A fund established four years ago to spur redevelopment in the southwest sector of Manatee County is expected to grow to more than $10.2 million after property taxes for the current fiscal year come in. In 2014, the county established a TIF district in an area that extends from Cortez to Tallevast.

KeyBank has provided a total of $39.4 million in financing for the redevelopment and preservation of Commodore Apartments in Cleveland. Specifically, KeyBank provided a $16.6 million low-income housing tax credit equity investment, an $11.6 million construction loan and an $11.1 million FHA 221(d)(4) first mortgage loan.

Opportunity Alabama will serve as an intermediary to facilitate investor access to all potential projects in Alabama's 158 opportunity zones. "We're working with every project that comes through the door, whether that be a five-star hotel or a community facility providing daycare services in a super rural area," Alex Flachsbart says.

The fund will support entrepreneurs and small businesses looking to grow — often those who don't have the liquidity to finance expansion on their own or with just a traditional bank loan. The subordinated debt works in conjunction with traditional bank loans. The money must be invested in Michigan and generally goes to manufacturing, technologies and similar fields.

Real estate development and management firm Trammell Crow Co. announced that construction has begun on a $453M Los Angeles mixed-use project. The public-private partnership will deliver a transit-oriented development with housing, retail, office and community spaces to the city's Koreatown district.

The U.S. Department of Treasury has released proposed regulations and a revenue ruling regarding key issues involved with investing in and forming Opportunity Funds, and the Opportunity Fund's investments in Opportunity Zones Businesses.

H.R. 7037, introduced Oct. 5, would create a revolving loan fund program for states, to be run jointly by the Federal Emergency Management Administration (FEMA) and state governments. The program would provide the nation's first sustainable source of money for flood mitigation projects.

In this third quarter installment of the Quarterly Legislative Update, CDFA's Legislative Team provides a progress report on pending CDFA legislation, an update on Tax Reform 2.0 and other major Congressional initiatives, as well as what to expect from Congress in both the lead up and aftermath of the midterm elections. 

Well over a century old, factory buildings in north downtown Omaha are now becoming the foundation of a new $300 million development called the Millwork Commons. The City of Omaha plans to support the project by re-routing industrial truck traffic, adding streets and offering tax increment financing.

MGAM plans on issuing bonds to buy a 31-year supply of gas for 25 small municipal natural gas operations located throughout the state. MGAM Executive Director Geoff Wilson claims the deal will save the municipalities 15 percent off the market rate.

America's Water Infrastructure Act of 2018 reauthorizes the Water Infrastructure Finance and Innovation Act, or WIFIA, at $50 million, and removes it from pilot program status. It also reauthorizes the Drinking Water State Revolving Fund for the first time since 2003, providing $1.95 billion by the third year of the three-year authorization.

The finances of local governments around the U.S. and its territories will soon benefit from a wave of private capital investment following the release of the Internal Revenue Service's proposed regulations for Opportunity Zones. Municipalities are considering bonds as a way to attract capital investment to economically distressed areas.

During this installment of the CDFA // BNY Mellon Webcast Series, we will learn about some of the various financing options & ownership structures available to communities to provide and increase the quality of broadband infrastructure in the U.S.

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