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Development Finance Review Weekly - February 3, 2022

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Development Finance Review Weekly
February 3, 2022
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CDFA Development Finance Review Weekly

Features

New Council Members in Kansas Get Crash Course in STAR Bonds
The state's STAR Bond Act allows the use of incremental sales tax revenues – the difference between predevelopment base sales taxes and the increase in sales taxes following new construction/redevelopment – from a specified district to fund STAR bond projects. Available taxes to help in that funding are the state sales tax, local sales tax, and transient guest tax.

USDA Invests $1.4B to Support Local Businesses and Strengthen the Economy in Rural America
The funding will help people and businesses in diverse communities and industries throughout 49 states, the Virgin Islands, and Puerto Rico. It will help companies hire more workers and open the door to new economic opportunities for communities and people who have lacked access to critical resources and financing. And it will help entrepreneurs, business cooperatives, and farmers in nearly every state create jobs, grow businesses and find new and better markets for the items they produce.

America Without Poverty—This Organization is Making It Happen
Guided by a vision of a nation where persistent poverty no longer exists, six regional Community Development Financial Institutions (CDFIs) located in and serving regions with a high prevalence of persistent poverty came together to form the Partners for Rural Transformation. The CDFIs represent the nation's persistent poverty counties and have records of accomplishment spanning decades.

Broadband Groups Seek Waiver from IIJA ‘Buy American' Requirements
A coalition of prominent fixed and wireless broadband groups asked the National Telecommunications and Information Administration (NTIA) to grant operators a waiver from a Buy American provision in the recently passed infrastructure bill, arguing the requirement is nearly impossible to meet.

ARPA Final Rule – The "B-Sides Collection": Seeding RLFs
This discussion addresses capitalizing a local government's new RLF with individual, discrete loans. Bricker and Eckler address the U.S. Treasury's issued guidance as to using federal stimulus funding to seed local governments' revolving loan funds (RLFs). Specifically, the clearer guidance, via the final rule clarifying an earlier FAQ issued by the Treasury, as to the mechanics of seeding RLFs using ARPA fiscal recovery funds.

Colorado Advanced Industries Tax Credit
The Advanced Industries Investment Tax Credit encourages investments in Colorado advanced industries businesses by providing tax credits to investors. Investors can earn a state income tax credit for 25% of their investment in a qualified business up to $50,000 on an investment of $200,000 or more. If the advanced industries business is in a Colorado enterprise zone or rural area, investors can earn a state income tax credit of 30% of their investment.

How Blockchain Technology Will Reshape Green Finance in 2022
With the growing urgency for climate solutions, blockchain technology could be a powerful tool to revolutionize green finance, especially as transparency and traceable information are critical in measuring and monitoring climate impact.

Ohio Incentives for Intel's Chip Plant Will Top $2B
Ohio's biggest economic development project in history means the state is offering its biggest incentive package. The state laid out more than $2 billion in incentives that it will provide to Intel, which announced a week ago that it will invest $20 billion in building two factories in Licking County to make semiconductors.

Rehoboth Beach Sells $18M in Bonds
Rehoboth Beach city officials have sold up to $18 million in bonds, in a bid to take advantage of a lower interest rate and will speed up its repayment timeline, marking the first time in 40 years the city has gone to the bond market.

Upcoming Events
Intro Bond Finance Course
News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

Infrastructure Funds Can Help Bridge the Digital Divide
As $65 billion dollars that were appropriated for broadband and digital equity in the bipartisan infrastructure law, The National League of Cities believes that now is the time for local leaders and communities to leverage pandemic relief funds and historic federal infrastructure earmarks to help close the digital divide.

Buttigieg Highlights P3s, Pledges Flexible Infrastructure Funding
Public-private partnerships have a big role to play in U.S. transportation infrastructure over the next decade, said Department of Transportation Secretary Pete Buttigieg. Buttigieg spoke to the National Governors Association's winter meeting Saturday, fielding questions about P3s and promising flexibility and speed when partnering with states on the $1.2 trillion IIJA.

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

SSBCI Coalition Meeting - February 18 (Virtual)
February 18, 2022 - 1:00 PM - 2:00 PM Eastern
SSBCI Coalition meetings will be held once a month to provide an interactive forum for CDFA members during the State Small Business Credit Initiative (SSBCI) application period. CDFA will facilitate discussions that allow for networking, peer knowledge sharing, and problem solving.

CDFA // BNY Mellon Development Finance Webcast Series: Analyzing the Impact of COVID-19 Emergency Loan Funds
Tuesday, February 22, 2022 - 2:00 PM - 3:00 PM Eastern
Throughout the past two years, small businesses have experienced significant economic impacts due to the ongoing pandemic. The deployment of dollars from the CARES Act has helped support many small businesses across the country. Microloans and emergency loan fund programs emerged to fill the gap of lost income during these challenging times. During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we take a look at some takeaways from the deployment of CARES Act funds and other emergency pandemic response programs, including how communities designed emergency loan funds and what impacts the funds had on small and micro businesses.

Job & RFP Postings

WHEFA Executive Director Position Seeking
The Wisconsin Health and Educational Facilities Authority (WHEFA) is currently seeking a qualified candidate to serve as the Executive Director. Collaborating with a team and reporting to the WHEFA Members, the Executive Director is the chief managerial officer of WHEFA responsible for the implementation of a strategic plan including goals and objectives designed to attain the agency's mission and vision.

RPF for Healthy Food Financing Fund in NM
The purpose of this Request for Proposals (RFP) is to select a State Fund Manager to manage a statewide healthy food financing initiative. The NM Economic Development Department seeks an administrative partner State Fund Manager to assist in the rollout of a new pilot, the Healthy Food Financing Fund (HFFF).

RFP for FUNDIT Program Coordinator in NM
The New Mexico Economic Development Department is seeking proposals from contractors to help identify a partner who assist in the coordination and administration of the FUNDIT program. As part of an EDA Recovery CARES grant-funded project, EDD is focused on increasing access to capital for communities, local governments and other organizations working to improve the economy in New Mexico.

RFP for Grants Coordinator in NM
The New Mexico Economic Development Department (EDD) is seeking proposals from contractors to help identify a partner who can coordinate and help to manage many of its current and future grant programs.

This Week's Headlines

Buffalo Bills Stadium Community Benefits Campaign Goes Public
Investigative Post | Feb. 3 | Community Development | Economic Development | Housing Finance | Infrastructure Finance | Revolving Loan Funds (RLFs)

Community Reinvestment Fund and Conduit Capital Partner to Help Rural Small Business Communities
The Bakersfield Californian | Feb. 3 | Access to Capital | Community Development | Economic Development | Rural Development | Social Finance

Louisiana to Receive $111M in Federal Infrastructure Dollars to Clean up Abandoned Oil Wells
Louisiana Radio Network | Feb. 2 | Green Finance | Infrastructure Finance

USDA Announces Inaugural Federal Advisory Committee on Urban Agriculture
USDA | Feb. 1 | Access to Capital | Agriculture Finance | Federal | Food Systems Finance | U.S. Dept. of Agriculture (USDA) | Urban Development

Bipartisan Infrastructure Law Guidebook
The White House | Jan. 31 | Economic Development | Federal | Infrastructure Finance | Legislative

Black-Owned Firms Hired to Distribute Bond Issuances
MReport | Jan. 31 | Bond Finance | Housing Finance | Social Finance

Feds Open Application Process for $1.5B in Transportation Grants
Route Fifty | Jan. 31 | Infrastructure Finance | U.S. Dept. of Transportation (DOT)

Great Lakes Platform Helps Connect Green Investors with Regional Projects
Energy News Network | Jan. 31 | Bond Finance | Energy Finance | Green Finance | Property Assessed Clean Energy (PACE)

Princeton Board of Education, MO Approves General Obligation Bond Refunding
KTTN | Jan. 31 | Bond Finance | Education

Lanett, AL Mill Site Undergoes Erosion Control Project
Valley Times-News | Jan. 29 | Brownfield Financing | Redevelopment | U.S. Environmental Protection Agency (EPA)

Making Rhode Island's Food System More Sustainable and Resilient
Eco RI News | Jan. 29 | Access to Capital | Agriculture Finance | Food Systems Finance | Revolving Loan Funds (RLFs) | Resiliency | Rural Development | Tax Credits

City May Seek Bond Funding to Secure Affordable Units
Long Beach Post News | Jan. 28 | Bond Finance

Connecticut Brownfields Initiative Evolves to Technical Assistance for Brownfields Program
University of Connecticut | Jan. 28 | Brownfield Financing | Redevelopment | U.S. Environmental Protection Agency (EPA)

Infrastructure Bill Paves the Way for New Energy Investments and Technology
JD Supra | Jan. 28 | Energy Finance | Infrastructure Finance

New and Expanded Incentives Announced for Burlington, VT for EVs, Heat Pumps
Vermontbiz | Jan. 28 | Bond Finance | Energy Finance | Green Finance

Pender County, NC Awarded $500K for Demolition of Former Chemical Site
Port City Daily | Jan. 28 | Brownfield Financing | Community Development | Redevelopment

Award Honors Founder of Credit Union That Serves Low-Income Southerners
The Daily Yonder | Jan. 27 | Access to Capital | Community Development | Revolving Loan Funds (RLFs) | Rural Development | Social Finance


New Additions to the Online Resource Database

Bipartisan Infrastructure Law Guidebook
Economic Development | Federal | Infrastructure Finance | Legislative
This guidebook is a roadmap to the funding available under the Bipartisan Infrastructure Law. It explains, in as much detail as currently available, how much funding is available at the program level. The primary goal is to help partners across the country know what to apply for, who to contact for help, and how to get ready to rebuild. The guidebook contains 13 chapters grouping Bipartisan Infrastructure Law programs by issue area.


National Sponsor Spotlight

Hawkins Delafield & Wood LLP Hawkins Delafield & Wood LLP
Hawkins Delafield & Wood LLP is the only national law firm in the United States whose practice is devoted primarily to public finance and public projects. Each of their specialty areas supports and complements our municipal transactions practice....
Ice Miller LLP Ice Miller LLP
Ice Miller is nationally recognized for its public-private partnerships (P3s), municipal bond and economic development experience. Ice Miller is a full service law firm dedicated to helping our clients stay ahead of a changing world. With over 340...
KeyBanc Capital Markets KeyBanc Capital Markets
KeyBanc Capital Markets, headquartered in Cleveland, Ohio, is a full service investment banking firm serving issuers of tax-exempt debt for over 40 years. The Public Finance Municipal Banking Group operating out of offices in Cleveland, Chicago, New...

CDFA Bookstore

Cover thumbnail Innovation Finance Reference Guide
The Innovation Finance Reference Guide explores the growing seed, venture capital, and angel investment industry, and gives development finance agencies a roadmap for building an innovation finance initiative that supports entrepreneurship, business investment, and job creation.

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
  • Bryan Cave Leighton Paisner 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
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
Become a Sponsor