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Development Finance Review Weekly - November 11, 2021

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Development Finance Review Weekly
November 11, 2021
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CDFA Development Finance Review Weekly

Spotlight

CDFA Publishes Annual Volume Cap Report: An Analysis of 2019-2020 Private Activity Bond & Volume Cap Trends
The Council of Development Finance Agencies has published the CDFA Annual Volume Cap Report: An Analysis of 2019-2020 Private Activity Bond and Volume Cap Trends. The CDFA Annual Volume Cap Report provides an overview of volume cap trends and how private activity bonds (PABs) are used from state to state. The 2019-2020 Annual Volume Cap Report is the most comprehensive analysis of PAB volume cap trends and data ever undertaken by CDFA.

Features

House Democrats Pass $1T Infrastructure Bill, Sending It to President Biden's Desk
Democrats set aside divisions between progressives and centrists to pass a $1 trillion package of highway, broadband, and other infrastructure improvements, sending it on to President Joe Biden to sign into law. The 228-to-206 vote late on Friday is a substantial triumph for Biden's Democrats. Biden's administration will now oversee the biggest upgrade of America's roads, railways, and other transportation infrastructure in a generation.

Treasury Issues State Small Business Credit Initiative Program Implementation Guidance
On November 10, the U.S. Department of the Treasury issued capital program implementation guidance for the State Small Business Credit Initiative (SSBCI) Program. The new version of the program will provide a combined $10 billion to states, the District of Columbia, territories, and Tribal governments to empower small businesses to access capital needed to invest in job-creating opportunities as the country emerges from the pandemic.

GAO Releases Report on Opportunity Zones and Challenges Facing the IRS
The Government Accountability Office (GAO) was asked to review the implementation and use of the Opportunity Zones incentive. This newly-released report describes the process for designating census tracts as Opportunity Zones and compares characteristics of designated and non-designated tracts; describes Qualified Opportunity Funds' experiences with and states' views on the tax incentive; analyzes available IRS data; and evaluates IRS's taxpayer compliance plans, among other objectives.

Program to Lend Billions to Aid California's Supply-Chain Infrastructure
The Transportation Department will team up with California to provide billions in loans to strengthen the state's overwhelmed ports and supply-chain infrastructure, in an effort to prevent a repeat of the bottlenecks that have crippled the flow of goods into and out of the United States. The loans could be used to upgrade ports, expand capacity for freight rail, increase warehouse storage and improve highways to reduce truck travel times.

CDFI Fund Opens CY 2021 NMTC Allocation Round; Application Deadline Jan. 13, 2022
The Community Development Financial Institutions (CDFI) Fund released a notice of allocation availability (NOAA) for the $5 billion calendar year 2021 allocation round of the New Markets Tax Credit (NMTC) program, along with application materials and an updated application FAQ document. The NOAA will be published in the Federal Register Monday and applications are due Jan. 13, 2022.

Join the Conversation About Financing Smart Cities Initiatives With CDFA and BNY Mellon
Communities around the country are still working to understand what kinds of smart infrastructure they want and need at the local level - and how to pay for these 'smart cities' initiatives. Join the next free 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.

Preliminary Estimates Show Build Back Better Legislation Will Reduce Deficits
The Build Back Better Act invests meaningfully in American families and workers, while laying the foundation for meeting imperative climate goals. With the release of the text of the Build Back Better Act in the House and scoring from the Joint Committee on Taxation, we can update the estimate of fiscal savings.

Upcoming Events
Intro Property Assessed Clean Energy (PACE) Finance WebCourse
News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

Volume Cap Data Highlights a Need for Legislative Reforms
After reaching an all-time high in 2019, total issuance of private activity bonds appeared to decrease slightly in 2020, though the Council of Development Finance Agencies said the recent data shows that reforms are needed to make issuance more efficient and accessible. Total private activity bond issuance in 2020 dipped to $27.7 billion from $30.5 billion in 2019, according to CDFA's Annual Volume Cap Report released November 5. However, CDFA, which has compiled a yearly report on private activity cap trends for the last 16 years, expects bond issuance to increase steadily as it has over the last decade.

Housing Provision in Reconciliation Bill Eases Private Activity Bond Cap
States would enjoy more private activity bond volume flexibility under an affordable housing provision in the Build Back Better bill. The legislation would reduce the so-called financing test for tax-exempt private activity bonds to 25% from 50%. Lowering the threshold would free up states' private activity volume for more affordable housing, or any other projects eligible for PABs financing.

Bipartisan Infrastructure Bill Passage a Win for Munis
The bipartisan infrastructure bill provides the muni industry with a considerable win, though muni industry advocates are still pushing for their largest priorities to be included in the still unfinalized reconciliation bill. The bipartisan infrastructure bill includes $550 million to reauthorize surface transportation funding programs, and increases the federally-administered private activity bond volume cap to $30 billion from $15 billion. The bill also includes two specific bond provisions.

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 // 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 stormwater 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:

Fact Sheet: Bipartisan Infrastructure Deal Boosts Clean Energy Jobs, Strengthens Resilience, Advances Environmental Justice
The White House released this Fact Sheet on the Bipartisan Infrastructure Deal. The Bipartisan Infrastructure Deal passed by Congress will strengthen our nation's resilience to extreme weather and climate change while reducing greenhouse gas emissions, expanding access to clean drinking water, building up a clean power grid, and more.

House Agriculture Committee Fact Sheet on Build Back Better Provisions
The agricultural provisions in the Build Back Better plan include billions of dollars for critical investments in agriculture and our rural communities. Included in this package are multiple bipartisan proposals that House Agriculture Committee Members have fought to include. These timely investments will provide resources to mitigate climate change, improve the quality of life in rural communities, and commit millions of dollars to agricultural education across the country.

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

Mission West Community Development Partners Hiring Business Development Director
MWCDP is a well-established, rapidly growing, community development and economic development organization with a 25-year history of success. We are located in beautiful northwest Montana. Our mission is to improve the quality of life of all the residents of the region we serve. We work to develop a sustainable local economy in communities which are safe, culturally respectful, environmentally progressive and resilient.

Mission West Community Development Partners Seeking Community Economic Development Director
Located in beautiful northwest Montana, Mission West Community Development Partners (MWCDP) seeks a committed and creative leader to join our rapidly growing community focused economic development organization. Our mission is to improve the quality of life for every resident of the 3-county region we serve.

Rhode Island Infrastructure Bank Hiring Senior Business Development Analyst
The Senior Business Development Analyst plays a key role on the Business Development team in maintaining and developing new client relationships as well as providing strategic support to the Bank's lending programs. The position will also be responsible for researching new program opportunities and strategic customer engagement with a focus on clean energy and climate change mitigation initiatives.

This Week's Headlines

Edina, MN Approves Plan That Would Shutter Perkins Restaurant, Replace It With Apartment Building
Bring Me The News | Nov. 10 | Economic Development | Housing Finance | Redevelopment | Tax Increment Finance (TIF)

Richmond, KY Proposes Downtown TIF District to Revitalize Deteriorating Structures
Richmond Register | Nov. 10 | Economic Development | Incentives | Infrastructure Finance | Redevelopment | Tax Increment Finance (TIF)

Creating Financial Strength in Tribal Nations
Native News Online | Nov. 8 | Access to Capital | Community Development | Economic Development | Food Systems Finance | Revolving Loan Funds (RLFs) | Rural Development | Tax Credits

Duluth, MN May Boost Aid, as Cost of Converting Old High School to Housing Soars
Duluth News Tribune | Nov. 8 | Economic Development | Housing Finance | Innovation Finance | Redevelopment | Tax Increment Finance (TIF)

Frisco, TX Works to Expand Tax Increment Reinvestment Zone for PGA Golf Courses
Community Impact Newspaper | Nov. 8 | Economic Development | Innovation Finance | Tax Increment Finance (TIF)

Galesburg, IL Prepares to Dissolve Downtown TIF District After Area Doubles in Value
The Register-Mail | Nov. 8 | Economic Development | Historic Preservation | Infrastructure Finance | Redevelopment | Tax Increment Finance (TIF)

Order to Help Farmers, Producers Respond to Drought Extended
Hastings Star Gazette | Nov. 8 | Agriculture Finance | Disaster Recovery & Relief | Food Systems Finance | Rural Development

Patience and Persistence Pay Off as Biden Gets Infrastructure Deal Across Finish Line
The Washington Post | Nov. 8 | Economic Development | Infrastructure Finance

The Faribault County Commissioners, MN Voted to Pursue a $6M Bond
Faribault County Register | Nov. 8 | Bond Finance | Economic Development | Infrastructure Finance

The Marketplace Blends Shopping and Living, Brings New Charm to Uptown Watertown, SD
Watertown Public Opinion | Nov. 8 | Economic Development | Housing Finance | Infrastructure Finance | Redevelopment | Tax Increment Finance (TIF)

TIF for Downtown Apartment Project Approved by Willmar, MN City Council
West Central Tribune | Nov. 8 | Economic Development | Housing Finance | Infrastructure Finance | Redevelopment | Tax Increment Finance (TIF)

VEC Powers Up Two New Solar Arrays in Jericho in Support of 100% Renewables by 2030
Vermont Business Magazine | Nov. 8 | Brownfield Financing | Energy Finance | Green Finance

Windsor Heights, IA Approves TIF Agreement With Developer for Aldi Project
Des Moines Register | Nov. 8 | Food Systems Finance | Tax Increment Finance (TIF)

NYC Expands Scope of C-PACE Program
Mondaq | Nov. 6 | Economic Development | Energy Finance | Green Finance | Property Assessed Clean Energy (PACE)

Despite Pandemic Concerns, Multifamily Private Activity Bond Issuance Reaches $17.2B in 2020
Novogradac | Nov. 5 | Bond Finance | Disaster Recovery & Relief | Economic Development | Housing Finance | Infrastructure Finance

Governments Must Drastically Improve Efforts to Reduce Emissions
Successful Farming | Nov. 5 | Agriculture Finance | Federal | Food Systems Finance | Incentives | Resiliency

Hickory's Revitalization Efforts Continue, Bringing New Development and Private Investments
Charlotte Business Journal | Nov. 5 | Bond Finance | Economic Development | Infrastructure Finance | Public-Private Partnership (P3) Financing | Urban Development

$660M in Industrial Revenue Bonds Approved for The Ovation, KY
The Lane Report | Nov. 5 | Bond Finance | Development Finance Toolbox | Incentives

Logan Among Communities Receiving State Water Infrastructure Funding
The Logan Daily News | Nov. 4 | Economic Development | Infrastructure Finance | Water Finance

U.S. DOC Invests $2.6M in CARES Act Recovery Assistance to Support Local Food Manufacturing in Detroit, MI
MarketScreener | Nov. 4 | Brownfield Financing | Economic Development | Food Systems Finance | Infrastructure Finance


New Additions to the Online Resource Database

State Small Business Credit Initiative Capital Program Policy Guidelines - November 2021
Access to Capital | Economic Development | State Small Business Credit Initiative (SSBCI)
On November 10, 2021, the U.S. Department of the Treasury issued capital program implementation guidance for the State Small Business Credit Initiative (SSBCI).

State Small Business Credit Initiative (SSBCI) Fact Sheet - November 2021
Access to Capital | State Small Business Credit Initiative (SSBCI) | Economic Development
On November 10, 2021, the U.S. Department of the Treasury issued capital program implementation guidance for the State Small Business Credit Initiative (SSBCI) as well as this Fact Sheet.

Opportunity Zones: Census Tract Designations, Investment Activities, and IRS Challenges Ensuring Taxpayer Compliance
Economic Development | Opportunity Zones
This GAO report describes the process for designating census tracts as Opportunity Zones and compares characteristics of designated and non-designated tracts; describes Qualified Opportunity Funds' experiences with and states' views on the tax incentive; analyzes available IRS data; and evaluates IRS's taxpayer compliance plans, among other objectives.

CDFA 2019-2020 Annual Volume Cap Report: An Analysis of Private Activity Bond & Volume Cap Trends
Bond Finance | CDFA Original Research | Housing Finance | Legislative
The CDFA Annual Volume Cap Report provides an overview of volume cap trends and how private activity bonds (PABs) were used from state to state. The 2019-2020 Annual Volume Cap Report is the most comprehensive analysis of PAB volume cap trends and data ever undertaken by CDFA.


National Sponsor Spotlight

Baker Tilly Baker Tilly
More than 2,800 talented and passionate individuals strong, Baker Tilly is a top 15* full-service accounting and advisory firm with specialized professionals who connect with you and your business through refreshing candor and clear industry...
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,...
Wells Fargo Securities Wells Fargo Securities
Wells Fargo Securities offers a comprehensive set of capital markets services, including originating and distributing public debt and equity, hedging interest rates and commodity and equity risks, advising on mergers and acquisitions, and...

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

VentureWell - Hadley, MA

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