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Development Finance Review Weekly - October 28, 2021

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Development Finance Review Weekly
October 28, 2021
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CDFA Development Finance Review Weekly

Spotlight

The CDFA Virtual National Summit is Next Week - Don't Miss Out!
The CDFA Virtual National Summit will take on the challenges presented by COVID-19 and explore ways that development finance can once again rise to the occasion. With billions in federal funding coming to cities and the markets ready for investment, now is the time to prepare your community for growth, investment, job creation, and long-term economic sustainability. Don't miss out on the opportunity to learn to help your community.

Features

President Biden Expected to Meet With House Democrats, Push Progressives to Pass Infrastructure Bill
President Joe Biden is expected to attend a Thursday morning meeting with all House Democrats shortly before his trip to Europe in a last-minute push to get progressives to vote for a stalled bipartisan infrastructure bill, two sources familiar with the plans told NBC News. House Speaker Nancy Pelosi is aiming to hold a vote Thursday on the $550 billion measure, but progressives have insisted that a larger social safety net bill proceeds alongside the Senate-passed infrastructure package.

USDA to Make Up to $1.15B Available to Help People Living in Rural Communities Access High-Speed Internet
U.S. Department of Agriculture announced a significant expansion of access to high-speed internet, health care, and educational services for millions of rural Americans nationwide. The announcement continues to move forward President Biden's Build Back Better Agenda. USDA will also invest $50 Million to improve access to telemedicine, distance learning for 7.6 Million people in rural areas.

Growers Edge Launches Digital Ag Lending Platform
Growers Edge, a provider of data-driven financial technology (fintech) solutions for the agricultural industry, has announced the launch of a fully digital financial software and services platform for the agriculture industry.

San Diego, CA Food System Alliance Aims to Grow County's Culinary Culture
The organization hopes the gathering will help like-minded food producers network and share resources. That's key to success for many of the small businesses in local farming and food production. Small businesses, particularly those owned by women and minorities, often lack access to financing, so providing start-up loans with favorable terms would help them with the capital crunch.

Massachusetts ARPA Funds Used in Addressing Systemic Issues of Equity
The pandemic has presented challenges for everyone, but with an influx of federal American Rescue Plan Act stimulus coming into Massachusetts, these challenges present an enormous opportunity to reshape the future of the commonwealth. With $5.3 billion in ARPA funds allocated to the state government, now is the time for Massachusetts to make strides in addressing systemic issues of equity.

Vermont Bond Bank Launches Infrastructure Data Portal
The Vermont Bond Bank announced the launch of an infrastructure data portal on its website this week. The portal is designed for policymakers and Vermonters to understand social and physical infrastructure trends in the state's communities.

New $76M Affordable Housing Development and Fresh Food Market in Buffalo, NY
Governor Kathy Hochul announced that a new $76 million development with 201 mixed-income affordable homes and a 22,000-square-foot fresh food market will open soon in Buffalo's Central Business District. State financing includes $10.5 million in permanent tax-exempt bonds, $21.8 million in equity from Federal and State Low-Income Housing Tax Credits, a $19.1 million subsidy from New York State Homes and Community Renewal, and $12 million in equity from state Brownfield tax credits.

Upcoming Events
CDFA Virtual National Summit
News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

America's First Offshore Wind Turbine Blade Facility to Be Built in Virginia
The first offshore wind turbine blade facility in the United States will be built in Virginia, Gov. Ralph Northam said Monday. Under an agreement with the state, Siemens Gamesa Renewable Energy will lease more than 80 acres of the Portsmouth Marine Terminal and construct a facility to produce turbine blades to supply offshore wind projects in North America.

Los Angeles, CA Taps Bond Measure to Build Homes for Homeless People
Los Angeles received an improved outlook from Fitch Ratings ahead of plans to issue bonds to build housing for people living on the streets. Fitch revised its outlook on the city's debt to stable from negative ahead of the $276.7 million competitive deal slated for Wednesday that pays for housing and refunds existing debt.

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 // BNY Mellon Development Finance Webcast Series: When it Comes to Financing Smart Cities, What Counts as Smart?
Tuesday, November 16, 2021 - 2:00 PM - 3:00 PM Eastern
The concept of Smart Cities is no longer brand new, yet most communities are still working to understand what kinds of smart infrastructure they want and need at the local level - and how to pay for it. Join CDFA for this next installment of the CDFA // BNY Mellon Development Finance Webcast Series to learn about what types of smart infrastructure projects are happening around the country and how these efforts are being financed.

CDFA-Bricker PACE Webinar Series: PACE 2.0 - The Next 10 Years
Tuesday, November 30, 2021 - 2:00 PM - 4:00 PM Eastern
It has been approximately 10 years since the first PACE programs began. During this workshop, our speakers will provide insights related to expanding PACE assessments to benefit buildings and properties for other non-energy related improvements such as indoor air quality, lead water pipe replacement, surface storm water mitigation, and sewer overflows.

CDFA Federal Financing Webinar Series: Preserving Local Food Systems with Federal Financing
Tuesday, December 14, 2021 - 2:00 PM - 3:30 PM Eastern
During this installment of the CDFA Federal Financing Webinar Series, hear from experts at the USDA about their various programs available for rural food systems and agricultural producers to recover from the pandemic.

Legislative & Federal Affairs

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

Biden Crafts a Climate Plan B: Tax Credits, Regulation, and State Action
After losing the centerpiece of his climate agenda just a week before heading to a major global warming summit, President Joe Biden intends to make the case that the United States has a new plan that will still meet its ambitions to sharply cut greenhouse gases that are warming the planet. The administration's strategy now consists of a three-pronged approach of generous tax incentives for wind, solar, and other clean energy.

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

New Jersey Economic Development Authority is Hiring for Numerous Positions
The New Jersey Economic Development Authority is seeking applicants for numerous positions. The job openings include Product Officers for multiple programs, Senior Project Officers for multiple programs, Compliance Officers, Program Analysts, Legal Affairs Officers, and various others.

Invest Atlanta Hiring Senior Vice President of Community Development
Reporting to the Chief Operating Officer, the Senior Vice President of Community Development will be responsible for conducting and supervising the strategic and day-to-day activities associated with community development in Atlanta, including supporting and implementing the City's affordable housing strategy, targeted redevelopment strategies, and neighborhood revitalization strategies.

Invest Atlanta Seeking Compliance & Coordinator Specialist
The Compliance/Coordinator Specialist for Invest Atlanta is responsible for conducting critical compliance analysis, research, evaluation, management, and monitoring of local, state, and federal regulatory and compliance requirements for all incentive programs administered by Invest Atlanta. This position will be expected to support Invest Atlanta entities/departments as required by management. Also assists Director with projects, processing invoices and other duties as assigned.

This Week's Headlines

As Utilities Invest Billions in Solar, Wisconsin Workers Seek Bigger Share of Jobs
WiscNews | Oct. 27 | Economic Development | Energy Finance | Infrastructure Finance

Genoa, Gibsonburg Awarded New State Water Infrastructure Grants
Fremont News Messenger | Oct. 27 | Economic Development | Energy Finance | Infrastructure Finance | Water Finance

Jacksonville, FL Seeking Brownfields Grant with US EPA to Clean Up Potentially Contaminated Properties
WLDS | Oct. 27 | Access to Capital | Brownfield Financing | Economic Development | U.S. Environmental Protection Agency (EPA)

More Than $50M of Nebraska's New Property Tax Credit Goes Unclaimed
KPVI | Oct. 27 | Incentives | Tax Credits

Altoona, PA City Manager Strohm Lays Out ARP Spending Plan
Altoona Mirror | Oct. 26 | Access to Capital | Community Development | Disaster Recovery & Relief | Economic Development | Revolving Loan Funds (RLFs) | Revolving Loan Funds (RLFs) | COVID-19

California is Spending Billions on Drought-Related Projects
Los Angeles Times | Oct. 25 | Bond Finance | Infrastructure Finance | Water Finance

City OKs Infrastructure-Boosting Plan in Palmdale, CA
Antelope Valley Press | Oct. 25 | Economic Development | Infrastructure Finance | Tax Increment Finance (TIF)

Council to Adopt TIRZ, Implement Full South Waterfront Plan in Austin, TX
Austin Monitor | Oct. 25 | Economic Development | Housing Finance | Redevelopment | Tax Increment Finance (TIF) | Water Finance

Fixing Texas Transportation
ColemanTODAY.com | Oct. 25 | Infrastructure Finance | Legislative | State Finance Program | Tax Increment Finance (TIF)

Hillsdale, MI Historic Keefer House to Undergo $13M Renovation
Fox 47 News | Oct. 25 | Economic Development | Historic Preservation | Housing Finance | Redevelopment | Tax Increment Finance (TIF)

Maryland Eyes New Rules for Fuel Storage at Marinas; Incentives for Green Energy on Brownfield Sites
The Star Democrat | Oct. 25 | Brownfield Financing | Energy Finance | Green Finance | Infrastructure Finance

Northern Kentucky Water District Receives Grant Funds
Lane Report | Oct. 25 | Infrastructure Finance | Water Finance

What is the Mountain URA and How Does it Affect Steamboat, CO School District Funding?
Steamboat Pilot and Today | Oct. 25 | Economic Development | Infrastructure Finance | Tax Increment Finance (TIF)

Fall River, MA Manufacturing Company Receives $1M Loan for Major Expansion, 150 New Jobs
Fall River Reporter | Oct. 22 | Access to Capital | Disaster Recovery & Relief | Economic Development | Member News | Revolving Loan Funds (RLFs) | U.S. Economic Development Administration (EDA) | Revolving Loan Funds (RLFs) | COVID-19

Iowa Awards $1.5M in Tax Credits to 2 Downtown Housing Projects
The Gazette | Oct. 22 | Housing Finance | Tax Credits

City Council Members Push for Further Discussion of 2022 Bond Priorities
San Antonio Report | Oct. 21 | Bond Finance | Infrastructure Finance

One of Connecticut's Grant Programs Has Handed Out $40M Over The Last 20 Years.
Hartford Courant | Oct. 21 | Access to Capital | Bond Finance | Education

The Hawaii County Council Eyes State Support for Wastewater Issues
Hawaii Tribune Herald | Oct. 21 | Infrastructure Finance | Public-Private Partnership (P3) Financing | State Finance Program | Water Finance

URA Closes on $500K Loan to Help Bring Music Back to James Street in East Allegheny Neighborhood
The City of Pittsburgh | Oct. 21 | Access to Capital | Food Systems Finance | Redevelopment | Revolving Loan Funds (RLFs) | Tax Credits

$6M 'Front Porch' for East Waco, TX Debuts
Waco Tribune-Herald | Oct. 21 | Community Development | Economic Development | Food Systems Finance | Tax Increment Finance (TIF)


New Additions to the Online Resource Database

SSBCI General Info Fact Sheet (2021)
Access to Capital | Economic Development | State Small Business Credit Initiative (SSBCI)
The American Rescue Plan Act of 2021 (ARPA) reauthorizes and amends the State Small Business Credit Initiative (SSBCI) Program. ARPA provides a combined $10 billion to states, the District of Columbia, territories, and Tribal governments to help address the economic fallout of the pandemic and lay the foundation for a strong and equitable recovery by providing direct support to jurisdictions for programs that increase access to credit for small businesses.

Vermont Bond Bank's Infrastructure Data Portal
Economic Development | Infrastructure Finance | State Finance Program
The Vermont Bond Bank ("Bond Bank")'s infrastructure data portal is designed for policymakers and Vermonters to understand social and physical infrastructure trends in the state's communities. The data included in the portal represents a multi-year effort to harness historic data from both the Bond Bank and partner organizations for the benefit of capital planning initiatives across the state.

Inclusive Community and Economic Development in Small and Midsize Cities
Access to Capital | Community Development | Economic Development | Revolving Loan Funds (RLFs) | Social Finance | Urban Development
Small and midsize cities (SMCs) face multiple challenges including uneven economic growth, growing income inequality, and growing poverty. Uniting community development principles and economic development practice, with a focus on elevating community voice and racial equity, is central to addressing equity issues at the neighborhood level and changing the trajectory for longer term outcomes for BIPOC and LMI population groups.

Promoting Equity Investments for an Equitable Recovery
Community Development | Disaster Recovery & Relief | Healthcare | Housing Finance | Infrastructure Finance | Redevelopment | Social Finance
The Urban Institute set out to study how innovative policies and programs from abroad could inform state and local efforts in the US to advance an inclusive recovery from the COVID-19 pandemic. They produced five briefs, each profiling an approach from abroad that addresses a different policy priority: child care, broadband access, local economic development, parks and public space, and housing stability and affordability.


National Sponsor Spotlight

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...
MuniCap, Inc. MuniCap, Inc.
MuniCap, Inc. is a public finance consulting firm based in Columbia, Maryland that specializes in the public finance aspects of redevelopment. MuniCap is headquartered in Columbia, Maryland, with additional offices located in Dallas, Texas,...

CDFA Bookstore

Cover thumbnail Practitioner's Guide to Economic Development Finance 3rd 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.

New Members

Katten Muchin Rosenman LLP - Chicago, IL

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