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Development Finance Review Weekly - July 8, 2021

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Development Finance Review Weekly
July 8, 2021
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CDFA Development Finance Review Weekly

Features

Scholarships Available for CDFA Virtual Summer School - Apply Today to Attend!
Scholarships are available to attend CDFA Virtual Summer School, which will feature will seven different training courses from August 2 - 12. Topics will include the Fundamentals of Economic Development Finance, Bond Finance, Housing Finance, Infrastructure Finance, Public-Private Partnership (P3) Finance, Revolving Loan Funds, and Tax Credit Finance. Apply for a scholarship today!

House Approves $715B Transportation Bill Amid Infrastructure Push
The House approved the INVEST in America Act on Thursday with a vote of 221 to 201. The measure would dedicate $343 billion to roads, bridges, and safety, $109 billion to transit, and $95 billion to passenger and freight rail. It would also commit $117 billion to drinking water infrastructure and over $51 billion to wastewater infrastructure. The bill passed along party lines, even though it included earmarks proposed by Republican members that would explicitly help their districts.

Biden-Harris Administration Invests $307M in Rural Water and Wastewater Infrastructure in 34 States and Puerto Rico
Agriculture Secretary Tom Vilsack today announced that the USDA is investing $307 million to modernize rural drinking water and wastewater infrastructure in 34 states and Puerto Rico. USDA is financing the projects through the Water and Waste Disposal Loan and Grant Program. The investments will help eliminate outdated pipes and service lines to safeguard public health and safety in rural communities.

Eastern Maine Development Corporation Unveils Five-Year Plan for Economic Growth and Regional Resiliency
Eastern Maine Development Corporation updates its Comprehensive Economic Development Strategy every five years using U.S. Economic Development Administration guidelines. The CEDS identifies goals and objectives to guide economic growth and regional resiliency in the four counties served by EMDC.

How Governments Can Leverage Federal Funds to Partner With Local Nonprofits
The American Rescue Plan allows states and localities to funnel federal relief dollars to nonprofit organizations, which the National Council of Nonprofits says could be key to local economic recovery. State and local governments can use federal coronavirus relief funds to partner with nonprofit organizations in their communities, aiding local recovery efforts by expanding existing programs or creating new ones.

How Healthcare is Investing in Communities
Hospitals and healthcare systems have the potential to make communities healthier by leveraging their expertise and resources. Recently, several hospitals nationwide have been investing in their communities by offering loans, loan guarantees, and below-market-rate lines of credit. During the next CDFA // BNY Mellon Webinar, experts will examine creative ways that hospitals and healthcare systems can be better partners in solving the most pressing issues in our communities.

Pennsylvania Governor Wolf Signs Angel Investment Bill Providing $5M to Startups
Pennsylvania Gov. Tom Wolf signed a bill to create a $5 million Angel Investment Venture Capital Program to give grants to Pennsylvania startups. Qualified businesses and angel investors (on behalf of qualified businesses) can apply to the program for a grant. Eligible companies must have fewer than 100 employees, the majority of which are located in Pennsylvania.

SBA Announces Extension of $100M ‘Community Navigator Pilot' Grant Program Proposals to July 23, 2021
The U.S. SBA announced the extended application date for its new Community Navigator Pilot Program. SBA will now accept proposal submissions through July 23, 2021, and anticipates making award decisions by September 2021. This new initiative, established by the American Rescue Plan Act of 2021, will leverage a community navigator approach to reach our nation's smallest businesses.

Homeless Hiring Tax Credit Included in 2021-2022 California Budget
The California Homeless Hiring Tax Credit will confront the homelessness crisis facing California, address the job losses stemming from the COVID-19 pandemic that have disproportionately harmed low-income communities, and ease the significant financial strain that many small businesses are currently experiencing. A tax credit between $2,500 and $10,000 per homeless individual hired will create access to meaningful employment and pathways to careers for as many as 3,000 individuals.

Upcoming Events
CDFA Virtual Summer School
News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

Hawaii Governor Vetoes Use of Federal Rescue Funds for Bonds or Reserves
Hawaii Gov. David Ige's final veto list continues to target budget line items that would use federal relief funding to pay bond debt and replenish reserves. Ige's vetoes on those items are in line with Treasury guidance, which bars the use of federal relief funding to pay debt service or replenish reserves, but it also leaves a hole in the biennium budget.

How North Carolina Intervenes to Get Local Governments on Fiscal Track
Last week, two troubled North Carolina towns won praise from state Treasurer Dale Folwell after they stepped up to avoid state oversight by passing what he called responsible budgets in the face of serious financial difficulties. The two municipalities had voluntarily entered into a financial management agreement with the North Carolina Local Government Commission to help them meet their obligations and duties under the Local Government Budget and Fiscal Control Act.

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 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 SSBCI Briefing
Friday, July 16, 2021 - 1:00 PM - 2:00 PM Eastern

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:

White House Releases Fact Sheet on the Bipartisan Infrastructure Framework
President Biden and Vice President Harris announced their support for the Bipartisan Infrastructure Framework, the largest long-term investment in our infrastructure and competitiveness in nearly a century. This fact sheet from the White House provides high-level descriptions of what the bipartisan infrastructure framework will contain.

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

RFP: Atoka City, OK Seeking Development Proposals for 6th Street Housing Development
The Atoka City Industrial Development Authority (ACIDA) is seeking development proposals (Proposals) from qualified firms (Developers) for the opportunity to purchase and develop City-owned property on 6th Street. These homes are to meet the needs of middle-income earners with combined household incomes of $100,000 to $160,000 per year (individually $50k - $80k). ACIDA recommends the homes not have more than a $30,000 price variance.

New Jersey EDA Seeking Senior Small Business Officer
This position will lead department efforts in the creation and processing of statewide program applications in an accurate, effective and productive manner. It will also assist management with the development and implementation of proactive small women, minority, veteran, business enterprises (SWMVBE) inclusion initiatives.

NJ Economic Development Authority is Seeking a Director of Small Business Services
The Director of Small Business Services is responsible for overseeing the implementation of strategies and programs focused on small, women, minority and veteran-owned businesses. This position also manages outreach and products targeted to the segment, provides support to key urban communities, identifies business opportunities, and utilizes market information to inform management of new product/service development and administer those programs effectively.

NJ Economic Development Authority is Seeking a Program Manager of Small Business Services
This position supervises the department's Small Business Services staff related to lending activities, manages outreach, programs, relationships, and resources within the department. This position will also ensure program implementation and department strategies are focused on effectively serving small, women, minority and veteran-owned businesses, collects market data to identify gaps in services, and more.

This Week's Headlines

Black-Owned Family Business Aims to Be Catalyst of Generational Wealth for Milwaukee's Black Community
Milwaukee Independent | Jul. 7 | Access to Capital | Revolving Loan Funds (RLFs) | Social Finance

Great Falls, MT Approves New Downtown Urban Renewal District Tax Increment Financing Programs
Great Falls Tribune | Jul. 7 | Infrastructure Finance | Redevelopment | Tax Increment Finance (TIF)

How Montana Plans to Use Federal Relief Money to Shore up Child Care Options
Route Fifty | Jul. 7 | Access to Capital | Disaster Recovery & Relief | Education | Healthcare | Legislative | Social Finance

Maryland Receives Nearly $2.4M in Rural Water and Wastewater Infrastructure Improvements From USDA
USDA | Jul. 7 | Access to Capital | Federal | Infrastructure Finance | Legislative | Rural Development | Water Finance

New York City, NY Approves Issuing Industrial Revenue Bonds to Create New Senior Living Facility
The Mercury News | Jul. 7 | Bond Finance | Housing Finance | Urban Development

Rockford, IL City Council Amends Amerock Hotel TIF to Include Water Power Lofts
WIFR-LD | Jul. 7 | Housing Finance | Redevelopment | Tax Increment Finance (TIF)

Turnpike Bonds to Finance Project to Relieve Traffic Congestion in South Charleston, WV
WV MetroNews | Jul. 7 | Bond Finance | Infrastructure Finance

USDA Invests $21M in High-Speed Broadband in Rural New York
USDA Rural Development | Jul. 7 | Federal | Infrastructure Finance | Rural Development | U.S. Dept. of Agriculture (USDA)

Wildfire Recovery: Federal Assistance to Individuals and Households Tops $160M
FEMA | Jul. 7 | Disaster Recovery & Relief | Federal | COVID-19

Commission Approves TIF Financial Agreement for University Heights Project in Jasper, IN
Dubois County Free Press | Jul. 6 | Housing Finance | Redevelopment | Tax Increment Finance (TIF)

Deadwood, SD Approves $10.5M TIF for ‘the Ridge' Development
Black Hills Pioneer | Jul. 6 | Redevelopment | Rural Development | Tax Increment Finance (TIF)

Elk Grove Village, IL TIF to Fund Redevelopment of Newly Annexed Motel and Former Nightclub Site
Daily Herald | Jul. 6 | Redevelopment | Tax Increment Finance (TIF)

Sheboygan County, WI Reopens Revolving Loan Fund to Support Small Businesses, Start-Ups
Seehafer News | Jul. 6 | Access to Capital | Revolving Loan Funds (RLFs) | Revolving Loan Funds (RLFs)

Additional COVID Relief Funding Targets Farmers, Ag Businesses
Marshall Independent | Jul. 2 | Agriculture Finance | Disaster Recovery & Relief | Federal | Food Systems Finance | U.S. Dept. of Agriculture (USDA) | COVID-19

SBA Announces Closure of Restaurant Revitalization Fund Program
SBA | Jul. 2 | Access to Capital | Disaster Recovery & Relief | Federal | Food Systems Finance | U.S. Small Business Administration (SBA) | COVID-19

How COVID-Fueled Crowdfunding Can Revive Small Businesses
The Buffalo News | Jul. 1 | Access to Capital | Crowdfunding | Disaster Recovery & Relief | Food Systems Finance | Innovation Finance | COVID-19

New State Funding Puts Solar on the Curriculum for Minnesota Schools
Energy News Network | Jul. 1 | Education | Energy Finance | Green Finance | State Finance Program

Ohio Budget Bill Delivers New Incentive Opportunities
Lexology | Jul. 1 | Brownfield Financing | Economic Development | Food Systems Finance | Incentives | Revolving Loan Funds (RLFs) | State Finance Program


New Additions to the Online Resource Database

City of Wichita / Sedgwick County Food System Master Plan
Agriculture Finance | Community Development | Economic Development | Food Systems Finance
The Wichita-Sedgwick County Master Food Plan was created from the energy, hard work, and input of our community. The over-arching goals in this plan are to: foster food system coordination and education; improve access to healthy food; and increase local food production.

The Case for the Clean Energy and Sustainability Accelerator
Energy Finance | Green Finance | Infrastructure Finance | Legislative | State Finance Program | Webcasts
These are the slides from the Coalition for Green Capital's virtual presentation, "The Case for the Clean Energy and Sustainability Accelerator".


National Sponsor Spotlight

Frost Brown Todd LLC Frost Brown Todd LLC
With over 500 lawyers across their eight-state footprint, Frost Brown Todd LLC offers a deep, talented roster of legal professionals. Committed to their clients, the firm leverages technical, industry, and legal knowledge and hands-on experience to...
gener8tor gener8tor
gener8tor's turnkey platform for the creative economy connects startup founders, musicians, artists, investors, universities and corporations. The gener8tor platform includes pre-accelerators, accelerators, corporate programming, conferences and...
Hawkins Delafield & Wood LLP 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....

CDFA Bookstore

Cover thumbnail Practitioner's Guide to Economic Development Finance 2nd 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

The University of Massachusetts Building Authority - Boston, MA

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