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Development Finance Review Weekly - November 28, 2019

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Development Finance Review Weekly
November 28, 2019
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CDFA Development Finance Review Weekly

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Albany County, NY Airport Authority to Issue $42M in Special Obligation and Revenue Bonds
The Albany County Airport Authority (the Authority) is scheduled to issue $42.2 million in Special Obligation and Revenue Bonds. Proceeds from the 2019 Series will be used to finance a portion of the Upstate Airport Development & Revitalization Project and other projects in the Authority's 2015-2019 Capital Plan.

EPA Provides Nearly $30M for Environmental Improvements on Tribal Lands in CA
EPA has awarded nearly $30 million to 87 tribes in California to fund projects on water quality monitoring, watershed protection and restoration, water and energy efficiency, and wastewater recycling and treatment. Tribes in California will also use EPA funding to develop programs to monitor, protect and improve air quality, and build public awareness of these efforts.

$5M Grant to Kick-Start Columbus, OH Revival Initiative Focused on Housing, Health and Business Assistance
A $5 million grant from JPMorgan Chase will seed a new $20 million fund designed to spur the revitalization of Linden. JPMorgan's grant, announced Tuesday, will be part of a $20 million loan pool that will fund several neighborhood-building initiatives, including the development or rehabilitation of 500 affordable housing units. Ohio Capital Finance Corporation will structure the $120 million loan pool with three CDFI Funds.

HI Energy Office and State Department of Health Create Online Map of Contaminated Land
The Hawaii Energy Office and state Department of Health have created an online map that identifies contaminated lands that officials hope developers can turn into renewable energy sites. The Hawaii Brightfields Initiative grew out of the U.S. Environmental Protection Agency's brownfield program that aims to clean up contaminated sites.

USDA Invests $7.2M in Rural Broadband for IA and SD Families
USDA has invested $7.2 million in high-speed broadband infrastructure that will create or improve rural e-Connectivity for rural households and farms in Iowa and South Dakota. This is one of many funding announcements in the first round of USDA's ReConnect Pilot Program investments.

Revitalization Continues at Former Beech-Nut Food Processing Plant in Montgomery County, NY
2019 has been another year of progress toward the revitalization of the former Beech-Nut food processing plant, Montgomery County's major economic development project. In 2016, the county received a $500,000 Restore New York grant; in February 2017, it received a $300,000 Brownfield Redevelopment grant from National Grid; and in February 2018, it received a $6 million Restore New York grant.

2019 Affordable Housing Credit Improvement Act Gains Steam with Bipartisan Support
As 2019 winds down, the Affordable Housing Credit Improvement Act of 2019 is gaining momentum in Congress. Among other things, the key proposals in the 2019 legislation would establish a minimum 4% credit rate for tax-exempt bond financed transactions, and increase the housing credit volume cap by 50% over five years.

$130M Redevelopment Turns Mall into Senior Housing
The site of a vacant mall in a Minneapolis suburb is one step closer to being redeveloped into mixed-use, with affordable senior housing as an anchor. Funding for the redevelopment's residential component will consist of low income housing tax credits (LIHTC) along with $5 million in tax increment financing, with the balance consisting of first mortgage debt.

Upcoming Events
Intro Food Systems Finance WebCourse
News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

PABs Expansion Proposed for Rural Broadband
Members of Congress continue to propose bipartisan bills for expanding the use of tax-exempt private activity bonds in rural America with the latest legislation involving broadband and aggie bonds. A bipartisan Senate bill to expand the use of PABs for rural broadband would also allow state and local governments the option of issuing direct-pay bonds which would provide a 35% federal subsidy to the issuers to help offset their interest costs.

Transit Agency to Continue Collecting Tax Repealed by Washington Initiative
The Seattle area's regional transit agency plans to continue collecting vehicle registration taxes that were rescinded by a statewide ballot measure until bonds that use the taxes as a funding source are paid off. The board of Sound Transit met to discuss the Nov. 5 passage of Initiative 976, which caps so-called "car tab" fees at $30 a year per vehicle. Sound Transit has no plans to defease or retire the bonds at this time.

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-Ice Miller Broadband Financing Bootcamp
December 4, 2019 - 1:00 PM - 4:00 PM Eastern
The CDFA-Ice Miller Broadband Financing Bootcamp will provide a high-level discussion on issues impacting broadband development, deployment, and financing. Topics include an overview of the current broadband landscape and the challenges faced by urban and rural markets, approaches to expanding broadband access including using public/private partnerships, and discussing the innovative financing for broadband at the federal, state, and local levels. This comprehensive bootcamp will also provide attendees with critical information for accessing the plethora of financing available to support broadband expansion into underserved markets throughout the country.

CDFA-TEDC Webinar: Rural Broadband - Financing the Last Mile
December 18, 2019 - 10:00 AM -11:30 AM Central
Rural communities commonly have difficulty financing middle-mile and last-mile broadband infrastructure. The Massachusetts Broadband Initiative and the Wyoming Broadband Advisory Council represent two state-level entities attempting to bridge the middle-mile and last-mile broadband gaps. One potential solution for this issue is to construct a fiber-optic network for municipal usage and lease the excess capacity (also called "dark fiber") to telecommunications providers to generate revenue. During this webinar, speakers will discuss solutions to financing middle-mile and last-mile fiber-optic networks.

This Week's Headlines

Rep. Sherrill Leads Bipartisan Brownfields Tax Incentive Bill
Sparta | Nov. 27 | Brownfield Financing | Legislative

Turning Brownfields into Greenbacks
The La Porte County Herald-Argus | Nov. 27 | Brownfield Financing

Hackensack, NJ Officials Will Use $100K Grant To Assess Redevelopment Potential of OZs
Tap Into Hackensack | Nov. 27 | Opportunity Zones

Federal, State Dollars Allocated to ND Low-Income Housing Projects
Grand Forks Herald | Nov. 27 | Housing Finance | Rural Development | Tax Credits

EPA Proposes Plan for Next Phase of Cleanup at the Sherwin-Williams/Hilliards Creek Superfund Site in Gibbsboro, NJ
U.S. EPA | Nov. 26 | Brownfield Financing | Federal | Redevelopment

CDFI Fund Releases Summary Report and Public Data for NMTC Program for FY 2003-2017
CDFI Fund | Nov. 26 | Economic Development | Federal | Tax Credits

$12.5M Affordable Housing Complex Moving Ahead in Seymour, IN Thanks to State LIHTC Allocation
The Republic | Nov. 25 | Brownfield Financing | Housing Finance | Redevelopment | Tax Credits

New Approaches to Large-Scale Green Stormwater Infrastructure Investment Build Climate Resilience
Model D | Nov. 25 | Green Finance | Public-Private Partnership (P3) Financing | Water Finance

City Loan Program Aims to Encourage Clean Energy Upgrades
Richmond BizSense | Nov. 25 | Energy Finance | Green Finance | Property Assessed Clean Energy (PACE)

IECA Closes First C-PACE Financing Deal in Kane County, IL
ReJournals | Nov. 25 | Energy Finance | Green Finance | Property Assessed Clean Energy (PACE)

Fall River, RI Gains Tech Company Due to TIF
South Coast Today | Nov. 25 | Tax Increment Finance (TIF)

Study Suggests Erie, CO's I-25 Development Dreams will First Require Massive Infrastructure Injection
Stock Daily Dish | Nov. 24 | Brownfield Financing | Community Development | Infrastructure Finance

Lakewood, CO Project Repurposes Blighted Property
CREJ | Nov. 24 | Brownfield Financing | Tax Credits

Public-Private Partnerships, TIF Provide Housing Project Options
Colorado Real Estate Journal | Nov. 23 | Housing Finance | Public-Private Partnership (P3) Financing | Tax Increment Finance (TIF)

Congress Blocks Rescission of $7.6B Highway Funding in Short-Term Funding Bill
Roads & Bridges | Nov. 23 | Infrastructure Finance | Legislative

Chemical Building Rehab Poised to Begin as Abatements Approved by St. Louis, MO
St. Louis Post-Dispatch | Nov. 22 | Brownfield Financing | Housing Finance | Incentives

Brunswick, ME City Council Approves TIF Fund Transfer for Ex-Naval Base
Press Herald | Nov. 22 | Tax Increment Finance (TIF)

Behind the $35M Plan to Revitalize Dorchester County, SC
Post and Courier | Nov. 22 | Tax Increment Finance (TIF)

Developer Wants $2.4M TIF For Washington Square Hotel
Patch.com | Nov. 22 | Tax Increment Finance (TIF)

How State RLFs Can Be Used for Ag Conservation
Pork Business | Nov. 22 | Agriculture Finance | Bond Finance | Food Systems Finance | Revolving Loan Funds (RLFs)


National Sponsor Spotlight

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...
Petros PACE Finance Petros PACE Finance
Petros PACE Finance, LLC is the national leader in the C-PACE marketplace, dedicated solely to providing long-term C-PACE financing to commercial property owners seeking to lower energy costs, reduce carbon footprints and increase property values.
SB Friedman Development Advisors SB Friedman Development Advisors
SB Friedman Development Advisors is a real estate and development advisory firm specializing in development strategies and public-private partnerships. Founded in 1990, they work with public, private and institutional clients. Their mission is to...

Partner Spotlight

Institute of Economic Development (IED) - United Kingdom 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

Cover thumbnail Practitioner's Guide to Economic Development Finance 2nd Edition
The Practitioner's Guide provides the insight and practical information needed to critically understand how economic development is financed and the tools, strategies and techniques used to build strong communities.

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