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CDFA Brownfields Finance Update - February 2, 2021

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Brownfields Financing Update
February 2, 2021
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Brownfields Finance Update

Features

CCLR and ANJEC Updated Their Remediating and Redeveloping Brownfields in New Jersey Publication
The Center for Creative Land Recycling and the Association of New Jersey Environmental Commission have teamed up to update their 2014 Remediating and Redeveloping Brownfields in New Jersey publication. Filled with funding and financing options, case studies, and best practices, it is an excellent starting point for New Jersey redevelopment. 

EPA Brownfield Grants Helping Revive West Virginia Communities
An old rail car plant in Huntington, a 1920s ice house in Hinton, and a World War II-era industrial structure in Morgantown are among projects in West Virginia communities that share in $3.3 million worth of brownfield grant funding from the federal Environmental Protection Agency.

MEDC Approves Developments in Grand Haven, MI
The Michigan Strategic Fund approved a $4.75 million Michigan Community Revitalization Program performance-based loan participation award in support of the project. The City of Grand Haven's Brownfield Redevelopment Authority also received approval of a brownfield plan that includes $1,378,865 in state tax capture that will help with the remediation of brownfield conditions at the site.

Lofts on Rowe Workforce Housing Project Receives $2M in State Grant
This workforce housing development project has financing from a $5.2 million bank loan, historic tax credits with an estimated value of more than $1.6 million, and approximately $3 million in owner equity. The Pennies From Heaven Foundation has also contributed $1 million in grant funding to support the $12.7 million total project costs.

Houston, TX Approves Brownfield Solar Project
Houston has approved a lease agreement with Sunnyside Energy LLC to advance the Sunnyside Solar Project, a public-private partnership to convert the 240-acre closed landfill in Sunnyside into the largest brownfield solar installation in the nation.

Iowa Governor Proposes State LIHTC, Expansion of Workforce Housing Credit
Iowa Gov. Kim Reynolds released a proposed fiscal year 2022-23 budget this week that includes a state low-income housing tax credit (LIHTC), doubling the state workforce housing tax credit, increasing funding for the state housing trust funds, and double the allocation for redevelopment tax credits, which apply to properties developed in brownfield or grayfield properties.

$100M Development Moves Forward in Lansing, MI
Work on the $100 million, 4-acre mixed-use project began in 2019, but was put on hold last year due to COVID-19's effect on the economy and other issues. Brownfield tax credits and tax increment financing contributions are around $15 million.

Upcoming Events
CDFA Federal Financing Webinar Series: Restoring Local Economies with Federal Partners

Intro Tax Increment Finance WebCourse
March 24-25, 2021 - Daily: 12:00-5:00 PM Eastern
This course brings TIF deal-making and best practices into focus through a two-day program targeting the entire TIF community including economic developers, public agency representatives, bond issuers, legal professionals, developers, financial advisors, and other stakeholders. 

CDFA-Bricker PACE Webinar Series: How PACE Gets Utilized Across All Market Segments
Tuesday, March 30, 2021 - 2:00 PM - 4:00 PM Eastern
PACE can be used for new construction, existing building renovations, or refinancing. Each market segment has its own view of why PACE is valuable and this workshop will provide insights and details into each.

CDFA Brownfields Technical Assistance Program


Brownfields Financing Headlines

Michigan Community to Consider Pursuing Grant From EGLE
Ludington Daily News | Feb. 1 | Brownfield Financing

Old YMCA Site Could Transform Into New Apartments
The Gazette | Feb. 1 | Brownfield Financing | Tax Credits

Orem, UT Asking Residents With Land to Do Brownfield Testing
Daily Herald | Feb. 1 | Brownfield Financing

Domain Cos. Breaks Ground on $310M Bronx, NY Project
Multi-Housing News | Feb. 1 | Brownfield Financing

Vermont Balanced Their Budget Amid Pandemic
Saint Albans | Jan. 29 | Brownfield Financing | Energy Finance | COVID-19

New York Department of State Designates Bull's Head as a Brownfield Opportunity Area
EIN Presswire | Jan. 29 | Brownfield Financing

New York's Brownfield Cleanup Program Marks Successful Year
Niagara Frontier Publications | Jan. 27 | Brownfield Financing

Virtual Meeting on New York's Proposed Amazon Property Cleanup
Patch | Jan. 26 | Brownfield Financing

Jackson County, Michigan Awarded $300K to Assist Companies With Brownfield Sites
WILX.com | Jan. 25 | Brownfield Financing

New Industrial Building Planned for Former GM Spring and Bumper Plant Site
Hometown Life | Jan. 20 | Brownfield Financing | Tax Credits

Martinsburg, WV Considers Developing an Urban Renewal Authority
Journal News | Jan. 15 | Brownfield Financing

IDA Received $100k for Schoolfield, White Mill Sites in Danville, VA
Danville Register & Bee | Jan. 12 | Brownfield Financing

NJEDA Loan Program Seeks to Transform 'Dangerous Eyesores'
Tap Into Paterson | Jan. 11 | Brownfield Financing

New Jersey Governor Signs Economic Recovery Legislation
Insider NJ | Jan. 7 | Brownfield Financing | Disaster Recovery & Relief | Economic Development | Food Systems Finance | Incentives | Revolving Loan Funds (RLFs) | Tax Credits | COVID-19

EPA Celebrates Cleanup Accomplishments Leading to Economic Development
EPA | Jan. 7 | Brownfield Financing



The Council of Development Finance Agencies (CDFA) 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, visit www.CDFA.net or email info@cdfa.net.

Disclaimer: This publication was developed under Assistance Agreement No. TR-83576801-0 awarded by the U.S. Environmental Protection Agency. It has not been formally reviewed by EPA. The views expressed in this document are solely those of Council of Development Finance Agencies and EPA does not endorse any products or commercial services mentioned in this publication. 


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

  • Baker Tilly
  • BNY Mellon
  • Bricker & Eckler LLP
  • Brownfield Superfund Advisory, Inc
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
  • CohnReznick
  • FBT Project Finance Advisors LLC
  • Frost Brown Todd LLC
  • gener8tor
  • Hawkins Delafield & Wood LLP
  • Ice Miller LLP
  • KeyBanc Capital Markets
  • Kutak Rock LLP
  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
  • PGAV Planners, LLC
  • SB Friedman Development Advisors
  • Stern Brothers
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
Become a Sponsor