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Development Finance Review Weekly - December 14, 2023

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Development Finance Review Weekly
December 14, 2023
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CDFA Development Finance Review Weekly

Features

CDFA is Hiring a New Vice President of Development Finance
The Council of Development Finance Agencies is now accepting applications for Vice President, Development Finance. This position leads CDFA's development finance practice and is responsible for ensuring CDFA delivers on its research projects, resource collection, educational offerings, partnerships, and content creation. Want to join the CDFA family in Columbus, Ohio? Email your cover letter, resume, salary request, and three professional references to jobs@cdfa.net.

Missoula County, MT Approves Revolving Loan Fund for Mental Health Services
Missoula County commissioners approved the creation of a revolving loan fund on Tuesday morning for mental health services. The fund will set aside up to $1 million of American Rescue Plan Act funds for nonprofits addressing mental health and substance abuse. Colleen Rudio, the center's interim executive administrator, said the funding, along with grants, will provide stability for services like a consistent long-term facility for those dealing with substance abuse.

U.S. Department of Transportation Announces $645M for Rural Transportation
The U.S. Department of Transportation announced that it has awarded $645.3 million from the Rural Surface Transportation Grant Program to help communities around the United States complete transportation projects that will increase mobility, improve safety, and generate regional economic growth in rural areas. This is the second year for the Rural Program, which, thanks to the Bipartisan Infrastructure Law, invests a total of approximately $2 billion through 2026.

Small Business Administration Delivered $50B in Funding to Small Businesses in 2023
The SBA delivered $50 billion in capital, disaster relief, and bonding to small businesses and disaster-impacted communities in Fiscal Year 2023 (FY23). The SBA experienced increases in its microloan program, as well as its 7(a) Loan Program — the agency's primary vehicle for providing funding to small businesses. Additionally, it advanced equity with significant increases in lending to Black, Latino, Asian American, Pacific Islander and Native Hawaiian, Native American, women, and veteran small business owners.

State of Ohio Receives Top Bond Ratings Across All Credit Bureaus
Ohio Governor Mike DeWine announced that S&P Global Ratings upgraded the state's issuer default and general obligation bond ratings to "AAA," citing Ohio's demonstrated commitment to active budget management, building and maintaining reserves, significant state-supported economic diversification efforts, and a belief that the state can maintain better credit characteristics than the U.S. in a stress scenario.

Assured Guaranty Insures $800M in Bonds for JFK International Airport Project
Assured Guaranty Municipal Corp., a subsidiary of financial guaranty insurer Assured Guaranty Ltd., has insured $800 million of bonds for the JFK International Airport's New Terminal One project. The bonds insured by AGM are part of a $2 billion issue of fixed-rate bonds that have been designated as Green Bonds. They have been issued to refinance a portion of the costs relating to the redevelopment of the New York airport's Terminal One.

Gila River Indian Community Receives $5.6M for Canal-Solar Panel Project
Arizona's Gila River Indian Community is receiving $5.6 million from the U.S. Bureau of Reclamation to install solar panels over the Casa Blanca Canal. The panels have the potential to create several significant benefits, including generating renewable energy; reducing evaporation losses of the canal; and increasing efficiency and production of solar panels because of the cooling effect of the water beneath the panels.

Wayne County, MI Promotes Clean Energy Program with Detroit's Cambria Hotel
Wayne County is working to reduce its carbon footprint and now local businesses can help thanks to a new project. The Cambria Hotel Detroit is one example of what operating a sustainable business can look like and the Property Assessed Clean Energy project helped it get there.

Upcoming Events
Fundamentals of Economic Development Finance WebCourse
News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

Florida's Budget Continues Long Trend of Bond Debt Paydown
Florida's $114.4 billion proposed budget for fiscal 2024-2025 continues a more than decade-long trend of paying down debt while limiting new bond issuance. Gov. Ron DeSantis released his recommended budget that would spend almost 4%, or $4.6 billion, less than the current fiscal year.

Illinois Tollway and Midway Airport Planning Refunding Deals
Two big Illinois issuers have scheduled refunding deals with planned pricings on Thursday, with the Illinois State Toll Highway Authority to issue $900 million of series 2024A senior revenue refunding bonds and Chicago's Midway Airport to sell $393 million of series 2023C senior revenue refunding bonds.

CDFA is proud to partner with The Bond Buyer as our Official Media Sponsor. The Bond Buyer offers CDFA State and Local Members a 55% discount off of the Issuer Rate. Contact CDFA for more information.

Upcoming Webcasts

CDFA // BNY Mellon Development Finance Webcast Series: Financing Childcare Facilities with Bonds
December 19, 2023 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, experts will discuss challenges faced in financing childcare facilities and share examples of how bond financing can be used to support such businesses.

Job & RFP Postings

City of Santa Fe - RFQ
The City of Santa Fe's Community Development Department has released the first of two solicitations aimed at attracting potential partners and bidders to develop a vibrant mixed-use, mixed-income, multigenerational neighborhood in the 550-acre Las Estrellas subdivision in northwest Santa Fe. The first solicitation is a Request for Qualifications (RFQ) from potential City partners and is intended to incentivize the transformation of the approximately 19-acre Las Estrellas Tract 6A into a modern, innovative community with a majority of moderately-priced homes. The deadline for submissions for the RFQ is January 15, 2024.

Maryland DHCD - Accounts Payable Supervisor
DFA is seeking a qualified enthusiastic candidate to fill a contractual Accounts Payable Supervisor position in its Finance Division. This position serves as the Accounts Payable Supervisor who is responsible to plan, supervise, and evaluates the verification and recording of payments in the State Financial Management Information System.

Rhode Island Food Policy Council - Program Directors
The Rhode Island Food Policy Council (RIFPC) is seeking two NEW full-time, primarily remote program directors who want to contribute meaningfully to promoting a more equitable, accessible, economically vibrant, and environmentally sustainable food system in Rhode Island. Applications for these positions will be accepted until they are filled, but those received before December 18 at 5:00 PM ET will receive preference.

This Week's Headlines

Biden Administration Issues Long-Awaited EV Tax Credit FEOC Guidance
JD Supra | Dec. 13 | Energy Finance | Infrastructure Finance | Tax Credits | U.S. Dept. of Energy (DOE) | U.S. Dept. of Treasury

Nuveen Green Capital Aims to Make C-PACE a Foundational Piece of Every Capital Stack
The Real Deal | Dec. 13 | Energy Finance | Green Finance | Property Assessed Clean Energy (PACE)

TDEC Announce Loans Totaling $17.8M for Fayetteville, TN Water Improvements
TN Department of Environment & Conservation | Dec. 13 | Economic Development | Revolving Loan Funds (RLFs) | Water Finance

Virginia Governor Youngkin Announces $2B World-Class Entertainment District
Falls Church News Press | Dec. 13 | Bond Finance | Economic Development | Public-Private Partnership (P3) Financing

Wagoner County, OK Approves C-PACE Program in Effort Promote Growth
Muskogee Phoenix | Dec. 13 | Energy Finance | Property Assessed Clean Energy (PACE)

Kinetic Breaks Ground on $20.5M Fiber Expansion Project in Rural Georgia
Broadband Communities | Dec. 12 | Disaster Recovery & Relief | Infrastructure Finance | COVID-19 | Broadband

Virginia Invests SSBCI Funds Climate Impact Forecasting Tool Company
EIN Newswires | Dec. 12 | Access to Capital | Disaster Recovery & Relief | Green Finance | Innovation Finance | State Small Business Credit Initiative (SSBCI) | U.S. Dept. of Treasury | Treasury State Small Business Credit Initiative (SSBCI) | Venture Capital

Baltimore, MD to Unveil $3B Plan for Vacant Houses, Including New TIF
Baltimore Sun | Dec. 11 | Housing Finance | Redevelopment | Tax Increment Finance (TIF)

Vermont Receives $7.5M from Treasury, Philanthropy for Affordable Housing
Vermont Biz | Dec. 11 | Access to Capital | Housing Finance | Legislative | U.S. Dept. of Treasury

Washington, D.C. Receives $22.5M from Treasury for Health Infrastructure
Executive Office of the Washington, D.C. Mayor | Dec. 11 | Access to Capital | Healthcare | Legislative | U.S. Dept. of Treasury

Bettendorf, IA Considers $11M in TIF Bonds for Pedestrian Bridge
Quad-City Times | Dec. 10 | Infrastructure Finance | Redevelopment | Tax Increment Finance (TIF)

Department of Interior Distributed $1.4B to Indian Economic Enterprises in 2023
Indian Gaming | Dec. 8 | Access to Capital | Tribal Finance

Missouri Approves Millions in Tax Credits, Bonds for Housing
Missouri Independent | Dec. 8 | Access to Capital | Bond Finance | Housing Finance | Tax Credits | Private Activity Bonds

U.S. Economic Development Administration Releases 2023 Impact Report
U.S. Economic Development Administration | Dec. 8 | Access to Capital | Federal | U.S. Economic Development Administration (EDA)

$14.4M Secured for Affordable Westview Heights Apartments in Denton, TX
Yield Pro | Dec. 8 | Housing Finance | Tax Credits | Low Income Housing Tax Credits (LIHTCs)

Middle-Income Housing Tax Credit Legislation Introduced in Congress
Novogradac | Dec. 7 | Housing Finance | Legislative | Tax Credits


National Sponsor Spotlight

BNY Mellon BNY Mellon
BNY Mellon is the world's leading provider of corporate trust and agency services, administering $28.5 trillion in outstanding debt from 69 locations in 39 countries. Our clients include governments and their agencies, corporations, financial...
Bricker Graydon LLP Bricker Graydon LLP
Bricker Graydon LLP assists public and private sector entities throughout the Midwest with the implementation of development finance projects utilizing tax incentives and bond finance structures, including TIF, CPACE, and other leverage tools.
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,...

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

CDFA Bookstore

Cover thumbnail Practitioner's Guide to Economic Development Finance 3rd 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

Blended Impact - Los Angeles, CA

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
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