Development Finance Review Weekly - March 28, 2024
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Features |
Last Chance to Register for the 2024 Federal Policy Conference!
Reserve your spot at the 2024 CDFA Federal Policy Conference on April 2-3, 2024, in Washington, D.C. CDFA, with sponsorship by Ice Miller LLP and Grow America, will bring together leaders from the Biden administration, Congress, federal agencies, nonprofit organizations, and finance agencies who will discuss a range of federal legislative and policy topics. Interact with reps from the Department of the Treasury, the Small Business Administration, and the Environmental Protection Agency. Space is limited; act fast!
Englewood, IL Food Hub Approved for $5M TIF Funding
City Council approved $5 million in tax increment financing (TIF) toward a "gut rehab" of a 10,500-square-foot restaurant hub in Englewood. Pass the Peas, a casual soul food diner, and Ellie's Urban Grill, a sports and entertainment restaurant, will set up shop in the hub. The space will also have a pop-up kitchen for aspiring restaurateurs and three small offices. The total cost to complete the project is about $7.1 million, and the group has about $2 million in lender financing and $90,000 in equity.
45L Tax Credits: A Game Changer for Affordable Housing Developers
Affordable housing developers can now benefit from 45L tax credits significantly expanded by the Inflation Reduction Act. The maximum tax credit has nearly tripled with it now being set at $5,000 per unit. Additionally, every multi-family building is now eligible regardless of height. Coordinating with Low-Income Housing Tax Credit (LIHTC) is much easier than before and developers have more of a runway to plan.
Join Us for the First Session of the 2024 CDFA-Bricker Graydon Webinar Series
CDFA is excited to kick off the CDFA-Bricker Graydon Webinar Series: Transforming Communities with Targeted Tools with a first session focusing on Revitalizing Brownfields with TIFs and Special Assessments. Join expert speakers to learn how communities are diversifying their capital stacks by using TIF and special assessments to reimburse brownfield-related costs. Thank you to Bricker Graydon LLP for their generous support of this important webinar series. Register for free today!
Ohio Provides $3M in SSBCI Funds to Support 81 Small Businesses
The Ohio Department of Development's Community Development Financial Institution Loan Participation Program (CDFI LPP) recently provided $3 million in support to 81 Ohio businesses, helping them to build economic strength. CDFI Administrators operate the CDFI LPP, which is part of the State Small Business Credit Initiative (SSBCI) program and provides loans to socially and economically disadvantaged individuals, very small businesses, and businesses located in CDFI tracts.
PACE Loan Group Provides $8M for Luxury Apartment Project in Eau Claire, WI
PACE Loan Group has provided $8 million in C-PACE financing for The Washington, a 200-unit luxury apartment project to be built in Eau Claire, a city in western Wisconsin. The financing fills out the $41 million capital stack, which includes $20 million in debt and $13 million in equity. The three-building project will comprise a former managed care facility and two new ground-up buildings. The 10-acre site is located within two miles of the University of Wisconsin-Eau Claire and numerous healthcare facilities.
Invest Atlanta Approves $3M Bond for Affordable Housing Development
Atlanta's Urban Residential Finance Authority (Invest Atlanta) approved a $3 million bond that will go toward the construction of a new development in the Sweet Auburn neighborhood slated to include more than 50 affordable housing units. The development, Sweet Auburn Grande, will also incorporate and preserve the historic Butler Street YMCA building on Jesse Hill Jr. Drive.
$100M Nevada Facilities RLF Supports Charter Schools in Under-Resourced Communities
The Nevada Facilities Fund (NVFF) is a $100 million revolving loan fund set up by the State Infrastructure Bank to provide long-term, low-cost facility financing for charter schools that serve under-resourced communities. NVFF was seeded with $15 million in public funding approved by the State Infrastructure Bank, $80 million from national donors through the Equitable Facilities Fund, and $5 million from local philanthropists.
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Upcoming Events |
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Upcoming Webcasts |
CDFA-Bricker Graydon Webinar Series: Revitalizing Brownfields with TIFs and Special Assessments
April 9, 2024 - 2:00 PM - 4:00 PM Eastern
Join expert speakers to learn how communities are diversifying their capital stacks by using tax increment financing (TIF) and special assessments to reimburse brownfield-related costs incurred while redeveloping these contaminated, functionally obsolete, blighted, historic, or otherwise eligible properties.
CDFA // BNY Mellon Development Finance Webcast Series: Why Bond Deals Go Bad
April 16, 2024 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, panelists will explore factors that contributed to the challenges these high-profile deals encountered and discuss best practices for development finance practitioners to set the stage for successful bond finance in their communities.
CDFA Tribal Finance Webinar Series: Empowering Native Entrepreneurs Through Access to Capital
April 23, 2024 - 2:00 PM - 3:30 PM Eastern
During this installment of the CDFA Tribal Financing Webinar Series, practitioners will present strategies and highlight finance programs that are helping to increase access to capital and aiding the creation of successful small businesses.
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Job & RFP Postings |
Maryland DHCD - Job Review Specialist (CDA Energy)
The Job Review Specialist is responsible for the review and approval of energy audits and studies, energy conservation scope of work, construction specifications, cost review, work progression, and payment requests. The Job Review Specialist may be responsible for guiding a project through the stages of the funding process, including initial application, funding request evaluation, selection of a scope of work, construction, and closeout of the project. The energy retrofit work may be part of a more comprehensive substantial or moderate rehabilitation effort funded with additional State funds, or be a stand-alone energy retrofit project. Certain new construction projects are eligible for funding. Typical project size will be 1 to 5 units and may involve townhouse, low-rise, mid-rise, or high-rise construction.
Maryland DHCD - Program Associate
The Program Associate is responsible for answering customer calls and resolving their concerns, reviewing and approving applications for Special Loans Housing Rehabilitation services. This position is responsible for ensuring client applications and requests are completed in a timely manner. With a good understanding of the State Department of Finance processes, this position will set up vendors, make requests for encumbrances, and process requests for payments. To ensure proper record keeping, this position will complete the task of the scanning and retention of loan packages.
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This Week's Headlines |
California RLF Supports GoGreen Home Energy Financing Program
Escalon Times | Mar. 27 | Access to Capital | Energy Finance | Green Finance | Revolving Loan Funds (RLFs)
Co-op Economic Development Fund's $1B Impact Includes Housing, Child Care
NRECA | Mar. 27 | Access to Capital | Energy Finance | Revolving Loan Funds (RLFs)
North Dakota Legacy Fund Invested $49M in BND's Infrastructure RLF
The Jamestown Sun | Mar. 27 | Access to Capital | Infrastructure Finance | Revolving Loan Funds (RLFs) | Rural Development
Evergreen Completes $30M Affordable Housing Project in Indiana
Connect CRE | Mar. 26 | Bond Finance | Housing Finance | Tax Credits | Low Income Housing Tax Credits (LIHTCs)
Kutak Rock Serves as Bond Counsel for Douglas County, CO Multifamily Housing Project
Kutak Rock | Mar. 26 | Bond Finance | Housing Finance | Bond Deal Structuring
Michigan Announces $22M in SSBCI Funds Available for Venture Capital Program
Soo Leader | Mar. 26 | Access to Capital | Disaster Recovery & Relief | Innovation Finance | State Small Business Credit Initiative (SSBCI) | U.S. Dept. of Treasury | Treasury State Small Business Credit Initiative (SSBCI) | Venture Capital
Village of Oswego, IL Uses RLF to Fund Nash Vegas Saloon
Chicago Tribune | Mar. 26 | Access to Capital | Economic Development | Food Systems Finance | Revolving Loan Funds (RLFs)
Application Window Opens for $700M ReConnect Rural Broadband Funding
Telecompetitor | Mar. 25 | Infrastructure Finance | Rural Development | U.S. Dept. of Agriculture (USDA) | Broadband
Colorado's Greeley Water Receives $21M for Lead Water Line Replacement RLF
Greeley Tribune | Mar. 25 | Infrastructure Finance | Revolving Loan Funds (RLFs) | Water Finance
U.S. DOE Announces $6B for Manufacturing Decarbonization Projects
U.S. Department of Energy | Mar. 25 | Development Finance Toolbox | Energy Finance | Green Finance | Legislative | U.S. Dept. of Energy (DOE)
Belleville, MO's First Cannabis Dispensary Gets $800K in TIF Deal
St. Louis Post-Dispatch | Mar. 22 | Cannabis Finance | Economic Development | Tax Increment Finance (TIF)
EPA Partners With Passamaquoddy Tribe on Brownfields Development Strategies
U.S. Environmental Protection Agency | Mar. 22 | Brownfield Financing | Community Development | Tribal Finance
Fitch Rates Trinity River Authority, TX Regional Wastewater Rev Bonds 'AAA'
Fitch Ratings | Mar. 22 | Bond Finance | Bond Rating Agencies
Michigan Expands Building Financing Option for More Affordable Housing
Michigan Public Radio | Mar. 22 | Brownfield Financing | Housing Finance | Redevelopment | Tax Increment Finance (TIF)
St. Paul, MN Public Schools Tapping Geothermal to Cut Emissions and Building Costs
Energy News Network | Mar. 22 | Education | Energy Finance | Resiliency | Tax Credits
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National Sponsor Spotlight |
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Frost Brown Todd LLP
With over 600 lawyers across their eight-state footprint, Frost Brown Todd LLP offers a deep, talented roster of legal professionals. Committed to their clients, the firm leverages technical, industry, and legal knowledge and hands-on experience to...
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Grow America | Formerly NDC
NDC's work focuses on HOMES, JOBS, and COMMUNITY. Founded as a national nonprofit in 1969, NDC has worked for over 50 years fulfilling its mission to increase the flow of capital for investment in low-income communities. NDC directs capital to...
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Hawes Hill and Associates LLP
Hawes Hill & Associates (HHA) concentrates on economic and community development and public financing consulting using special purpose districts, real estate incentives, and other public financing tools. Throughout its nearly 30-year history, HHA...
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CDFA Bookstore |
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Innovation Finance Reference Guide
The Innovation Finance Reference Guide explores the growing seed, venture capital, and angel investment industry, and gives development finance agencies a roadmap for building an innovation finance initiative that supports entrepreneurship, business investment, and job creation.
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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.
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Council of Development Finance Agencies
100 E. Broad Street, Suite 1200
Columbus, OH 43215
(614) 705-1300
info@cdfa.net
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