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Development Finance Review Weekly - July 21, 2022

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Development Finance Review Weekly
July 21, 2022
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CDFA Development Finance Review Weekly

Features

Treasury Approves Nine Additional State Plans Through the SSBCI
The U.S. Department of Treasury announced an additional group of nine state plans approved under the State Small Business Credit Initiative. Treasury has approved more than $1.5 billion in funding to promote small business growth through SSBCI. These recipients under the SSBCI program plan to target key industries and small businesses in need of access to capital.

Coming Up in the CDFA-Bricker Webinar Series: Solar Projects
Join CDFA and Bricker & Eckler for the next installment in this year's Financing Green and Sustainable Assets webinar series on August 11. Presenters will discuss the most often-used approaches for supporting solar projects, with a focus on Ohio programs to demonstrate the importance of state-based financing strategies. Register now for this free event!

Louisville, KY Urban League Releases Recommendations for West End TIF
A report that the Louisville Urban League commissioned and released this month on the West End Opportunity Partnership urges leaders to partner with current residents, Metro Government, and nonprofits to ensure the tax increment financing district helps - rather than displaces - those living in the area's historic, predominantly Black neighborhoods.

How a Microgrid Saved Pittsburgh International Airport $1M
One year ago, Pittsburgh International Airport became the first airport in the nation to get all of its power from a solar and natural gas microgrid. Today, it's got 1 million extra dollars to show for it. The microgrid is part of a larger sustainability effort by the airport that includes employing alternative fuel strategies, repopulating the honeybee population and striving for LEED Silver Certification in its terminal modernization program.

Introducing Equity1821: First Black-Led CDFI Loan Fund in Indiana
Black Onyx Management, a consulting firm working to empower Black and marginalized communities, recently completed a feasibility study for the city of Indianapolis and LISC titled "Equity Pays: A case for Black-led Community Development Financial Institutions." The study has resulted in the creation of Equity1821, the first Black-led CDFI loan fund in Indiana.

USDA Makes It Easier for Farmers to Grow Food, Ease Burdens for Families
The Biden Administration announced this month the additional steps it's taking to support U.S. farmers in their work to stabilize food prices and feed Americans and the world amidst continuing challenges. To reduce the risk of raising two crops on the same land in one year, a practice known as double cropping, USDA's Risk Management Agency is expanding double crop insurance opportunities in over 1,500 counties where double cropping is viable.

Housing Trust Group Expands Into Illinois
Housing Trust Group, a leading affordable and workforce housing developer, has broken ground on its first Illinois community. Funding for the $18.2 million community includes $12.1 million in 9% low-income housing tax credit equity from National Equity Fund; $4 million from the COVID-19 affordable housing grant program provided by Illinois Housing Development Authority; and a $110,214 ComEd grant for building to energy-efficient standards.

Maine Connectivity Authority Announces $150M to Fund Broadband Expansion
The U.S. Department of the Treasury will provide $110 million from the ARPA Coronavirus Capital Projects Fund to support the Maine Connectivity Authority's broadband expansion programs. Combined with an anticipated $18.2 million second round of CPF funding and $21 million allocated from the Maine Jobs and Recovery Program, the program represents a tenfold increase over any past investment in Maine's broadband infrastructure.

Upcoming Events
CDFA Virtual Summer School
News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

Do Fund Flows Affect Bond Issuance?
Municipal bond fund flows have a direct impact on borrowing decisions made by issuers held in the fund, argues an academic paper presented Tuesday at Brookings Municipal Finance Conference. But the relationship may appear less clear in the real-world experiences of some market participants.

Northwest Indiana Rail Commuter Projects Reach Financial Milestones
Final financing deals are nearly complete for two long-planned commuter rail projects billed as transformational for the Northwest Indiana corridor that sits in the shadow of Chicago along the Lake Michigan shoreline.

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 Infrastructure Finance Learning Series: Preparing for Federal Grant Applications
Tuesday, August 9, 2022 - 1:00 PM - 4:00 PM Eastern
Applying for federal grants is a competitive process that requires a significant amount of time and planning prior to submission. It is essential for applicants to know how to navigate the available funding sources and prepare the necessary information to apply well in advance. This session will provide guidance and best practices on the various components of a federal grant application.

CDFA-Bricker Webinar Series: Solar Projects
Thursday, August 11, 2022 - 2:00 PM - 4:00 PM Eastern
This webinar will provide an overview of tax abatements typically used by solar developers, with a focus on examples from the state of Ohio, and panelists will also discuss how abatements and payment-in-lieu-taxes agreements interplay with state permitting processes.

CDFA // BNY Mellon Development Finance Webcast Series: The Latest Community Engagement Strategies for TIF
Tuesday, August 16, 2022 - 2:00 PM - 3:00 PM Eastern
Tax Increment Finance (TIF) is an essential tool for financing redevelopment and transformation in communities of all sizes. During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will explore new strategies that local governments are employing to give tax payers, schools, and businesses a path to participating in TIF deal structuring and negotiation.

Job & RFP Postings

DCED Job Opening: Community Development Manager
City of Hagerstown-Department of Community and Economic Development is seeking a Community Development Manager. This position is responsible for the administration of the City's Community Development Block Grant program. Prepares the Consolidated Plan, Annual Action Plan, Consolidated Annual Performance and Evaluation Report and other related reports as required by the Federal Government.

This Week's Headlines

Arizona EV Drivers Give ADOT Valuable Input on EV Charging Infrastructure Build-Out
Clean Technica | Jul. 20 | Economic Development | Energy Finance | Green Finance | Infrastructure Finance | Transportation

Franklin County, VA Working Toward Broadband Access for More Residents
WSLS 10 News | Jul. 20 | Community Development | Infrastructure Finance | Broadband

Funds From IIJA Could Mean Larger Expansion of Alaska's EV Charging Network
Alaska Public Media | Jul. 20 | Community Development | Infrastructure Finance | Transportation

Michigan Taps Funding Sources to Support Water Infrastructure
Michigan Dept. of Environment, Great Lakes, and Energy | Jul. 20 | Infrastructure Finance | Revolving Loan Funds (RLFs) | Water Finance | Revolving Loan Funds (RLFs) | Water Finance | Case Studies | State Revolving Fund

Oconomowoc, WI Authorizes Move Forward with TIF Agreement for Redevelopment Project
Milwaukee Journal Sentinel | Jul. 20 | Community Development | Economic Development | Infrastructure Finance | Redevelopment | Tax Increment Finance (TIF)

Pennsylvania Gov. Awards $14M to Help Allegheny County Developers Attract Business
WESA | Jul. 20 | Access to Capital | Economic Development | Infrastructure Finance | Redevelopment | Revolving Loan Funds (RLFs)

Indiana Wins Up to $99M From SSBCI to Spur Entrepreneurship, Start-Ups
Indiana Economic Digest | Jul. 19 | Access to Capital | Disaster Recovery & Relief | Economic Development | Revolving Loan Funds (RLFs) | State Small Business Credit Initiative (SSBCI)

Rice County, MN Approves Financing for Public Safety Center
Faribault | Jul. 19 | Bond Finance | Community Development

Vermont to Use $58M in Pandemic Funding to Aid Entrepreneurs
WCAX | Jul. 19 | Access to Capital | Disaster Recovery & Relief | Economic Development | Revolving Loan Funds (RLFs) | State Small Business Credit Initiative (SSBCI)

Connecticut Plans to Support Entrepreneurs and Small Businesses Growth with COVID Recovery Funding
Office of Ned Lamont | Jul. 18 | Access to Capital | Disaster Recovery & Relief | Economic Development | Energy Finance | Federal | Revolving Loan Funds (RLFs) | Social Finance | State Small Business Credit Initiative (SSBCI) | U.S. Dept. of Treasury | COVID-19

PNC Bank to Support Clean Energy in New Partnership with Constellation
Microgrid Media | Jul. 17 | Access to Capital | Energy Finance | Infrastructure Finance

Bipartisan Michigan Budget Equips EGLE to Protect Public Health and the Environment
Michigan.gov | Jul. 15 | Access to Capital | Brownfield Financing | Energy Finance | Green Finance | Healthcare | Infrastructure Finance | Water Finance

Biden's Broadband Funds Finally Making Their Way to Rural Communities
The Verge | Jul. 14 | Access to Capital | Rural Development | State Finance Program | Tribal Finance | U.S. Dept. of Treasury | COVID-19

Launch Tennessee Makes $7M Matching Fund Available for Businesses
Black Enterprise | Jul. 14 | Access to Capital | Economic Development

USDA to Help Rural Infrastructure in Northern Michigan Through $10.8M Investment
UpNorthLive | Jul. 14 | Infrastructure Finance | Rural Development | Water Finance


New Additions to the Online Resource Database

Treasury Approves Nine Additional State Plans Through the SSBCI
Access to Capital | Economic Development | Federal | Innovation Finance | State Finance Program | State Small Business Credit Initiative (SSBCI)
The U.S. Department of Treasury announced an additional group of nine state plans approved under the State Small Business Credit Initiative (SSBCI). Treasury has approved more than $1.5 billion in funding to promote small business growth through SSBCI. These recipients under the SSBCI program plan to target key industries and small businesses in need of access to capital.


National Sponsor Spotlight

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...
CohnReznick CohnReznick
With origins dating back to 1919, CohnReznick is the 11th largest accounting, tax and advisory firm in the United States, combining the resources and technical expertise of a national firm with the hands-on, entrepreneurial approach that today's...

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.

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
Become a Sponsor