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Development Finance Review Weekly - June 17, 2021

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Development Finance Review Weekly
June 17, 2021
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CDFA Development Finance Review Weekly

Spotlight

View Legislative Briefing on Infrastructure - Show Your Support for Tax-Exempt Bonds
During Wednesday's Legislative Briefing, we discussed the status of the infrastructure bill and CDFA's latest efforts on Capitol Hill. We also outlined important action items that you can take to ensure that bond financing provisions are included in the infrastructure bill. CDFA has been working strategically with Congressional leaders and the Administration to secure support for modernizing tax-exempt bonds as part of the ongoing infrastructure negotiations. As part of these efforts, we're asking Congress to include a bond finance title in the infrastructure bill. Please sign our coalition letter to show your organization's support for tax-exempt bonds.

Features

EPA Announces $11M for Farm-Focused Projects to Improve Water Quality and Environmental Education
The U.S. Environmental Protection Agency (EPA) announced the selection of twelve projects to receive "Farmer to Farmer" grant funding totaling $10,951,735. EPA's grants support the leadership of farmers in improving water quality, habitat, resilience, and peer-to-peer information exchange to benefit communities and ecosystems in the Gulf of Mexico Watershed.

Hotel, Convention Center Plans in Franklin, TN Move Forward
Franklin City Commission and Simpson Fiscal Court have approved ordinances establishing a Tax Increment Financing District for 43 acres along U.S. 31-W (Nashville Road). The plan includes a 96-room hotel and adjoining convention center along with apartments, retail centers, and a "family fun center" expected to include a movie theater and bowling alley.

U.S. Treasury Awards $1.25B to CDFIs to Support Economic Relief in Underserved Communities Affected by COVID-19
The U.S. Department of the Treasury today awarded $1.25 billion in COVID-19 relief funds to 863 community development financial institutions (CDFIs). The grants will be made through Treasury's CDFI Rapid Response Program (CDFI RRP) and will provide the necessary capital for CDFIs to respond to economic challenges created by the COVID-19 pandemic, particularly in underserved communities.

Olamina Fund Lends $13M to Financial Institutions in Black, Native, and Rural Communities
The $40 million Olamina Fund was launched by Candide Group to provide flexible, low-cost loans to lenders serving high-need communities. Seven new loans bring total investments from the 18-month-old fund to $28.5 million.

Sugar Valley, CA Energy Project Verified to Issue Green Bonds for Financing
Sugar Valley Energy represents the first project of its kind to be financed using green bonds while at the same time, the project will provide other regional benefits including a profitable and sustainable crop (sugarcane) for local farmers, an increased tax base for the community, and jobs for Imperial County residents.

USDA Launches Resource Guide to Help America's Rural Workforce Build Back Better
USDA is prioritizing collaborations with its federal partners to help start and grow thousands of businesses and give individuals the educational and financial tools to succeed in rural America. This guide was created for community leaders and other local entities to help them access resources to create jobs, train talent, expand educational opportunities and provide technical assistance.

With Rockford, IL Incentives, $19.5M Redevelopment Project Will Start This Fall
Urban Equity Properties plans to break ground this fall on the $19.5M transformation of a vacant industrial building into a 64-unit luxury apartment complex called Water Power Lofts. The project will be financed with a $490,873 forgivable loan, property tax incentives, traditional financing, private equity, and historic tax credits in addition to city incentives.

Merritt Community Capital Closes Its Largest Fund to Date for Affordable Housing
Merritt Community Capital has closed the first round for its Fund XXII, so far raising $102 million that will finance nine developments and create 452 affordable homes across California. This is the initial close for the low-income housing tax credit (LIHTC) fund, with Merritt expecting to add investors through the third quarter. The fund has 11 investors, including both existing and new investors.

Upcoming Events
Intro Revolving Loan Fund WebCourse
News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

California Lawmakers Approve Expansive Placeholder Budget
The California legislature passed a $261.4 billion placeholder budget with proposals that use an unprecedented surplus and federal funding to expand social programs despite protests from some Republicans.

Tennessee's $658M Deal, Largest it's Ever Sold, Could See Record Low TIC
Tennessee heads to market next week with $658 million of general obligation bonds, the largest GO sale in the state's history. The bonds are of the highest quality, rated triple-A by Moody's Investors Service, S&P Global Ratings, and Fitch Ratings. All three agencies have stable outlooks on the credit.

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 SSBCI Briefing
Thursday, July 1, 2021 - 1:00 PM - 2:00 PM Eastern

CDFA Food Systems Finance Webinar Series: Financing Food Systems Through FinTech
Tuesday, July 13, 2021 - 2:00 PM - 3:30 PM Eastern
In this installment of the CDFA Food Systems Finance Webinar Series, we will explore how tech innovations are increasing access to financing for food-related businesses and projects, and how finance is supporting the integration of new technology in local food systems.

CDFA // BNY Mellon Development Finance Webcast Series: How Healthcare is Investing in Communities
Tuesday, July 20, 2021 - 2:00 PM - 3:00 PM Eastern
During this webinar, we will hear from experts on creative ways that hospitals and healthcare systems can be better partners in solving the most pressing issues in our communities.

Legislative & Federal Affairs

A look at the latest legislative news impacting the development finance industry:

Legislative Briefing - June 2021
This CDFA Legislative Briefing took place on June 16, 2021. We discussed the status of the infrastructure bill and CDFA's latest efforts on Capitol Hill. We also outlined important action items that you can take to ensure that bond financing provisions are included in the infrastructure bill.

Infrastructure Bill Deal: Congress Can Spend Now, Pay Later
Despite a somewhat inflationary environment and a huge run-up in debt during the pandemic, the federal government's borrowing costs remain exceptionally low, with 30-year bond yields at less than 2.5% and rates negative in inflation-adjusted terms. Congress should work to identify worthwhile medium-term projects and just do them. Don't worry about the money.

Hospitality Tax Aid Could Take Back Seat On Capitol Hill
A bipartisan push to provide pandemic-related tax incentives to the tourism and hospitality industries faces hurdles on Capitol Hill as lawmakers focus on trying to advance incentives for infrastructure and for working families proposed in President Joe Biden's recovery plan.

Visit CDFA's Advocacy Center to view the latest legislative and federal updates, explore CDFA's Policy Agenda, track legislation relevant to development finance, get involved in CDFA-led initiatives, and more.

Job & RFP Postings

Invest Atlanta Seeking Senior Vice President & Chief Financial Officer Position
This key leadership role is responsible for operational improvements, capital structure, establish dashboard, metrics and best practices for the finance department. Additionally, responsible for strategic planning, implementing, managing and controlling financial related activities of Invest Atlanta and its' related entities.

Florida Community Loan Fund Seeking an Executive Assistant to the CEO
Florida Community Loan Fund is seeking an Executive Assistant to the CEO with duties including general office management and administrative support for other executives. Established in 1994, FCLF operates statewide from a network of offices in Orlando, Tampa, Melbourne, Sarasota, and Fort Lauderdale. The position is located in the Orlando office.

This Week's Headlines

Athens, AL City Council Passes Ordinance on 3rd TIF District
The News Courier | Jun. 16 | Economic Development | Tax Increment Finance (TIF)

Fenton Chrysler Plant in St. Louis County, MO Revitalized with TIF
Call Newspapers | Jun. 16 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Geneva, IL Approves Two TIF Projects Worth Nearly $200K
Daily Herald | Jun. 16 | Economic Development | Tax Increment Finance (TIF) | Urban Development

I-69 TIF District Moves Forward, Public Hearing Set
Daily Journal | Jun. 16 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Lewiston, ME City Council Approves TIF for Housing Proposal
MaineBiz | Jun. 16 | Economic Development | Housing Finance | Tax Credits | Tax Increment Finance (TIF) | Low Income Housing Tax Credits (LIHTCs)

Winona, MN Port Authority Backs Tax Break for Affordable Housing
Winona Post | Jun. 16 | Economic Development | Housing Finance | Tax Increment Finance (TIF)

Credit Rating Agencies See Improved Outlook for Alaska, but Note Risks From Budget Uncertainty
KTOO | Jun. 15 | Bond Finance

Fitch Downgrades Syracuse IDA, NY PILOT Bonds to 'CC'; Removes Rating Watch Negative
Fitch Ratings | Jun. 15 | Bond Finance | Tax Credits

Indianapolis, IN Tweaks TIFs to Boost Affordable Housing
Indianapolis Business Journal | Jun. 15 | Access to Capital | Economic Development | Housing Finance | Tax Increment Finance (TIF) | Urban Development

Thirty-Year Treasury Bond Auction Attracts Average Demand
Nasdaq | Jun. 15 | Bond Finance | Federal | U.S. Dept. of Treasury

USDA Announces Additional Aid to Ag Producers and Businesses in Pandemic Assistance for Producers Initiative
USDA | Jun. 15 | Agriculture Finance | Disaster Recovery & Relief | Federal | Food Systems Finance | U.S. Dept. of Agriculture (USDA) | COVID-19

USDA Launches Grant Program to Help Expand Regional Economies and Create High-Wage Jobs in Distressed Rural Communities
USDA | Jun. 15 | Economic Development | Federal | Rural Development | U.S. Dept. of Agriculture (USDA)

West Chester, OH Paying $2.7M for Work Around I-75 Interchange
Journal-News | Jun. 15 | Bond Finance | Infrastructure Finance | Tax Increment Finance (TIF)

Coastal Area District Development Authority to Distribute Funding to Nine Georgia Counties
Business Wire | Jun. 14 | Disaster Recovery & Relief | Economic Development | Federal | Revolving Loan Funds (RLFs) | COVID-19

U.S. Department of Energy Announces New Vehicle Technologies Funding and Future Partnerships with Battery Industry
U.S. Department of Energy | Jun. 14 | Access to Capital | Federal | Green Finance | Legislative | U.S. Dept. of Energy (DOE)

What Does the Executive Order on Climate-related Risk Mean for Agriculture Finance?
Environmental Defense Fund | Jun. 14 | Access to Capital | Agriculture Finance | Federal | Revolving Loan Funds (RLFs) | Resiliency | U.S. Dept. of Agriculture (USDA)

American Rescue Plan Includes Key Health Priorities
National Law Review | Jun. 11 | Access to Capital | Disaster Recovery & Relief | Federal | Healthcare | Rural Development | COVID-19

Businesses in York County, PA Receive Assistance
Pennsylvania DCED | Jun. 11 | Access to Capital | Disaster Recovery & Relief | Economic Development | Food Systems Finance | Local Finance Program | Rural Development | COVID-19

Developer Lands $9M LIHTC Equity for California Property
Multi-Housing News | Jun. 11 | Housing Finance | Tax Credits | Low Income Housing Tax Credits (LIHTCs)

Gardner Capital Completes Oklahoma Affordable Senior Housing
Multi-Housing News | Jun. 11 | Housing Finance | Tax Credits | Low Income Housing Tax Credits (LIHTCs)


National Sponsor Spotlight

BNY Mellon BNY Mellon
BNY Mellon is the world's leading provider of corporate trust and agency services, administering $28.5 trillion in outstanding debt from 69 locations in 39 countries. Our clients include governments and their agencies, corporations, financial...
Bricker & Eckler LLP Bricker & Eckler LLP
Bricker & Eckler LLP, is one of Ohio's leading law firms. Located in Columbus, Cleveland and Cincinnati-Dayton, the firm represents corporations, nonprofit organizations, government agencies, health care facilities, school districts, and...
Bryan Cave Leighton Paisner LLP Bryan Cave Leighton Paisner LLP
Formed by the combination of Bryan Cave and Berwin Leighton Paisner, global law firm Bryan Cave Leighton Paisner LLP is purposely structured in a way few other law firms are, as a fully integrated international team that provides clients with clear,...

CDFA Bookstore

Cover thumbnail Unlocking Capital: A Handbook for Becoming a High Performing Development Finance Agency
The Handbook is designed to be a starting point for local leaders to engage in the creation or acceleration of a DFA to build and utilize the development finance toolbox.

New Members

Interstate 49 International Coalition - Shreveport, LA

Sanders Capital Consulting - St Peters, MO

St. Lawrence County Industrial Development Agency - Canton, NY

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