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Development Finance Review Weekly - October 13, 2022

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Development Finance Review Weekly
October 13, 2022
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CDFA Development Finance Review Weekly

Features

Early Bird Rates Extended for the CDFA National Development Finance Summit, Presented by CHFA
Register before October 14 to get early bird rates for the CDFA National Development Finance Summit, Presented by CHFA, on November 2-4 in Denver, CO. This in-person event will bring together the leaders and dealmakers in the development finance industry to discuss best practices, trends, and project financing solutions. After a long three years, we can't wait to see you there!

New Jersey Creates $305M Fund to Complete Affordable Housing Projects
The New Jersey Housing and Mortgage Finance Agency (HMFA) announced the creation of a new Affordable Housing Production Fund to assist developers with gaps in financing for 100 percent affordable housing projects. Applications will be accepted on a rolling basis beginning on November 1, 2022.

Baker Tilly Achieves Approved Verifier Status for Green Bonds in The U.S.
As worldwide efforts to reduce carbon emissions grow, governments and companies are increasingly turning to green bonds to finance major sustainability projects. Leading advisory CPA firm Baker Tilly US, LLP (Baker Tilly) announces its award of the Approved Verifier status under the Climate Bonds Standard and Certification Scheme, which is an industry standard for labeling bonds, loans and other debt instruments.

Maryland Announces $15M Available for Catalytic Revitalization Tax Credit
The Hogan Administration and the Maryland Department of Housing and Community Development announced the second application round of the Catalytic Revitalization Tax Credit program, designed to rehabilitate properties formerly owned by the government for economic and community development purposes. Eligible applicants can apply for the $15 million tax credit starting on Monday, October 17.

Treasury Approves Eleven Additional SSBCI State Plans
The U.S. Department of the Treasury announced the approval of state plans for Alaska, Idaho, Iowa, Massachusetts, Minnesota, Missouri, Nebraska, Nevada, New Mexico, Ohio, and Utah under the State Small Business Credit Initiative (SSBCI). Treasury has approved 31 state plans to date.

RIHEBC Closes on $85M Bond to Finance Johnston School Upgrades in Rhode Island
On Sept. 29, the Rhode Island Health and Educational Building Corporation (RIHEBC) closed on an $85 million bond issue for the town of Johnston, funding district-wide school facility improvements, according to the state agency. The bond will cover Phase 1 of Johnston's school capital improvement plan.

Up to $20M for Construction of Grain Storage Facilities Impacted by Natural Disasters
The U.S. Department of Agriculture will make available $20M in cost-share assistance to help agricultural producers in Kentucky, Minnesota, South Dakota, and surrounding areas to rebuild storage facilities damaged by devastating natural disaster events in 2021 and 2022.

Petros Closes Largest C-PACE Deal With $153M Loan for Utah Project
Petros PACE Finance (Petros), the largest C-PACE provider in the country and a leader in innovative and structured finance, today announced that it has closed on a record $153 million C-PACE financing as part of the $820 million, 580-acre world-class development, Black Desert Resort Project in Ivins, Utah.

Upcoming Events
CDFA National Development Finance Summit
News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

Ohio Gets Second Dose of Good Rating News
Tuesday's action came one month after Fitch Ratings lifted Ohio's rating to AAA and on the same day Gov. Mike DeWine announced a major economic development project with Honda and LG Energy Solution.

White House Sends States $60B for Roads, Bridges
The Biden administration Tuesday announced it is sending states $59.9 billion of fiscal year 2023 transportation funds allocated under the bipartisan infrastructure law. The money marks a $15.4 billion increase in formula highway funding over fiscal year 2021 allocation, administration officials said on a press call.

CDFA is proud to partner with The Bond Buyer as our Official Media Sponsor. The Bond Buyer offers CDFA State and Local Members a 55% discount off of the Issuer Rate. Contact CDFA for more information.

Upcoming Webcasts

CDFA // BNY Mellon Development Finance Webcast Series: Financing Tools to Invest in Clean Energy
Tuesday, October 18, 2022 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, experts will provide an overview of the resources and financing tools - such as PACE financing, green bonds, and energy tax credits - that can help communities seize the benefits of investing in clean energy.

CDFA Federal Financing Webinar Series: Tools for Rural Communities from USDA
Tuesday, October 25, 2022 - 2:00 PM - 3:30 PM Eastern
This session of the Federal Financing Webinar Series will highlight the resources available at the U.S. Department of Agriculture for financing broadband, food systems, healthy food access, and small businesses – all with a focus on rural areas.

CDFA-Bricker Webinar Series: PACE and Traditional Lending Institutions
Tuesday, November 22, 2022 - 2:00 PM - 4:00 PM Eastern
Since the origins of PACE financing in the early 2010s, PACE lenders have been primarily non-traditional lending institutions. However, with the explosive growth of PACE across the country, the traditional lending world has begun to enter the PACE market. In this session, attendees will get an overview of the PACE lending history and the influx of traditional lending institutions across the country.

This Week's Headlines

Whiteland Council in Indiana OKs $3.5M Tax Break for Patch Development
Daily Journal | Oct. 13 | Bond Finance | Tax Credits | Tax Increment Finance (TIF)

Carmel, IN Approves Comprehensive Plan, Bonds for Mixed-Use Developments
Current | Oct. 10 | Bond Finance | Redevelopment

City Commission in Florida OKs Bond Funding for The Bay Phase 2
YourObserver.com | Oct. 10 | Bond Finance | Redevelopment | Tax Increment Finance (TIF)

Devils Lake, ND Votes on $31.8M Bond to Build New Middle School, Expand Elementary School
Devils Lack Journal | Oct. 10 | Bond Finance

Federal Agencies Take New Steps to Boost Affordable Housing
Multi-Housing News | Oct. 10 | Community Development | Federal | Housing Finance | Rural Development | Tax Credits | U.S. Dept. of Treasury

North Carolina Commission Approves Nearly $2.5B in School Bonds for Four Counties
The Center Square | Oct. 10 | Bond Finance

Poor Connecticut Cities Could Receive $76.5M for Economic Development Projects
CT Insider | Oct. 10 | Bond Finance | Brownfield Financing | Economic Development | Tax Credits

President Biden Signs Bill Providing Incentives for Early Completion of Airport Projects
AIN Online | Oct. 10 | Access to Capital | Federal | Incentives | Infrastructure Finance | U.S. Dept. of Housing & Urban Development (HUD) | Policies and Procedures | Transportation

San Jose International Airport Receives $10.8M from FAA to Improve Taxiway
Silicon Valley Voice | Oct. 9 | Access to Capital | Development Finance Toolbox | Disaster Recovery & Relief | Federal | Infrastructure Finance | COVID-19 | Transportation

Kansas City, MO Wins More Than $3M in Infrastructure Grants
City of Kansas City | Oct. 8 | Access to Capital | Development Finance Toolbox | Federal | Infrastructure Finance | Legislative | Urban Development | Understanding Access to Capital

Biden-Harris Administration Announces Progress in Implementing Its Housing Supply Action Plan
The White House | Oct. 7 | Federal | Housing Finance | Rural Development | Tax Credits

EPA Awards $6.4M to National Water Reuse Research
Water World | Oct. 7 | Access to Capital | Development Finance Toolbox | Federal | Infrastructure Finance | Legislative | Rural Development | U.S. Environmental Protection Agency (EPA) | Water Finance | Understanding Access to Capital | Water Finance | EPA Case Studies

Propagate Raises $10M Series A to Fuel Efforts to Scale Agroforestry Industry
RFSI | Oct. 7 | Access to Capital | Agriculture Finance | Innovation Finance

UBS Dropped From $3.4B Texas Municipal Bond Deal
Financial Advisor | Oct. 7 | Access to Capital | Bond Finance | Energy Finance | State Finance Program | State Energy Finance Programs

$1.8M Awarded to Nevada Nonprofit to Support Startups and Small Businesses
The Office of Senator Rosen | Oct. 7 | Access to Capital | Federal | U.S. Economic Development Administration (EDA) | Understanding Access to Capital


New Additions to the Online Resource Database

Treasury Approves Eleven Additional SSBCI State Plans
Access to Capital | Disaster Recovery & Relief | Economic Development | Federal | Legislative | State Small Business Credit Initiative (SSBCI)
The U.S. Department of the Treasury announced the approval of state plans for Alaska, Idaho, Iowa, Massachusetts, Minnesota, Missouri, Nebraska, Nevada, New Mexico, Ohio, and Utah under the State Small Business Credit Initiative (SSBCI). Treasury has now announced the approval of 31 state plans for approximately $4.8B in SSBCI funding.

U.S. Department of the Treasury Issues Revised SSBCI Capital Program Policy Guidelines
Access to Capital | Disaster Recovery & Relief | Economic Development | State Small Business Credit Initiative (SSBCI)
The U.S. Department of the Treasury issued revised SSBCI Capital Program Policy Guidelines on October 7, 2022.


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...
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...
Raza Development Fund Raza Development Fund
Raza Development Fund invests capital and creates financial solutions to increase opportunities for the Latino and poor families across the country.

Partner Spotlight

The Bond Buyer 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

Cover thumbnail Advanced Tax Increment Finance Reference Guide 2nd Edition
The Advanced Tax Increment Finance Reference Guide builds upon CDFA's introductory offerings by exploring in-depth the complexities and transformative potential of tax increment financing.

New Members

City of Bethlehem - Bangor, PA

City of Clarksville - Clarksville, TN

City of Cleveland - Cleveland, OH

Invest Detroit Foundation - Detroit, MI

TMC Community Capital - Oakland, CA

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