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Development Finance Review Weekly - June 13, 2024

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Development Finance Review Weekly
June 13, 2024
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CDFA Development Finance Review Weekly

Features

Announcing the Second Round of Applications for the CDFA Community Facilities Technical Assistance Program for Tribal Communities
CDFA is pleased to announce the second round of applications for the CDFA Community Facilities Technical Assistance Program for Tribal Communities, funded by the U.S. Department of Agriculture (USDA). This program aims to increase investment in community facilities infrastructure by providing direct technical assistance and financing resources to tribal communities across the country.

Colorado's Plan to Distribute Federal Funding for Internet Access Approved
The Biden administration has approved Colorado's plan to distribute grant funding to expand broadband internet access. Colorado will receive $826.5 million to support affordable, high-speed internet access across the state as part of the Biden administration's Broadband Equity, Access and Deployment program. The announcement makes Colorado the eighth state approved to start enacting its plan for federal funding.

Join CDFA for Empowering Agriculture With PACE Financing
An increasing number of states are broadening Property Assessed Clean Energy (PACE) legislation to encompass agricultural enhancements, driving sustainable growth and progress in the sector. In this installment of the CDFA Food Systems Finance Webinar Series, experts will highlight the innovative ways in which PACE programs are evolving to support the agriculture industry across the country.

CDC Approves $40M in TIF Funding for Chicago, IL Mixed-Use Building
The Community Development Commission (CDC) has approved $40 million in TIF funding for the adaptive reuse of 111 W. Monroe. The building will be converted into a mixed-use building, set to include 345 apartments, 226 hotel keys, and meeting/event space on the second floor. The roof level will be reactivated by reopening the original Monroe Club as an amenity for residents and hotel guests. The former mechanical penthouse will become a restaurant, with the outdoor deck including a pool.

Connecticut Bond Commission Provides $300M for Environmental Projects
Connecticut's Department of Energy and Environmental Protection received more than $300 million on Friday from the State Bond Commission to fund several high-priority environmental projects across the state. The money will be spent on upgrading state parks, completing municipal clean water projects, and contributing to the effort to drain high water levels at Jobs Pond in Portland.

Montgomery County, MD Boosts Efforts to Feed People With $350K Investment
Montgomery County is significantly bolstering its local food assistance network with a new partnership that will allocate over $350,000 to 14 nonprofit organizations and local farms. The Office of Food Systems Resilience, Manna Food Center, and the Morningstar Foundation have awarded funds to enhance cold storage infrastructure, ensuring the safe storage and distribution of locally grown and recovered food.

Treasury Improved on SSBCI Disbursements and Project Scheduling, GAO Finds
The Government Accountability Office (GAO) found that Treasury incorporated additional best practices for project scheduling for SSBCI in line with GAO's 2023 recommendation. For example, Treasury began to use a project management tool that helps track, manage, and report on projects. However, GAO's recommendation remains open until Treasury demonstrates further progress fully incorporating these best practices.

Bond Commission OKs Community Investment Fund New Haven, CT Grants
The State Bond Commission approved the release of approximately $74 million in state funding to support the fourth round of grants under the Community Investment Fund 2030. This state grant fund was created in 2022 to support economic development in historically underserved communities across Connecticut. Eligible projects include capital improvements, such as those focused on affordable housing, brownfield remediation, infrastructure, and public facilities, as well as small business support programs that provide revolving loans, gap financing, microloans, or start-up financing.

Upcoming Events
CDFA Summer School
Upcoming Webcasts

CDFA // BNY Mellon Development Finance Webcast Series: Impacts of Inflation on Bond Yields, Arbitrage, and Rates
June 18, 2024 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, panelists will walk through the impact of rate hikes on yield and arbitrage and share best practices for managing these impacts.

CDFA Food Systems Finance Webinar Series: Empowering Agriculture with PACE Financing
June 25, 2024 - 2:00 PM - 3:30 PM Eastern
In this installment of the CDFA Food Systems Finance Webinar Series, experts will highlight the innovative ways in which PACE programs are evolving to support the agriculture industry across the country.

SSBCI Learning Series - Enhancing SSBCI Impacts in Indian Country
July 2, 2024 - 2:00 PM - 4:00 PM Eastern
The second iteration of SSBCI provided over $500 million to Tribal governments to catalyze investment in small businesses. In this session, speakers will provide guidance on how to maximize SSBCI investment in Indian country at the local and state levels.

Job & RFP Postings

DHCD - Invoice Processor
The Maryland Department of Housing and Community Development (DHCD) is looking for an Invoice Processor who ensures the completion of an invoice request for a variety of funding sources. This includes but is not limited to supporting documentation of completed measures and program requirements. Working closely with the Program Managers to ensure communication on budgets, balances, and allocations are correct.

This Week's Headlines

EV Buyers Have Saved Over $1B Through IRA Credits This Year
Insideevs | Jun. 13 | Energy Finance | Infrastructure Finance | Tax Credits

South Dakota Economic Development Boards Approve Financing
NEWS.SD.gov | Jun. 13 | Bond Finance | Economic Development | Infrastructure Finance

Developer, Preservationist Clash After Hearing on $20M Urban Government Center Tax Subsidy in Louisville, KY
WDRB | Jun. 12 | Community Development | Economic Development | Tax Increment Finance (TIF)

JPS Health Receives $2.5M to Improve Underground Fort Worth, TX Infrastructure
Fort Worth Report | Jun. 12 | Community Development | Economic Development | Healthcare | Tax Increment Finance (TIF)

Hamblen County, TN Finance Committee Approves $13.5M Bond for Landfill
Citizen Tribune | Jun. 11 | Bond Finance

Incline Village Project on Old Duluth, MN Gets TIF Support From Councilors
WDIO | Jun. 11 | Community Development | Economic Development | Housing Finance | Tax Increment Finance (TIF)

Local Communities set to Benefit from Illinois EPA's RLF Funding Boost
WREX | Jun. 11 | Access to Capital | Development Finance Toolbox | Infrastructure Finance | Revolving Loan Funds (RLFs) | Water Finance

Mercer County, WV Commission Approves Tax District for Sports Complex
WVVA | Jun. 11 | Community Development | Economic Development | Tax Increment Finance (TIF)

November Election Results Could Slow Down U.S. Energy Transition
Forbes | Jun. 11 | Energy Finance | Federal | Green Finance | Legislative

USDA Awards Colville Tribes $16.5M Grant for Food Processing
Tribal Tribune | Jun. 11 | Federal | Food Systems Finance | Rural Development | Tribal Finance | U.S. Dept. of Agriculture (USDA)

Wichita, KS School District Holds Public Meeting on $450M Proposed Bond
12 News KWCH | Jun. 11 | Bond Finance

Hoosier Communities to Receive More Than $81M in Broadband Funding
Fox 59 | Jun. 10 | Community Development | Infrastructure Finance

KBRA Assigns A Rating to Detroit Downtown Development Authority Tax Increment Revenue Refunding Bonds
Businesswire | Jun. 10 | Bond Finance | Tax Increment Finance (TIF)

Massachusetts Nonprofit Awarded $34K Community Investment Grant
Patch | Jun. 10 | Access to Capital | Food Systems Finance | Social Finance

MRA Approves Funding for Income-Restricted Housing in Missoula, MT
Missoula Current | Jun. 10 | Community Development | Economic Development | Housing Finance | Tax Increment Finance (TIF)


National Sponsor Spotlight

Raza Development Fund Raza Development Fund
Raza Development Fund invests capital and creates financial solutions to increase opportunities for Latino and poor families across the country.
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...
Stifel Nicolaus Stifel Nicolaus
Stifel Nicolaus, founded in 1890, is a full-service securities firm dedicated to development finance. Stifel Nicolaus has developed innovative public financing structures for private developments saving millions of dollars for our public and...

Partner Spotlight

The Bond Buyer The Bond Buyer
The Bond Buyer is the only independent information resource serving the municipal finance community. Every day and throughout the day, through its website, e-newsletters and alerts, and daily print edition, The Bond Buyer reaches more than 25,000...

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.

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

  • Alliant Insurance Services, Inc.
  • BNY Mellon
  • Bricker Graydon 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
  • The Bond Buyer
  • U.S. Bank
  • Wells Fargo Securities
Become a Sponsor