Development Finance Review Weekly - April 4, 2024
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Features |
Join the Next CDFA // BNY Mellon Development Finance Webcast
The next installment of the CDFA // BNY Mellon Development Finance Webcast Series will explore factors that contributed to the challenges in high-profile bond deals. Join us online on Tuesday, April 16 from 2:00 PM - 3:00 PM to learn the best practices for development finance practitioners to set the stage for successful bond finance in their communities. Register today!
City of Memphis, TN Gets $10M Loan to Update Storm Water Infrastructure
The City of Memphis will get a $10 million loan from the Biden-Harris Administration to support critical stormwater infrastructure updates to improve Memphis' resiliency to storms. In addition to the loan, the U.S. Environmental Protection Agency (EPA) is committing $50 million in total assistance to the city to implement other aspects of its Stormwater Upgrades Project, creating about 70 jobs.
Rural Healthcare Infrastructure Gets Boost From American Lending Center Participation
American Lending Center has announced participation in construction of two rural hospitals as part of its ongoing efforts to improve rural healthcare. The hospitals are located in Bessemer, Alabama and Grant County, Washington. Magnolia Bank, headquartered in Kentucky, was the issuing partner in both construction loans, and the U.S. Department of Agriculture Rural Development loan guarantee program was used in both cases. To qualify for that program, projects must help rural communities and create jobs.
S&P Global Ratings Upgrades Port Authority Rating to "A" for Northwest Ohio Bond Fund
S&P Global Ratings (S&P) recently announced an upgrade to the Toledo-Lucas County Port Authority's Northwest Ohio Bond Fund rating from an "A-" to an "A" investment-grade rating with a stable outlook. The Port Authority's Northwest Ohio Bond Fund was established in 1988 and has allowed the Port Authority to help finance new business and business expansion throughout the state. To date, the Northwest Ohio Bond Fund has provided over $435 million in bond financing for 98 projects, including local and regional companies, such as Owens Corning, The Andersons, Continental Real Estate Companies, Dana Holding Corporation, Nagle Companies, and Toledo School for the Arts.
U.S. Commerce Invests $755K to Support Indian Tribes' Regional Ocean Partnerships
The U.S. Department of Commerce and National Oceanic and Atmospheric Administration (NOAA) announced $754,953 in funding from the Bipartisan Infrastructure Law (BIL) to support federally recognized Indian tribes' participation with regional ocean partnerships. These funds will support activities of three federally recognized Indian tribes on the East and West Coasts to manage ocean and coastal resources and data, and build resilience for future challenges.
How Canny Foreigners Are Investing Their Way Into a Green Card
The 34-year-old EB-5 grants U.S. permanent-resident status to wealthy foreigners who put money into business ventures that create American jobs. And while previous investors beelined towards glitzy urban real-estate projects, the new rules, approved in 2022, hope to steer investment into rural areas where the money's needed most. Two thousand EB-5 visas are now set aside each year for investors who sink $800,000 into U.S. rural locations. That creates a fast lane to American residency for them and their family.
U.S. DOE Announces $1.5B Conditional Commitment for Michigan Nuclear Plant
The U.S. Department of Energy (DOE) through its Loan Programs Office (LPO) announced the offer of a conditional commitment of up to $1.5 billion for a loan guarantee to Holtec Palisades to finance the restoration and resumption of service of an electric nuclear generating station in Covert Township, MI. The project aims to bring back online the Palisades Nuclear Plant, which ceased operations in May 2022, and upgrade it to produce baseload clean power until at least 2051.
What 2023 Food Waste Funding Teaches Us About 2024
Food waste is an up-and-coming sector, and a single deal can swing the whole year, which was the case for 2022 – yet less of a factor in 2023. Venture capital (VC) has made up a majority of trackable private capital for food waste except for last year, when private equity was the major factor. For that reason, food waste growth rates have been directionally following U.S. VC growth rates.
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Upcoming Events |
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Upcoming Webcasts |
CDFA // BNY Mellon Development Finance Webcast Series: Why Bond Deals Go Bad
April 16, 2024 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, panelists will explore factors that contributed to the challenges these high-profile deals encountered and discuss best practices for development finance practitioners to set the stage for successful bond finance in their communities.
CDFA Food Systems Finance Webinar Series: Financing Food Systems with Revolving Loan Funds
April 30, 2024 - 2:00 PM - 3:30 PM Eastern
During this installment of the CDFA Food Systems Finance Webinar Series, panelists will discuss how revolving loan funds can be used to support small businesses, entrepreneurs, and microenterprises to strengthen local and regional food systems. The discussion will also identify how these tools can help unlock affordable capital for socially disadvantaged farmers and ranchers.
SSBCI Learning Series - Leveraging SSBCI for the Greenhouse Gas Reduction Fund
May 7, 2024 - 2:00 PM - 4:00 PM Eastern
Creating new and expanding existing small businesses will be critical to the success of the Greenhouse Gas Reduction Fund (GGRF). During this session, panelists will provide insights on how local SSBCI practitioners can leverage SSBCI to bring GGRF dollars to their communities.
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Job & RFP Postings |
Maryland DHCD - Job Review Specialist (CDA Energy)
The Job Review Specialist is responsible for the review and approval of energy audits and studies, energy conservation scope of work, construction specifications, cost review, work progression, and payment requests. The Job Review Specialist may be responsible for guiding a project through the stages of the funding process, including initial application, funding request evaluation, selection of a scope of work, construction, and closeout of the project. The energy retrofit work may be part of a more comprehensive substantial or moderate rehabilitation effort funded with additional State funds, or be a stand-alone energy retrofit project. Certain new construction projects are eligible for funding. Typical project size will be 1 to 5 units and may involve townhouse, low-rise, mid-rise, or high-rise construction.
Maryland DHCD - Program Associate
The Program Associate is responsible for answering customer calls and resolving their concerns, reviewing and approving applications for Special Loans Housing Rehabilitation services. This position is responsible for ensuring client applications and requests are completed in a timely manner. With a good understanding of the State Department of Finance processes, this position will set up vendors, make requests for encumbrances, and process requests for payments. To ensure proper record keeping, this position will complete the task of the scanning and retention of loan packages.
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This Week's Headlines |
Mississippi Development Authority Approves Three CDFIs for Funding Through SSBCI
Mississippi.org | Apr. 3 | Access to Capital | Community Development | State Small Business Credit Initiative (SSBCI) | U.S. Dept. of Treasury
USDA, North Central Regional Food Business Center Announce $600K in Farm, Food Grants
KFGO | Apr. 2 | Access to Capital | Agriculture Finance | Food Systems Finance | U.S. Dept. of Agriculture (USDA)
Boothbay, ME Authorizes $3.2M Bond for Storm-Caused Road Damage
Boothbay Register | Apr. 1 | Bond Finance
Chautauqua, NY Revolving Loan Funds to Support Local Small Businesses
The Buffalo News | Apr. 1 | Access to Capital | Economic Development | Revolving Loan Funds (RLFs)
Pingree Pushes for Seafood-Focused Priorities in Next Farm Bill
Chellie Pingree | Apr. 1 | Access to Capital | Federal | Food Systems Finance | U.S. Dept. of Agriculture (USDA)
Quincy, MA May Issue $157M Bond for Parking Garages
The Patriot Ledger | Apr. 1 | Bond Finance | Tax Increment Finance (TIF)
South Dakota DANR Announces More Than $172M for Statewide Environmental Projects
Morning AgClips | Apr. 1 | Access to Capital | Revolving Loan Funds (RLFs) | State Finance Program | Water Finance
Urban League Works to Accelerate Northeast Ohio Black Business Growth
Ideastream Public Media | Apr. 1 | Access to Capital | Community Development | Economic Development | Revolving Loan Funds (RLFs)
U.S. Commerce Provides $14.1M to Massachusetts for Broadband
Office of Massachusetts Governor Healey | Apr. 1 | Access to Capital | Infrastructure Finance | Legislative | U.S. Dept. of Commerce (DOC) | Broadband
Ohio Water Supply RLF to Support $2M Waterline Project in Coshocton
Coshocton Tribune | Mar. 29 | Economic Development | Infrastructure Finance | Revolving Loan Funds (RLFs) | Water Finance
Worcester, MA Regional Food Hub Breaks Ground for New Headquarters at Union Station
Telegram & Gazette | Mar. 29 | Access to Capital | Food Systems Finance
Colorado's MCEDC's RLF Receives $5M From USDA
The Fort Morgan Times | Mar. 28 | Access to Capital | Community Development | Revolving Loan Funds (RLFs) | U.S. Dept. of Agriculture (USDA)
Iowa SBDC Hosting SSBCI Lunch and Learn
1380 KCIM | Mar. 28 | Access to Capital | Disaster Recovery & Relief | State Small Business Credit Initiative (SSBCI) | U.S. Dept. of Treasury | Treasury State Small Business Credit Initiative (SSBCI)
U.S. HUD Announces $173.8M for Green and Resilient Retrofit Program
U.S. Department of Housing & Urban Development | Mar. 28 | Energy Finance | Green Finance | Housing Finance | Legislative | U.S. Dept. of Housing & Urban Development (HUD)
$124M in Clean Energy and Fertilizer Production to Strengthen American Farms, Businesses
USDA | Mar. 28 | Access to Capital | Agriculture Finance | Federal | U.S. Dept. of Agriculture (USDA)
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New Additions to the Online Resource Database |
SSBCI Quarterly Report Through December 31, 2023
Access to Capital | Disaster Recovery & Relief | Economic Development | State Small Business Credit Initiative (SSBCI)
On March 29, 2024, the U.S. Department of the Treasury published its second State Small Business Credit Initiative (SSBCI) quarterly report, covering the period of October 1, 2023 through December 31, 2023.
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National Sponsor Spotlight |
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Hawkins Delafield & Wood LLP
Hawkins Delafield & Wood LLP is the only national law firm in the United States whose practice is devoted primarily to public finance and public projects. Each of their specialty areas supports and complements our municipal transactions practice....
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Ice Miller LLP
Ice Miller is nationally recognized for its public-private partnerships (P3s), municipal bond, and economic development experience. Built on a foundation of legal service more than a century-long, the firm is committed to helping our clients stay...
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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...
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Partner Spotlight |
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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 website, e-newsletters and alerts, and daily print edition, The Bond Buyer reaches more than 25,000...
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CDFA Bookstore |
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New Members |
SupplyBank.Org - Oakland, CA
Honigman LLP - Detroit, MI
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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.
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Council of Development Finance Agencies
100 E. Broad Street, Suite 1200
Columbus, OH 43215
(614) 705-1300
info@cdfa.net
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