IED's key objective is to represent the interests of...

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

Michigan SBDC - Grand Rapids, MI

Tennessee Department of Economic and Community Development - Nashville, TN

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