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Development Finance Review Weekly - March 24, 2022

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Development Finance Review Weekly
March 24, 2022
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CDFA Development Finance Review Weekly

Features

The Case for Economic Dynamism and Why it Matters for the American Worker
Now, as the country emerges from the pandemic, policymakers confront a high-stakes opportunity to correct those failures and forge a more optimistic, aspirational future for American workers. This report showcases why workers have the best chance to thrive in an economy that is quickly adapting and advancing to new frontiers and suggestes a low-cost, pro-worker formula for restoring economic dynamism

New Legislation Aims to Allow for Former Industrial Brownfield Sites to Be Revitalized
New legislation introduced aims to bring new economic developments to former industrial or brownfield sites, such as Buick City in Flint. The Rust to Revitalization Act would allow Buick City and other former industrial and brownfields sites across the country to qualify as Opportunity Zones, hopefully generating investment and environmental renewal.

NJ Transit Completes Installation of Bus Charging Infrastructure for Pilot Program
New Jersey Transit finished installing eight electric vehicle chargers at the Newton Avenue Bus Garage in Camden, N.J. The agency has committed to transitioning its bus fleet to 100 percent zero emissions by 2040 and the installation of the EVCs is a step closer to the deployment of NJ Transit's first battery-electric buses later in 2022.

TIF Incentive Approved for Sustainable Beef Plant in Nebraska
North Platte's Community Redevelopment Authority approved a contract with Sustainable Beef Monday, opening the door for tax increment financing for the infrastructure for a new beef processing plant. The Community Redevelopment Authority will buy the land from the city of North Platte for $142,500 and then sell it to Sustainable Beef.

Bill Could Create Revolving Loan Fund for Maryland Child-Care Providers
A revolving loan fund benefiting Maryland child-care providers could be created within the state budget if the legislation moves forward. Senate Bill 0919 would establish the interest-free loan fund with an initial state investment of $30 million, paid to the account in the span of the next three years.

Florida Community Loan Fund Closes NMTC Financing to Regional Food Bank
Florida Community Loan Fund provided $14 million in New Markets Tax Credit financing for Feeding Northeast Florida, Florida's largest regional food bank. The renovated 120,000 square-foot building will streamline and expand Feeding NE Florida's food distribution network, which includes over 300 nonprofit and faith-based food pantries, feeding organizations, meal programs, and schools.

IRS Revenue Procedure 2022-20: Guidance on Telephonic Public Hearings for Tax-Exempt PAB, Housing Credit QAPs
On March 18, the Internal Revenue Service issued Revenue Procedure 2022-20 providing permanent authority to conduct telephonic public hearings for tax-exempt private activity bonds and Housing Credit qualified allocation plans.

Adams, Rouzer Introduce Bipartisan Affordable Housing Legislation
Congresswoman Alma Adams and Representative David Rouzer announced the introduction of H.R. 7078, the LIHTC Financing Enabling Long-term Investment in Neighborhood Excellence Act or LIFELINE Act in the United States House of Representatives. The LIFELINE Act would make American Rescue Plan funds available for affordable housing developments receiving low-income housing tax credits.

New Interim Final Rule Requires Demographic Reporting for SSBCI Recipients
The U.S. DOT released an interim final rule requiring new reporting requirements related to the demographics of minority-owned or controlled small businesses that received a loan, investment, other credit or equity opportunity, or technical assistance under the SSBCI that was part of H.R. 1319, the ARPA of 2021.

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

The latest municipal finance headlines from The Bond Buyer.

Munis Deep in the Red as Selling Pressure Hangs Over
Municipals were slightly weaker Wednesday even as U.S. Treasuries pared back some recent losses and equities sold off. New York City priced for institutions at higher yields than Tuesday's retail offering while several highly rated issues sold bonds in the competitive market at wider spreads than recent offerings.

Munis Sell Off Double-Digits Following UST Rout
Municipals sold off double-digit basis points Tuesday following continued market volatility and a rapidly rising U.S. Treasury market. Triple-A benchmark yields were cut up to 12 basis points, with the asset class unable to ignore the ongoing pressure from U.S. Treasuries, which saw yields rise another eight to nine basis points.

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

SSBCI Learning Series - Implementing Your SSBCI Strategy
March 25, 2022 - 1:00 PM Eastern
The first module of the SSBCI Learning Series will provide an overview and explanation of contracting with financing partners, strategies and systems for reporting and compliance, and supporting tribal governments.

CDFA // BNY Mellon Development Finance Webcast Series: Investing in Resiliency with Green and Blue Bonds
Tuesday, April 19, 2022 - 2:00 PM - 3:00 PM Eastern
To support local communities and our environment, innovative financing solutions have been created to allow corporate or personal investors to invest in these bonds. Experts in this session will discuss the market for green and blue bonds, public engagement, and ways to invest in resilient infrastructure projects.

CDFA-Bricker Webinar Series: Organizing PACE Programs
Tuesday, May 3, 2022 - 2:00 PM - 4:00 PM Eastern
In this session, PACE experts will provide an overview of the different PACE Program models throughout the country and then review the critical aspects of good Program Administration along with how some Programs go "above and beyond".

Job & RFP Postings

C-PACE Program RFP-NM Economic Development Department
The purpose of this Request for Proposals (RFP) is to solicit proposals to establish a contract through competitive negotiations with qualified firms to develop and improve the utilization of Commercial Property Assessed Clean Energy (C-PACE) Programs in New Mexico.

Commercial Underwriter Position at JobsOhio
The Commercial Underwriter is primarily responsible for understanding and analyzing credit risk, determining and obtaining information needed to thoroughly evaluate risks, assisting in loan origination, preparing loan packages for Loan Committee approval, including concise written narratives. The Underwriter will verbally, at a high level, summarize the loan package for the Loan Committee and will also be the liaison between JobsOhio Legal Staff and Company up to and including the Organizational Call.

Credit Analyst Position at JobsOhio
The Credit Analyst assists in managing the loan portfolio -  from assisting with the vetting of prospective loans through monitoring and administration of closed loans. The Credit Analyst assists with vetting eligibility, initial due diligence, structuring, preparing, and presenting credit underwriting for prospective borrowers. The Credit Analyst is a member of the Project Finance team at JobsOhio and reports to the Director, Project Finance.

This Week's Headlines

Brightline West, Los Angeles to Vegas High-Speed Rail Project Updates
Construction Review Online | Mar. 23 | Bond Finance | Infrastructure Finance

El Paso, TX School Districts Urged to Switch to Electric Buses Using $5B in Federal Funds
El Paso Matters | Mar. 23 | Energy Finance | Green Finance | Infrastructure Finance

Financing Will Preserve 116 Affordable Apartments in Chelsea
Banker & Tradesman | Mar. 23 | Bond Finance | Housing Finance | Tax Credits

Montana County Considering Legal Services for Issuance of Municipal Bonds
The Electric | Mar. 23 | Bond Finance | Energy Finance | Green Finance

MSF Approves $14M in Brownfield Incentives for Spectrum Health
MiBiz | Mar. 23 | Brownfield Financing | Legislative

Pending Approval, Connecticut Allocates $1.3M in Funding for Innovation Workspace
Fox 61 | Mar. 23 | Bond Finance | Opportunity Zones

San Antonio's Largest-Ever Bond Package Will Be on the May 7 Ballot
Texas Public Radio | Mar. 23 | Bond Finance | Infrastructure Finance

State, Local, and Tribal Leaders Celebrate the First Anniversary of the American Rescue Plan
The White House | Mar. 22 | Access to Capital | Disaster Recovery & Relief | Economic Development | Federal | Legislative

Ann Arbor, MI Development Earns Award for Addressing Pollution Spreading to River
MLive | Mar. 21 | Brownfield Financing | Housing Finance | Redevelopment | Urban Development

Twin Cities, MN Nonprofits Launch Loan Program for Underbanked Businesses
Minneapolis / St. Paul Business Journal | Mar. 21 | Access to Capital | Economic Development | Revolving Loan Funds (RLFs)

Johnson County, IA to Use American Rescue Plan Act Funds to Strengthen Food Initiatives
The Daily Iowan | Mar. 20 | Access to Capital | Agriculture Finance | Disaster Recovery & Relief | Federal | Food Systems Finance | COVID-19

Southwest Georgia Farm Credit to Provide Food Supply Loans
Albany Herald | Mar. 19 | Access to Capital | Food Systems Finance | Revolving Loan Funds (RLFs) | State Finance Program | U.S. Dept. of Agriculture (USDA)

New Mexico Officials 'Excited' Over Water Funding
The Eastern New Mexico News | Mar. 18 | Access to Capital | Infrastructure Finance | Revolving Loan Funds (RLFs) | Water Finance

Tackling Food Apartheid on the West Side of Chicago, IL
South Side Weekly | Mar. 18 | Access to Capital | Food Systems Finance | Social Finance | State Finance Program | Tax Increment Finance (TIF) | Urban Development


New Additions to the Online Resource Database

Hawkins Advisory: The Federal Adjustable Interest Rate (LIBOR) Act
Legislative
Hawkins Advisory discusses recent federal legislation that addresses a variety of legal issues arising from the anticipated June 30, 2023 phase-out of the use of United States dollar denominated LIBOR.


National Sponsor Spotlight

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...
Kutak Rock LLP Kutak Rock LLP
Kutak Rock LLP is a national law firm of more than 500 lawyers with offices from coast to coast. Their firm serves local, regional and national clients in a practice that spans a wide range of disciplines. They encourage their attorneys to take...
McGuireWoods McGuireWoods
With 1000 lawyers and 21 strategically located offices worldwide, McGuireWoods LLP uses client-focused teams to serve public, private, government, and nonprofit clients from virtually every area of the law. To complement their services, they offer...

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

Housing on Merit - San Diego, CA

Osage Nation - Pawhuska, OK

SBC Small Business Consulting, LLC - Columbus, OH

WesBanco Bank Inc. - Fairmont, WV

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