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Development Finance Review Weekly - May 28, 2020

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Development Finance Review Weekly
May 28, 2020
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CDFA Development Finance Review Weekly

Feature

Just Launched! Check Out the Franklin County Food Business Portal
CDFA is excited to share the launch of the Franklin County Food Business Portal, created in partnership with CDFA! Check out this model that provides entrepreneurs and business owners with the information needed to plan, launch, and grow a food business in Franklin County. This includes any business on the food supply chain, such as farms, aggregation, processing, distribution, restaurants, food trucks, grocery stores, and composting operations.

Colorado Lending Source Accepting Applications for CEO
The Chief Executive Officer (CEO) is responsible for the overall direction and administration of programs and services provided by Colorado Lending Source, spanning the organization's financial performance, credit quality, partner relations, business development, operations, regulatory compliance, and risk management.

SBA Issues Final Interim Rules Providing PPP Guidance
SBA released two new interim final rules on the Paycheck Protection Program. One set covers the requirements for loan forgiveness, confirming and expanding upon the previously released loan forgiveness form and instructions; the other addresses the SBA's procedures for reviewing applications for loans and loan forgiveness. The guidance is effective immediately.

As a New Stadium Sits Empty, Full Effects of a Lost Baseball Season Reach Close to $1M
Scot Rigby, assistant city manager, says the city expected to generate roughly $332,000 from the stadium alone in 2020 through a Community Improvement District that adds an extra 2% sales tax sales to purchases made within the area, as well as through a STAR bond district that captures sales tax revenue in an area and funnels it to project costs.

How State Bond Banks Could Supercharge Fiscal Federalism
State bond banks, which consolidate local bond issues to garner better interest rates and lower issuance costs, could supercharge the Fed's municipal-market operations and kickstart local infrastructure projects whenever Congress opens its construction checkbook. But to function as hubs in the intergovernmental finance network, the bond banks would need to expand their charters.

WHEDA Awards $10.2M in Tax Credits to Southeast Wisconsin Housing Projects
The Wisconsin Housing and Economic Development Authority has awarded $10.2M in federal and state tax credits to affordable-housing projects in southeastern Wisconsin. Area developments receiving tax credits include the 60-unit Westlawn Renaissance IV, the 101-unit Cedar Glen II project in Wauwatosa, and the 111-unit Union Court Senior Apartments & Townhomes in Kenosha.

How a P3 Revitalized Downtown Topeka, KS
The city of Topeka has built significant momentum in the last five years revitalizing the downtown through public-private partnerships that have invested nearly $20 million in infrastructure and improvements. Though some projects have changed their timelines due to current pandemic, new P3 initiatives have been launched - like the Helping Others Support Topeka (HOST) small business emergency resource fund that is designed to benefit workers who are displaced as a result of the COVID-19 crisis.

Louisiana to Receive $600M for Broadband Expansion
Louisiana is in line to receive an estimated $600 million in federal government aid from the Federal Communications Commission's Rural Digital Opportunity Fund over the next 10 years to spread broadband to "unserved and under-served" rural areas. An estimated 79,000 new broadband locations will be created in northern Louisiana.

Opportunity Zone Deals Accelerate As Program Starts To Look More Attractive
In the first month after the coronavirus ground the U.S. economy to a halt, the opportunity zone marketplace had slowed along with the rest of the commercial real estate industry. But over the past month, opportunity zone investors have been some of the most active players in the real estate market, closing deals and starting new projects as most traditional sources of capital stay on the sidelines.

Upcoming Events
Intro Opportunity Zones Finance WebCourse
News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

Issuers Look for More Clarity on Federal Spending and Disclosure
Municipalities are seeking clarity from the Treasury on how to spend federal relief dollars and are seemingly disappointed by recent guidance on how to disclose their financial concerns related to coronavirus.

Muni Rally Isn't Over Yet, but Market Takes a Breather
The municipal market was flat to slightly firmer Wednesday, narrowly continuing its weeks-long rally. Investors in both equities and bond markets are sidelining concerns of the longer-term effects of the virus with the hopes that a vaccine and governments reopening can act as a cushion.

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-PFM Capital Markets Webinar Series: Impacts of COVID-19 on the Bond Market
Thursday, June 4, 2020 - 3:00 - 4:30 PM Eastern
During the first installment of the CDFA-PFM Capital Markets Webinar Series, we will focus on the market impacts of COVID-19 thus far and what we can expect going forward.

CDFA Federal Financing Webinar Series: Federal Recovery Resources from HUD
June 5, 2020 - 1:00 PM Eastern
During this webinar, hear from experts at HUD about how funds from CDBG, Section 108, Emergency Solutions Grants, and other HUD programs are being used to finance recovery efforts.

CDFA-Bricker PACE Webinar Series: PACE Program Efficiency - Managing An Effective PACE Program
Tuesday, June 9, 2020 - 11:00 AM - 1:00 PM Eastern
In this webinar, PACE professionals explore best practices in establishing and managing a PACE program and about new efficiencies being developed to drive more effective delivery of PACE programs and projects.

CDFA-ARI Rural Finance Webinar Series: Building the Road to Recovery
Wednesday, June 10, 2020 - 1:00 PM - 2:30 PM Central
During the third installment of the CDFA-ARI Rural Finance Webinar Series, we will discuss the development finance tools that can support rural economies as they rebuild to be stronger than ever.

This Week's Headlines

New Native CDFI Resource Bank Now Available
CDFI Fund | May. 27 | Community Development | Federal | Tribal Finance | U.S. Dept. of Treasury CDFI Fund

Baraboo, WI Expands Business Loans to City Nonprofits
The Baraboo News Republic | May. 26 | Disaster Recovery & Relief | Local Finance Program | Tax Increment Finance (TIF) | COVID-19

Sarasota, FL Plots COVID-19 Economic Assistance Program
Your Observer | May. 26 | Local Finance Program | Tax Increment Finance (TIF) | COVID-19

TIF Projects Moving Forward in Butte, MT
MT Standard | May. 26 | Tax Increment Finance (TIF)

Wyoming, MN City Council Looks at COVID-19's Effects on City
Home Town Source | May. 26 | Tax Increment Finance (TIF)

Alternative Fuel Tax Credit Extended Retroactively
LP Gas | May. 22 | Energy Finance | Tax Credits

How Public Agencies Can Use Green Bonds to Finance Projects
JD Supra | May. 22 | Bond Finance | Energy Finance | Green Finance | Infrastructure Finance | Resiliency | Water Finance | Green Bonds | Green Bonds | Green Stormwater Infrastructure | Water Finance | Sewage & Waste | Stormwater

Malouf Plans Major HQ Expansion, Receives Tax Incentives From Utah
Cache Valley Daily | May. 22 | Economic Development | State Finance Program | Tax Credits | Tax Increment Finance (TIF) | State Tax Credit Programs

Meet Spark, the Fort Collins, TX Affordable Housing Project Targeting Downtown Workers
The Coloradoan | May. 22 | Housing Finance | Local Finance Program | State Finance Program | Tax Credits | Low Income Housing Tax Credits (LIHTCs) | State Tax Credit Programs

Proposed Pennsylvania State LIHTC Includes Set-Aside for Developments Serving Households At or Below 30 Percent Area Median Income
Novogradac | May. 22 | Housing Finance | State Finance Program | Tax Credits | Low Income Housing Tax Credits (LIHTCs) | State Tax Credit Programs

$14M Goal Met in Plan to Transform Mobile, AL Historic Barton Academy School Building
AL.com | May. 22 | Access to Capital | Energy Finance | Historic Preservation | Social Finance | State Finance Program | Tax Credits | State Energy Finance Programs | Energy Efficiency Programs | Education | Federal Historic Rehab Tax Credits | State Historic Tax Credits | Federal New Markets Tax Credits (NMTCs)

Cincinnati, OH Affordable Senior Housing Moves Forward After Winning Federal Tax Credits
City Beat | May. 21 | Community Development | Housing Finance | Redevelopment | U.S. Dept. of Housing & Urban Development (HUD)

Feds Grant $2.5M for Tribal Economic Development
The Oklahoman | May. 21 | Economic Development | Infrastructure Finance | Tribal Finance | U.S. Economic Development Administration (EDA)

IRS Allows Employers to Claim Tax Credit for Paying Furloughed Employees' Health Premiums
HR Dive | May. 21 | Disaster Recovery & Relief | Federal | Internal Revenue Service (IRS) | Tax Credits | COVID-19

Oklahoma Gov. Stitt Vetoes Proposed Cut to Affordable Housing Tax Credit
Public Radio Tulsa | May. 21 | State Finance Program | Tax Credits | Low Income Housing Tax Credits (LIHTCs) | State Tax Credit Programs

South Carolina State Low Income Housing Tax Credit Will Provide Major Boost to Affordable Housing Projects
Burr & Forman LLP | May. 21 | Housing Finance | State Finance Program | Tax Credits | Low Income Housing Tax Credits (LIHTCs) | State Tax Credit Programs

Treasury Announces Intention to Modify Continuity Safe Harbor for Renewable Energy Production Tax Credit, Investment Tax Credit
Novogradac | May. 21 | Energy Finance | Federal | Tax Credits | U.S. Dept. of Treasury | Renewable Energy Production Tax Credit (PTC) | Renewable Energy Investment Tax Credit (ITC)

Vermont Economic Recovery and Relief Package
Vermont Agency of Commerce and Community Development | May. 21 | Access to Capital | Disaster Recovery & Relief | COVID-19

$60M Pilot Program for Rural Broadband in Virginia
WCBY | May. 21 | Infrastructure Finance | Rural Development | Broadband


National Sponsor Spotlight

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,...
Business Oregon Business Oregon
Business Oregon works to create, retain, expand and attract businesses that provide sustainable, living-wage jobs for Oregonians through public-private partnerships, leveraged funding and support of economic opportunities for Oregon companies and...

Partner Spotlight

Association of Development Financing Institutions in Asia and the Pacific Association of Development Financing Institutions in Asia and the Pacific
The Association of Development Financing Institutions in Asia and the Pacific (ADFIAP) is the focal point of all development banks and other financial institutions engaged in the financing of development in the Asia-Pacific region. Its mission is to...

CDFA Bookstore

Cover thumbnail Revolving Loan Fund Reference Guide
The Revolving Loan Fund Reference Guide offers an in-depth look at RLF program development, implementation and management. This guide demonstrates how an RLF program can complement economic development strategies, encourage investment and assist traditionally underserved businesses.

New Members

Berks County Industrial Development Authority - Reading, PA

Development Corporation of Austin - Austin, MN

Eastern Maine Development Corporation - Bangor, ME

Fitch Ratings - New York, NY

Food21 - Gibsonia, PA

Northwest Side Community Development Corporation - Milwaukee, WI

Southeastern Connecticut Enterprise Region - Groton, CT

Southeastern Utah Association of Local Governments - Price, UT

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

  • BNY Mellon
  • Bricker Graydon LLP
  • Bryan Cave Leighton Paisner 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