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Development Finance Review Weekly - October 21, 2021

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Development Finance Review Weekly
October 21, 2021
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CDFA Development Finance Review Weekly

Spotlight

Restoring Local Economies Through Development Finance
The economic development finance community has experienced a lot since last November. Many of us have seen more capital and more opportunity flow to our communities than ever before, yet the distress in our economies is still felt by many neighborhoods, businesses, and residents. Innovative development finance solutions are needed, and we have a once-in-a-lifetime chance at building evergreen funds that last for generations. How do we do it? Register today for the CDFA Virtual National Summit and find out.

Features

Congressional Democrats Debate How to Lower Cost of Infrastructure Bill
To win over their most centrist members, the Democrats will need to fit all their wishes into the smaller box. As Democrats in Congress debate how to pare back their big social spending bill — to a total budget increase of less than $2 trillion over a decade — they have even further to go than it may appear.

Building an Equitable Food System: America's Healthy Food Financing Initiative & Other Tools
Across the country, the shameful reality of limited access to healthy food plagues historically marginalized communities. It is an issue that is rooted in discriminatory policies and disinvestment and is reflected in the 27.6 million people living in places with inequitable and inadequate access to healthy food. Over the last ten years, Reinvestment Fund has deployed over $253 million in financing for healthy food retail and non-retail projects nationally.

SMBX Revolutionizes Small Business Financing and Retail Investing, Raises $11.5M to Fund its Growth
SMBX, the fintech marketplace helping small businesses raise capital from retail investors in their communities, announced the close of an $11.5 million seed funding round. The company has now raised $15 million in total to support its Small Business Bond financial marketplace that allows people to invest directly in the small businesses they want to see flourish in their local communities.

Ecostrat Announces Newest BDO Zone Designation in Siloam Springs, AR
Ecostrat is pleased to announce the newest BDO Zone designation in Siloam Springs, Arkansas. The 'A' Rating for poultry litter supply is expected to drive new market development for bioeconomy projects that can utilize the region's more than 1.5 million tons per year of reliably produced poultry litter. 

Rural Communities Across the U.S. Are Attracting Remote Workers Through Different Incentive Programs
A recently launched program attracts remote workers through various incentives, including up to $2,500 in reimbursed expenses for moving; free co-working space; and access to a program connecting newcomers to established residents. In some cases, the programs have been around longer than the more well-known programs, but have gone dormant and are now resurging due to the pandemic and workers' interest in living outside large cities.

Grant Funding Coming for Oregon Organizations Serving Underrepresented Businesses
Business Oregon is pleased to announce the availability of up to $9 million in grants for organizations that provide business technical assistance to historically underrepresented and under-resourced businesses across the state, as outlined in Governor Kate Brown's Diversity, Equity, and Inclusion Action Plan. This program was established by the 2021 Oregon Legislature and builds on a federally-funded pilot program that debuted in 2020 to help businesses respond to the COVID-19 pandemic.

USDA Invests $272M to Improve Rural Water Infrastructure in Rural Communities Across the Country
Agriculture Secretary Tom Vilsack announced that the U.S. Department of Agriculture is investing $272 million to modernize rural drinking water and wastewater infrastructure for 270,000 people living in rural communities across 37 states and Puerto Rico.

Upcoming Events
CDFA Virtual National Summit
News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

Kentucky Moves Forward on $1.2B I-69 Toll Bridge to Indiana
Kentucky is set to launch the first phase of an Ohio River toll bridge that will connect the state to Indiana and serve as a critical link in an interstate highway connecting Mexico and Canada. The I-69 Ohio River Crossing is more than 20 years in the planning and in the end will feature a four-lane, tolled bridge carrying Interstate 69 from southern Indiana to northern Kentucky.

Munis Face Slight Pressure Amid Primary Flood
Municipals were softer with small cuts to benchmarks on Tuesday as the focus was mostly on the sizable new-issue calendar and deals were repriced to lower yields. Spreads have been widening, but secondary trading was on the light side and triple-A benchmarks were cut by only a basis point in spots even as U.S. Treasury yields once again rose on the 10- and 30-year.

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

SSBCI Learning Series - Module III
October 22, 2021 - 1:00 PM Eastern
The third module of the SSBCI Learning Series will cover Collateral Support Program and Loan Participation Program. It will also discuss insights on engaging financial institutions and FinTech, as well as strategies for meeting the needs of SEDI Businesses, Very Small Businesses, Rural Businesses, and Tribal Businesses.

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:

Sen. Schumer Visits Western New York; Touts Broadband Internet Funding In Infrastructure Bill
Senate Majority Leader Chuck Schumer was in Allegany County Monday, touting the bipartisan infrastructure bill and the provisions in it that aim to expand broadband access in underserved rural and urban communities.

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

PPP is Gone, But Federal Help for Small Businesses Isn't
Seattle Times | Oct. 21 | Access to Capital | Disaster Recovery & Relief | Federal | Revolving Loan Funds (RLFs) | COVID-19

Aberdeen, SD City Council Approves TIF District for Citizens Building
Aberdeen News | Oct. 20 | Economic Development | Infrastructure Finance | Redevelopment | Tax Increment Finance (TIF)

Biotech Firm Gets Incentives to Move to Beachwood, OH
Cleveland.com | Oct. 20 | Economic Development | Incentives | Tax Increment Finance (TIF)

Cleveland, OH City Council Approves Aid for Housing Projects
Cleveland.com | Oct. 20 | Economic Development | Housing Finance | Redevelopment | Tax Increment Finance (TIF)

Rethinking Food With Solidarity in Mind: Lessons from COVID-19
Nonprofit Quarterly | Oct. 20 | Access to Capital | Agriculture Finance | Food Systems Finance | Resiliency | Rural Development

The Value of the Amber Union Housing Project in Falcon Heights, MN
Park Bugle | Oct. 20 | Economic Development | Historic Preservation | Housing Finance | Redevelopment | Tax Increment Finance (TIF)

Banning, CA Could Benefit Economically from CRIA Law
Record Gazette | Oct. 18 | Economic Development | Energy Finance | Housing Finance | Infrastructure Finance | Redevelopment | State Finance Program | Tax Increment Finance (TIF) | Water Finance

Cleanup Completed at Poughkeepsie, NY Brownfield Site
Mid Hudson News | Oct. 18 | Brownfield Financing | Economic Development | Redevelopment | State Finance Program | Tax Credits

Commission Approves Midtown TIF in Columbus, IN
The Republic | Oct. 18 | Community Development | Economic Development | Infrastructure Finance | Redevelopment | Tax Increment Finance (TIF)

Developers Aim to Improve Newaygo, MI Housing Market
Grand Rapids Business Journal | Oct. 18 | Brownfield Financing | Housing Finance | Infrastructure Finance | Redevelopment

Hear Analysis of Private Activity Bonds and Volume Cap Trends at the CDFA Virtual National Summit
CDFA | Oct. 18 | Bond Finance

Plans to Start Franklin Street Brownfield Cleanup Next Month in Olean, NY
Olean Times Herald | Oct. 18 | Brownfield Financing | Economic Development | Redevelopment

Shenandoah County School Board, VA Approves Leasing of School for Lease Revenue Bond
The Northern Virginia Daily | Oct. 18 | Access to Capital | Bond Finance

Vermont ACCD Announces $10M in Funding Available for Brownfields Remediation
Vermont Business Magazine | Oct. 18 | Access to Capital | Brownfield Financing | Economic Development | Housing Finance | Redevelopment | State Finance Program

Garrett Music Academy in Maryland to Raise Funds from Local Investors With Small Business Bonds
The Bay Net | Oct. 16 | Access to Capital | Bond Finance | Public-Private Partnership (P3) Financing

WHEFA Bond Financing Helps PHW Muskego, Inc, Construct in Muskego, WI
WHEFA | Oct. 15 | Bond Finance | Housing Finance | Member News

Grand Rapids, MI, to Consider $22M in Brownfield Incentives for 8-Story Spectrum Health Development
MiBiz | Oct. 14 | Access to Capital | Brownfield Financing | Infrastructure Finance

Over $6M Coming to Otsego Township, MI as Part of Broader Rural Development Investments
WKZO | Oct. 14 | Access to Capital | Federal | Rural Development | U.S. Dept. of Agriculture (USDA) | Water Finance


National Sponsor Spotlight

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....
Ice Miller LLP Ice Miller LLP
Ice Miller is nationally recognized for its public-private partnerships (P3s), municipal bond and economic development experience. Ice Miller is a full service law firm dedicated to helping our clients stay ahead of a changing world. With over 340...
KeyBanc Capital Markets 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...

Partner Spotlight

The Bond Buyer 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 web site, e-newsletters and alerts, and daily print edition, The Bond Buyer reaches more than 25,000...

CDFA Bookstore

Cover thumbnail Innovation Finance Reference Guide
The Innovation Finance Reference Guide explores the growing seed, venture capital, and angel investment industry, and gives development finance agencies a roadmap for building an innovation finance initiative that supports entrepreneurship, business investment, and job creation.

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