Development Finance Review Weekly - December 17, 2020
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| Spotlight |
Leveraging Development Finance Tools to Attract Opportunity Zone Investment
Announcing a new resource available from the EPA Office of Community Revitalization, created in collaboration with CDFA and Skeo Solutions. This guide provides an overview of various development finance tools and suggestions for how communities could use these tools to finance projects in Opportunity Zones. Each section includes additional resources to learn more, along with case studies to illustrate how development finance tools have been used to support revitalization goals in several Opportunity Zones.
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| Features |
CDFA Recognizes Mike Dickerson, DFCP
CDFA is delighted to welcome Mike Dickerson, Senior Economist with the City of Tulsa, Oklahoma, as the newest graduate of the prestigious Development Finance Certified Professional (DFCP) program. Mr. Dickerson joins the ranks of fellow development finance professionals who are recognized as the most qualified leaders in the industry.
Congressional Leaders Near $900B Coronavirus Relief Deal
Top Capitol Hill negotiators are close to agreement on a $900 billion COVID-19 aid package that could end a months-long impasse. The emerging pact would funnel about $300 billion in relief to small businesses, provide more money for vaccine distribution and health care workers, and offer a new round of tax rebate checks to households. The package would not include liability protections for employers or any new aid to state and local governments.
$3B Energos Project to Build Largest Carbon-Neutral Industrial Park in U.S. Near Reno, NV
An ambitious green technology project in Nevada's high desert aims to build the largest carbon-neutral industrial park powered by locally generated renewable energy in the United States. TerraScale, a firm that specializes in clean energy design, announced that it plans to develop up to 3,700-acres of land just east of Reno for its Energos project. The project will start with $220 million worth of development on 10 acres of land for its first phase.
Developer Aims to Raise $1B for Investing in Minority Communities
A California developer is trying to raise $1 billion to invest in Black and Latino communities. If successful, it would be one of the largest commercial real-estate funds ever to focus on minority neighborhoods. Martin Muoto, chief executive of the real-estate firm SoLa Impact LLC, is trying to use a similar approach in cities across the U.S. that suffer from a shortage of affordable housing and from regulatory barriers that make it tougher to build.
FAME Approves Additional Financing as Saddleback Ski Resort Prepares to Reopen
The Finance Authority of Maine has approved state new markets tax credit financing for Arctaris Saddleback Co. LLC, the owner and operator of the Saddleback Ski Resort in Rangeley. In January, FAME approved leveraged loan insurance of 17%, or $2.5 million, on a $14.1 million loan by Arctaris Impact Investors LP to Arctaris, as well as a $1 million FAME direct loan to Arctaris.
New York's MTA Maxed Out Its Fed Credit Line. So Now What?
It says a lot about the state of the Metropolitan Transportation Authority's finances that the agency rushed to max out its credit line with the central bank before the MLF was shut down. It borrowed $2.9 billion last week, which would have easily been one of 2020's largest municipal-bond deals if it had gone through the public market.
Opportunity Zones on Track to Lift One Million Americans Out of Poverty
Fifty-two million Americans live in economically distressed communities, including the thirty-five million who reside in Opportunity Zones. A report from the White House Council of Economic Advisors estimates that the poverty rate in Opportunity Zones could be reduced by 11 percent through billions in investment and new job opportunities.
U.S. States' Path to Economic Recovery: Declining Fiscal Support, Slowing Employment Revival
The COVID-19 pandemic has triggered a dramatic short-term economic and revenue growth shock for many U.S. states. The slowing labor market recovery, significantly reduced pandemic-related state and federal government transfers, and a resurging wave of coronavirus infections and hospitalizations will slow the pace and challenge the durability of the economic recovery of many U.S. states.
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| Upcoming Events |
Fundamentals of Economic Development Finance WebCourse
January 27-28, 2021 - Daily: 12:00 - 5:00 PM Eastern
The Fundamentals WebCourse is the foundation for all of CDFA's educational offerings. This course helps attendees understand the variety of development finance tools available, from bonds, tax credits and TIF, to federal financing programs, RLFs,...
Intro Bond Finance WebCourse
February 24-25, 2021 - Daily: 12:00 - 5:00 PM Eastern
The Intro Bond Finance WebCourse provides an in-depth look at governmental and qualified private activity bonds, with a focus on industrial development bonds (IDBs), 501(c)(3) non-profit bonds, exempt facility bonds, and other special bond programs authorized by the federal government.
Intro Tax Increment Finance WebCourse
March 24-25, 2021 - Daily: 12:00-5:00 PM Eastern
This course brings TIF deal-making and best practices into focus through a two-day program targeting the entire TIF community including economic developers, public agency representatives, bond issuers, legal professionals, developers, financial advisors, and other stakeholders.
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News from  |
The latest municipal finance headlines from The Bond Buyer.
Trailblazing Women in Public Finance 2020
Here's to the women in public finance who not only lead by example. They lead by results.
California Health Facilities Financing Authority's $500 Million Housing Bond Wins Deal of the Year
The California Health Facilities Financing Authority won The Bond Buyer's 19th annual Deal of the Year award for its $500 million issuance to benefit the California Department of Housing and Community Development. This was the inaugural issuance under the "No Place Like Home" program, the municipal market's first large bonding program created to invest in homeless housing infrastructure and secured directly by taxes on high-income residents.
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.
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| This Week's Headlines |
Black Farmer Fund is Building Resilient Black Food Economies
Food Tank | Dec. 16 | Access to Capital | Agriculture Finance | Food Systems Finance | Social Finance
Bipartisan Legislation Introduced to Extend, Increase the New Markets Tax Credit
U.S. Rep. Tom Reed | Dec. 15 | Legislative | Tax Credits
City Of Liberal, KS Approves General Obligation Bonds
KSCB News | Dec. 14 | Bond Finance | Community Development | Rural Development
Denver, CO Saves Over $60M from Better Denver Bonds Refunding, Closes on the Elevate Denver Fourth Issuance
Patch | Dec. 14 | Bond Finance | Community Development | Economic Development
Ellavoz Shared Values Opportunity Fund Makes First Investment in Newark, NJ Arts Commons
Ellavoz Impact Capital | Dec. 14 | Community Development | Opportunity Zones
Fitch Rates Florida DOT Financing Corp's $160M Revs 'AA+'; Outlook Stable
Fitch Ratings | Dec. 14 | Bond Finance | Infrastructure Finance
Illinois' Bond-Market Penalty Hits Lowest Since Pandemic Crash
Bloomberg | Dec. 14 | Bond Finance | Disaster Recovery & Relief | COVID-19
Mosaic Development Partners Kicks Off Project To Revive Long-Suffering Philadelphia, PA Neighborhood
BisNow | Dec. 14 | Community Development | Housing Finance | Opportunity Zones | Social Finance | Tax Credits | Urban Development
New Development Could Bring More Affordable Housing to West Greenville, SC
Greenville News | Dec. 14 | Housing Finance | Opportunity Zones | Public-Private Partnership (P3) Financing
Silverback Plans 200-Unit South Bronx Opportunity Zone Project
The Real Deal | Dec. 14 | Housing Finance | Opportunity Zones
Biden's Administration Plans Long-Awaited Opportunity Zone Reforms
BisNow | Dec. 11 | Legislative | Opportunity Zones
Building a Deeper Toolbox to Help Beginning Farmers and Ranchers
High Plans Journal | Dec. 11 | Access to Capital | Agriculture Finance | Food Systems Finance | Revolving Loan Funds (RLFs) | Rural Development | U.S. Dept. of Agriculture (USDA)
Cityview Secures Funding for $125M Opportunity Zone Project in Los Angeles, CA
Cityview | Dec. 11 | Housing Finance | Opportunity Zones
Data Center Investors and Developers Benefit from Opportunity Zones
Data Center Knowledge | Dec. 11 | Incentives | Innovation Finance | Opportunity Zones
Despite Challenges, Opportunity Zones Provide Much-Needed Capital
The New York Times | Dec. 11 | Opportunity Zones
Musk, Bezos Space Race Gets a Boost From Opportunity Zones
Bloomberg | Dec. 11 | Innovation Finance | Opportunity Zones
Understanding a Path to Boosting Lower-Income Communities: Qualified Opportunity Zones
Forbes | Dec. 11 | Opportunity Zones
Wisconsin Releases Form for State-Centered QOFs to Certify Extra Capital Gains Exclusions
Novogradac | Dec. 11 | Opportunity Zones
Biden Team Making Legislative Outreach an Early Priority
Roll Call | Dec. 10 | Disaster Recovery & Relief | Economic Development | Federal | Legislative
BloombergNEF: Residential Solar Installations Continue at Record Pace
Solar Industry | Dec. 10 | Energy Finance
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| New Additions to the Online Resource Database |
Private Capital Public Good - Leveraging Impact Investing to Support a Just & Equitable Recovery
Access to Capital | Disaster Recovery & Relief | Economic Development | Incentives | Legislative | Social Finance
This policy paper from the U.S. Impact Investing Alliance outlines 12 specific policy recommendations and ideas with the potential to catalyze more impact investments to help address urgent social, economic, and environmental challenges.
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| National Sponsor Spotlight |
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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,...
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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...
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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...
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| Partner Spotlight |
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| CDFA Bookstore |
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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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