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CDFA Revolving Loan Fund Finance Update - February 14, 2023

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Revolving Loan Funds Update
February 14, 2023
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Revolving Loan Fund Finance Update


Call for Proposals - CDFA Minority Capital Loan Guarantee Program
The CDFA Minority Capital Loan Guarantee Program is a 10-year, $18 million loan guarantee program, supported by the Robert Wood Johnson Foundation, to help development finance agencies in the United States deliver capital in a more equitable manner. CDFA is now accepting proposals from those interested in participating in the program, and the Call for Proposals submission criteria is available online.

Erie County, PA Redevelopment Authority Touts Record Year with $17.6M from Loan Funds
The Erie County Redevelopment Authority has been in the business of making loans since 2002, when Erie County gave the authority an $8 million grant to establish a revolving loan fund. The authority has since expanded by establishing what it calls a one-stop shop for lending that administers multiple revolving loan funds from which the authority has closed on 100 loans worth $17.6 million over the past two years.

Coming Up Next Month: CDFA's Intro and Advanced Bond Finance Courses!
Join CDFA for our upcoming Bond Finance Week! The Intro Bond Finance Course will take place on March 13-14 followed by the Advanced Bond Finance Course on March 15-16. Register for one or both of these courses to learn from experts about how to bring economic growth to your community by utilizing the vast resources of the bond finance industry.

Indiana House Approves Housing Infrastructure Loan Fund
Indiana House of Representative lawmakers approved a bill aimed at lowering the cost of new housing. The bill, HB 1005, would create a loan fund that local governments can access to pay for infrastructure for new housing – things like roads and sidewalks and water, sewer, gas and electric lines. Some builders say those infrastructure costs add as much as $57,000 to every new home.

Implementing Economic Justice in Development Finance Agencies
CDFA and our members at the St. Louis Development Corporation are hosting a joint webinar on February 22 at 2:00 PM ET to share the bold strategies that St. Louis is taking to infuse economic justice principles into their development finance programs. Join the conversation to hear from the authors of the St. Louis Economic Justice Action Plan and learn how key stakeholders across the city are implementing the recommendations.

Idaho to Receive $26M for Water Infrastructure Under Bipartisan Infrastructure Law
The U.S. Environmental Protection Agency (EPA) awarded the Idaho Department of Environmental Quality $26.7 million to protect and improve water quality and infrastructure across the state. Idaho's Drinking Water State Revolving Fund received $18 million and the Clean Water State Revolving Fund received $8.7 million. All the funding is a result of the Bipartisan Infrastructure Law.  

St. Louis Park, MN Weighs City Loan for Low-Income Apartment Building
A new apartment project in St. Louis Park has received more than $20 million in state tax credits and funds from Hennepin County and the Metropolitan Council, as well as a smaller private loan toward the estimated $28.7 million cost of the building. Still, developer needs $450,000 more and is looking to St. Louis Park to fill the gap through an RLF for affordable housing, seeded with money collected from the city's tax-increment financing (TIF) districts.

$50M for Minnesota Lending Program Supporting Next Generation Farmers
The Minnesota House Agriculture Finance and Policy Committee approved a bill that would appropriate $50 million from state bond proceeds for the Rural Finance Authority to use for beginning farmer, seller sponsored, agricultural improvement, and livestock expansion loans. There is about $19 million left of the $50 million appropriated for the authority in 2020, but demand has increased along with interest rates and the authority expects to be out of funds by this fall.

Upcoming Events
Intro Bond Finance Course

SSBCI Learning Series - Compliance: Program Reporting Requirements
February 16, 2023 - 2:00 PM - 4:00 PM Eastern
During the 2023 SSBCI Learning Series, CDFA will elevate conversations and host sessions geared toward successfully implementing new SSBCI programs and financial products, reaching targeted small businesses and business sectors, and effective program reporting and compliance strategies.

CDFA-Bricker Webinar Series: Current Landscape of Public Incentives and Financing Options for Green & Sustainable Assets
March 7, 2023 - 2:00 PM - 4:00 PM Eastern
This installment of the CDFA-Bricker Webinar Series will provide an overview of public incentives and financing programs being developed with the passage of the Bipartisan Infrastructure Legislation and Inflation Reduction Act, along with existing programs - such as PACE financing - that drive investments in sustainable building systems and other energy assets.


$11M Available for Minority- and Women-Owned Businesses in Ohio
Business Journal Daily | Feb. 13 | Access to Capital | Economic Development | Revolving Loan Funds (RLFs)

USDA Loan to Fund Solar Power on Maine and New Hampshire Farms
BIZ | Feb. 4 | Access to Capital | Agriculture Finance | Energy Finance | Federal | Green Finance | Revolving Loan Funds (RLFs) | U.S. Dept. of Agriculture (USDA)

Kansas Encourages Rural Housing With Massive Influx of Funds
Flatland | Feb. 2 | Federal | Historic Preservation | Housing Finance | Revolving Loan Funds (RLFs) | Rural Development | State Finance Program | Tax Credits

Montana Governor's Housing Task Force Provides Blueprint for Solutions
Billings Gazette | Jan. 29 | Access to Capital | Housing Finance | Revolving Loan Funds (RLFs) | Tax Credits

Analyzing Maryland Governor Moore's Historic $8.8B Education Budget
Maryland State Education Association | Jan. 27 | Access to Capital | Education | Revolving Loan Funds (RLFs)

New Loan Program Targeted at Existing Businesses in Northwest New Mexico Counties
Farmington Daily Times | Jan. 27 | Access to Capital | Economic Development | Revolving Loan Funds (RLFs)

Northfield, OH Mulls Joining Energy Improvement District
Akron Beacon Journal | Jan. 25 | Energy Finance | Property Assessed Clean Energy (PACE) | Revolving Loan Funds (RLFs) | Tax Credits

Committee in Indiana Advances Measure to Fund Housing Revolving Fund
Indiana Capital Chronicle | Jan. 25 | Economic Development | Federal | Housing Finance | Infrastructure Finance | Legislative | Revolving Loan Funds (RLFs) | Rural Development

Florida Department of Economic Opportunity Announces $142M to Fuel Small Businesses
Florida Department of Economic Opportunity | Jan. 25 | Access to Capital | Revolving Loan Funds (RLFs) | State Small Business Credit Initiative (SSBCI)

Commissioners Give Final OK to Use ARPA Funds for Shiloh, OH Water Projects
Mansfield News Journal | Jan. 20 | Infrastructure Finance | Revolving Loan Funds (RLFs) | Water Finance

Center for Rural Affairs Launches Initiative to Support Nebraska Meat Processors
Norkolk Daily News | Jan. 19 | Access to Capital | Agriculture Finance | Disaster Recovery & Relief | Federal | Revolving Loan Funds (RLFs) | U.S. Dept. of Agriculture (USDA) | COVID-19 | USDA Intermediary Re-lending Program (IRP)

CDFI Fund Opens FY 2023 Capital Magnet Fund Funding Round
CDFI Fund | Jan. 18 | Access to Capital | Economic Development | Housing Finance | Revolving Loan Funds (RLFs)

Illinois EPA Announces $4M Loan Forgiveness to Replace Lead Service Lines
Illinois.gov | Jan. 17 | Infrastructure Finance | Revolving Loan Funds (RLFs) | State Finance Program | Water Finance | Revolving Loan Funds (RLFs) | Water Finance | State Revolving Fund

Macon-Bibb, GA Set to Approve $7.5M for Affordable Housing Fund, Blight Fight
13WMAZ | Jan. 17 | Access to Capital | Community Development | Economic Development | Housing Finance | Revolving Loan Funds (RLFs)

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

Council of Development Finance Agencies
100 E. Broad Street, Suite 1200
Columbus, OH 43215
(614) 705-1300


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CDFA National Sponsors

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  • BNY Mellon
  • Bricker Graydon LLP
  • Business Oregon
  • CohnReznick
  • Frost Brown Todd LLP
  • Grow America | Formerly NDC
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  • Hawkins Delafield & Wood LLP
  • Ice Miller LLP
  • KeyBanc Capital Markets
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  • MuniCap, Inc.
  • NW Financial Group, LLC
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  • SB Friedman Development Advisors
  • Stifel Nicolaus
  • The Bond Buyer
  • U.S. Bank
  • Wells Fargo Securities
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