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Development Finance Review Weekly - June 3, 2021

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Development Finance Review Weekly
June 3, 2021
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CDFA Development Finance Review Weekly

Spotlight

The Most Important Small Business Lending Program You've Never Heard of is Back and Bigger than Ever
As part of the American Rescue Plan passed in March, Congress is putting out a second round of the State Small Business Credit Initiative. This time, it's providing $10 billion. States have until June 4 to notify the U.S. Treasury that they plan to seek funding under the initiative, and then they'll have until December 11 to submit a full application with a plan for how they'll use those funds over the next ten years.

Features

CDFA Releases Policy Proposal on Financing Electric Vehicle Charging Stations
To meet the need for electric vehicle (EV) infrastructure expansion, CDFA recommends the creation of a new Exempt Facility Bond category for vehicle recharging stations that would complement existing federal programs by making bonds available for the rapid expansion of charging infrastructure. CDFA also recommends that several existing federal financing programs be modified to allow for the financing of EV charging stations.

SB Friedman Leads NMTC Closing of Mercy Care Decatur Street Clinic in Atlanta, GA
SB Friedman's New Markets Tax Credit (NMTC) practice structured and led the closing of a $23 million NMTC financing for a renovation and expansion of Mercy Care's Decatur Street Clinic with best practices in clinic design. Mercy Care is one of the largest Federally Qualified Health Centers in Atlanta and the only health center in the city designated by the U.S. Health and Human Services as a Health Care for the Homeless provider.

Nation's Mayors, Cities, Counties Send Joint Letter to House and Senate Leaders Opposing Clawback Proposals to Repurpose ARP Funds
The U.S. Conference of Mayors, National League of Cities, and National Association of Counties sent a joint letter to Senate Majority Leader Schumer, Republican Leader McConnell, House Speaker Pelosi, and Republican Leader McCarthy opposing any proposal that would repurpose urgently needed coronavirus relief funds for other activities. A copy was also sent to all members of Congress.

White House Releases Fiscal Year 2022 Budget Request
The White House has released its fiscal year 2022 Budget Request. The Budget lays out the essential investments that the Biden Administration has proposed through the American Jobs Plan, the American Families Plan, confronting the pandemic, rescuing the economy, and building back better.

Join Us for CDFA Virtual Summer School on August 2-12
CDFA Virtual Summer School is a 2-week long series of courses presented by the CDFA Training Institute. CDFA Virtual Summer School will offer seven different training courses, all held online. Learn from our expert practitioners and experience CDFA's most interactive educational event of the year - all from the comfort of your own home or office!

JCT Report: Qualified Opportunity Funds Invested $24B Through 2019
The Joint Committee on Taxation issued a report which found that according to tax return data, Qualified Opportunity Funds have made roughly $24 billion in total investments as of the end of 2019. Over 92 percent of these investments went into low-income Opportunity Zone communities, and about six percent went to Opportunity Zones contiguous to low-income communities.

Partnerships for Public Purpose: The New P3s for Fighting the Biggest Crises of Our Time
It has long been recognized that the private sector has the potential to support delivery or financing of services that address crises like climate change through public-private partnerships (PPPs). There is now great potential for a new type of PPP —partnerships for public purpose — which emphasize not whether the partner is from the public or private sector, but whether these collaborations and their impact have a publicly-oriented purpose.

Greater Seattle Partners Unveils Plan for More Equitable Economic Growth Post-COVID
Greater Seattle Partners' economic recovery framework looks to build a more resilient and equitable economy by funding programs that will level the playing field for women and people of color. To address these economic shortfalls, a report released by the organization suggests financing $10 million to start a minority business accelerator, a $15 million equity loan fund, and $1 million to attract emerging industry clusters.

Upcoming Events
CDFA Virtual Summer School
News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

High-Yield Deals Are Blowouts; ICI Reports $2.3B Inflows
Municipals were firmer in both secondary trading and with primary deals repricing to lower yields as the Investment Company Institute reported more than $2.3 billion of inflows into municipal bond mutual funds, helping to keep muni yields low. Trading jumped up Wednesday with several high-grade names clearing at lower yields, combined with solid, large new-issues repriced and upsized, easily closing.

Texas Revenues Soar as Pandemic Eases, Comptroller Says
After a year of pandemic, a costly winter storm, and a tumultuous legislative session, Texas is riding a lot higher than Comptroller Glenn Hegar expected. "The word 'uncertain' has become a staple of my vocabulary," Hegar told The Bond Buyer's Texas Public Finance Conference in a keynote speech Wednesday. "The ground was shifting under our feet, and it felt like it was never going to stop moving."

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

CDFA SSBCI Briefing
Friday, June 4, 2021 - 1:00 PM - 2:00 PM Eastern
During this SSBCI Briefing, CDFA will provide a readout from the recent SSBCI Coalition Meeting and provide an overview of recommendations in the Coalition's RFI response letter. Cory Phelps from the Idaho Finance and Housing Association will join Friday's briefing to share insights on Idaho's SSBCI 1.0 program, current business needs, proposed SSBCI 2.0 activities, and new strategies.

CDFA Federal Financing Webinar Series: Federal Financing for Energy and Water Systems
Tuesday, June 8, 2021 - 2:00 PM - 3:30 PM Eastern
During this installment of the CDFA Federal Financing Webinar Series, experts from the EPA and DOE will highlight best practices, case studies, and mitigation tools that will help your community finance critical projects.

CDFA // BNY Mellon Development Finance Webcast Series: Rural Broadband & Telehealth Financing
Tuesday, June 15, 2021 - 2:00 PM - 3:00 PM Eastern
During this webinar, experts will explain how rural communities can embrace the challenges of financing high-speed internet for the economic and societal gains provided by broadband.

Legislative & Federal Affairs

A look at the latest legislative news impacting the development finance industry:

Reps. Phillips, Walorski Introduce Bipartisan Bill to Spur Innovation, Protect Vulnerable Startups
Reps. Dean Phillips (D-MN) and Jackie Walorski (R-IN) introduced the IGNITE American Innovation Act, a bipartisan bill to provide relief for startup businesses that were ineligible for other types of aid passed by Congress in response to the COVID-19 pandemic. The bill will allow small and mid-size businesses left out of the CARES Act to access fast and efficient capital so that they can continue to accelerate our nation's recovery.

Senate Finance Committee Advances Energy Tax Credit Overhaul Bill Amid Partisan Deadlock
Members of the Senate Finance Committee vied to add and preserve resource-specific tax credits to the Clean Energy for America Act, a bill intended to replace some 40 individual tax incentives with broader and more uniform tax credits tied to carbon emissions reductions. While Democratic members of the committee generally supported the bill, Republicans rejected the final version.

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

City of Tulsa, OK Hiring Senior Vice President of Community Development
The Senior Vice President of Community Development serves as a member of the senior leadership team for the Tulsa Authority for Economic Opportunity, leading a team of staff dedicated to increasing shared prosperity and racial equity in Tulsa.

City of Tulsa, OK Seeking Senior Vice President of Development Finance and Strategic Investments
The Senior Vice President of Development Finance and Strategic Investments serves as a member of the senior leadership team for the Tulsa Authority for Economic Opportunity, leading a team of staff focused on managing public finance and incentive tools and programs; analyzing, developing, and supporting development and redevelopment projects; and managing and optimizing the Authority's financial and real estate assets.

This Week's Headlines

A First-of-its-Kind Exploration of Ohio's Opportunity Zone Investments
EIG | Jun. 3 | Opportunity Zones

Gov. Wolf Announces New Investments in Agriculture in Six Pennsylvania Counties
Gov. Tom Wolf | Jun. 3 | Access to Capital | Agriculture Finance | Rural Development | State Finance Program

Localvore App Helps Feed Vermonters During Pandemic
Vermont Biz | Jun. 3 | Food Systems Finance | Innovation Finance | Social Finance

Aspire Fund, Arizona's Opportunity Zone Investment Fund, Officially Announces the Completion of the First Fully-Permitted Tiny Home Development
Cision | Jun. 2 | Economic Development | Housing Finance | Innovation Finance | Opportunity Zones | Urban Development

EPA Awards $300K Brownfields Assessment Grant to Tuskegee, Alabama
U.S. EPA | Jun. 2 | Brownfield Financing | Economic Development | Federal | U.S. Environmental Protection Agency (EPA)

FEMA Provides an Additional $1.4M to Salt Lake County, UT for COVID-19 Response
FEMA | Jun. 2 | Disaster Recovery & Relief | Federal | Resiliency

Fitch Takes Various Rating Actions on U.S. Enhanced Municipal Bonds and TOBs
Fitch Ratings | Jun. 2 | Bond Finance | Infrastructure Finance

Global Green Bond Issuance to Gather Steam After Record Q1, EU to Stay in Lead
S&P Global | Jun. 2 | Bond Finance | Energy Finance | Green Finance | International

The American Rescue Plan is the Broadband Down Payment the Country Needs
Brookings | Jun. 2 | Access to Capital | Federal | Infrastructure Finance | Legislative

The Impact of COVID-19 on Ag Lending
ABA Banking Journal | Jun. 2 | Access to Capital | Agriculture Finance | Disaster Recovery & Relief | Revolving Loan Funds (RLFs) | U.S. Dept. of Agriculture (USDA) | COVID-19

The Smartest Way to Finance Clean Energy That You've Never Heard Of
Vox | Jun. 2 | Energy Finance | Federal | Green Finance | Innovation Finance | Legislative

Full Participation in SSBCI 2.0 Program Anticipated
CDFA | Jun. 1 | Federal | State Small Business Credit Initiative (SSBCI)

SBA Administrator Issues Statement on the Closure of Paycheck Protection Program
U.S. SBA | Jun. 1 | Access to Capital | Disaster Recovery & Relief | Federal | U.S. Small Business Administration (SBA) | COVID-19

Developers Open $19M Senior Affordable Housing Project Outside Atlanta, GA
What Now Atlanta | May. 28 | Community Development | Housing Finance | Member News | Public-Private Partnership (P3) Financing | Social Finance | Tax Credits | Case Studies | Case Studies | Low Income Housing Tax Credits (LIHTCs)

To Solve Climate Change, the Innovations We Need are Financial
The Hill | May. 28 | Energy Finance | Federal | Green Finance | Resiliency


National Sponsor Spotlight

PGAV Planners, LLC PGAV Planners, LLC
PGAV is a global leader in planning, design, and development consultation to public, corporate, and institutional clients. For more than fifty years, PGAV has created unique approaches and solutions to community planning and development issues, and...
SB Friedman Development Advisors SB Friedman Development Advisors
SB Friedman Development Advisors is a real estate and development advisory firm specializing in development strategies and public-private partnerships. Founded in 1990, they work with public, private and institutional clients. Their mission is to...
Stern Brothers Stern Brothers
Stern Brothers is the nation's largest certified 100% woman-owned business enterprise ("WBE") investment bank. As one of the few remaining independent, private investment banks in the country, they provide successful Underwriting, Private Placement,...

CDFA Bookstore

Cover thumbnail Tax Credit Finance Reference Guide
The Tax Credit Finance Reference Guide provides an exploratory overview of how communities can use tax credit finance programs to support economic growth. This guide examines how to effectively apply tax credits to development opportunities, and explains the basics of tax credits and the fundamentals of using these tools.

New Members

Community Redevelopment Agency - Memphis, TN

Utica Industrial Development Agency - Utica, NY

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