Development Finance Review Weekly - February 15, 2024
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Features |
Toby Rittner Featured in The Bond Buyer, Discussing Bonds & TIF to Support Casino Development in Aurora, IL
Toby Rittner, CDFA President and CEO, was interviewed by The Bond Buyer to discuss the city of Aurora's strategic use of bonds and tax increment financing (TIF) districts to support a new casino development. Within the $360 million total cost, the city's $50 million will come from a taxable bond issue, with the bonds paid back using revenues from the increment of one of Aurora's TIF districts. While sharing TIF components, Mr. Rittner also addressed the importance of trust, transparency, and inclusiveness.
Understanding the Full Potential of the IRA's Historic Investment in the IRS
One of the most important ways that President Biden has added real fairness to the tax code is by providing the Internal Revenue Service (IRS) with the resources it needs to reduce the tax gap and improve service delivery for taxpayers. A new analysis from the U.S. Department of the Treasury and the IRS that re-examines the revenue effect of the IRA funding suggests that this historic investment, if sustained beyond 2031, would yield large returns, increasing tax revenue by as much as $851 billion over the next ten years.
The CDFA Federal Policy Conference is back!
CDFA is excited to host the 2024 Federal Policy Conference on April 2-3 in Washington, D.C.! The conference will include sessions featuring the SSBCI, the 2024 Farm Bill, clean energy and infrastructure investments, the 2024 election, and much more. Join federal agency and development finance industry experts and leave with a better understanding of the tools, resources, and regulatory changes impacting the entire federal development finance spectrum. Register today!
Aksoylu Properties Receives C-PACE Funding for Virginia Health Facility
Aksoylu Properties has landed $8.7 million in Commercial Property Assessed Clean Energy (C-PACE) financing for its $34.7 million English Meadows Manassas senior housing development, featuring assisted living and memory care, in the Manassas area of Prince William County, Va. This is the first C-PACE-financed transaction under Virginia's PACE Authority and Prince William County.
CDFA Launches the 2024 SSBCI Learning Series
CDFA has launched the 2024 SSBCI Learning Series to help you stay informed and navigate the implementation and operations of the State Small Business Credit Initiative (SSBCI) capital and technical assistance programs. Beginning March 12, this year's SSBCI Learning Series comprises five sessions that will cover strategies for marketing and outreach, leveraging the Greenhouse Gas Reduction Fund, and increasing SSBCI impacts in every community.
Atlantic Collegiate Academy Builds Charter School in Conway with $21.3M in JEDA Bonds
The South Carolina Jobs-Economic Development Authority (JEDA) has issued $21.3 million in Educational Facilities Revenue Bonds for Atlantic Collegiate Academy (ACA), for a new grade 9-12 charter school in Conway. ACA opened this year in Beach Church in Myrtle Beach and is using the tax-exempt financing for the acquisition, construction, and equipping of a new facility at 5085 Bear Bluff Road in Conway.
Missouri Invests $2.2M in SSBCI Funds in St. Louis Startups
Missouri Technology Corp. has committed funding to three St. Louis-based startups in its newest batch of venture capital investments. MTC said this week it has awarded $2.2 million in equity funding to seven startups, three of which are based in the St. Louis region. Funding was made possible by the State Small Business Credit Initiative (SSBCI).
Bennington, VT Revolving Loan Program Boosts Businesses
The Bennington Select Board approved a $30,000 loan to the Jamaican restaurant Island Flavor LLC to fund commercial kitchen equipment at their new location. The town revolving loan program was established with leftover Housing and Urban Development (HUD) grant funds. For this reason, the fund focuses on the HUD goals of job creation, eliminating blight downtown, and rehabilitating and creating affordable housing.
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Upcoming Events |
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Upcoming Webcasts |
CDFA // BNY Mellon Development Finance Webcast Series: Economic Development & Bond Finance
February 20, 2024 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, panelists will share how communities can use bonds in conjunction with tax increment financing, federal legislative programs, and other development financing tools for an array of projects.
CDFA Food Systems Finance Webinar Series: Exploring Bonds as the Foundational Financing Tool
February 27, 2024 - 2:00 PM - 3:30 PM Eastern
During this installment of the CDFA Food Systems Finance Webinar Series, speakers will explore the potential for leveraging this foundational financing tool to cultivate resilient and thriving local and regional food systems.
SSBCI Learning Series - Promoting Success: Best Practices for Highlighting SSBCI Programs
March 12, 2024 - 2:00 PM - 4:00 PM Eastern
SSBCI is routinely heralded as the "most important small business program you've never heard of." In this session, speakers will discuss the importance of highlighting success and provide best practices for demonstrating the economic benefits of SSBCI programs.
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Job & RFP Postings |
ACE - Chief Credit Officer
The Chief Credit Officer manages the credit approval process, as well as portfolio monitoring systems for all current and future credit products. The Chief Credit Officer is responsible for helping ACE achieve its social impact goals and for implementing equitable practices in credit management. Email your cover letter, resume, and salary requirements to HR@aceloans.org. Application deadline is February 26, 2024.
ACE - Director of Lending
The Director of Lending is responsible for supervising sales activity that results in mission-based and quality loan production. This position motivates a team of loan officers and develops strategies to ensure that goals of capital deployment and programmatic impact are met. He/She also leads business development for lending and cultivates key strategic partnerships. Email your cover letter, resume, and salary requirements to HR@aceloans.org. Application deadline is February 26, 2024.
CDVCA - Program Manager
CDVCA is seeking a highly motivated individual dedicated to working with high-growth SEDI entrepreneurs to help them succeed and benefit their communities. The successful candidate will help develop the Unlock Capital program nationally, including recruiting, assessing, tracking, and supporting participating businesses and engaging with program mentors, lecturers, technical assistance providers, and volunteers. To apply send a cover letter and resume to: opportunities@cdvca.org
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This Week's Headlines |
Texas Affordable Housing Project Receives $31.5M in PAB Funding
Street Insider | Feb. 9 | Access to Capital | Bond Finance | Housing Finance | Exempt Facility Bonds | Private Activity Bonds
Pawnee Nation in Oklahoma Breaks Ground on Behavioral Health Facility
Oklahoma Farm Report | Aug. 3 | Rural Development | Tribal Finance | U.S. Dept. of Agriculture (USDA)
KCAP President Ken Springer Informs Tax Credits Through Inflation Reduction Act
97.7 WMOI | Feb. 14 | Energy Finance | Infrastructure Finance | Tax Credits
New Mexico RLF Providing $175M to Expand Housing and Commercial Building Inventory
KRWG Public Media | Feb. 13 | Economic Development | Housing Finance | Revolving Loan Funds (RLFs)
Oregon RLF to Fund Development of Middle-Income Housing Cut from $200M to $75M
Oregon Capital Chronicle | Feb. 13 | Community Development | Housing Finance | Revolving Loan Funds (RLFs)
West Virginia Receives $3.7M to Restore 500 Acres of Mine Land at New River Gorge
U.S. Senate Committee on Energy & Natural Resources | Feb. 13 | Legislative | Redevelopment
Climate Initiatives in Biden's Inflation Reduction Act Will Cost Over $400B
Daily Wire | Feb. 12 | Energy Finance | Infrastructure Finance | Tax Credits
Fitch Rates Howard County, MD's $124M GO Bonds 'AAA'; Outlook Stable
Fitch Ratings | Feb. 12 | Bond Finance | Bond Rating Agencies
Monetizing IRA Clean Energy Credits for Tax-Exempt Organizations
Forvis | Feb. 12 | Energy Finance | Tax Credits
Resilient Virginia RLF Provides $12.5M to Help Communities Impacted by Flooding
Henrico Citizen | Feb. 12 | Economic Development | Revolving Loan Funds (RLFs) | Resiliency
U.S. EPA to Provide $1M Climate Pollution Reduction Grant to Austin, TX
U.S. Environmental Protection Agency | Feb. 12 | Federal | Green Finance | U.S. Environmental Protection Agency (EPA)
Anderson, IN Approves $5.4M Bond for Manufacturing, $10M TIF Bond
Yahoo! Finance | Feb. 9 | Bond Finance | Tax Increment Finance (TIF) | Industrial Development Bonds (IDBs) | TIF Bond Process | TIF Bond Process
Kentucky Ag Finance Corp. Approves $4.5M in Loans for Diversification
The Lane Report | Feb. 9 | Access to Capital | Agriculture Finance | Infrastructure Finance | Revolving Loan Funds (RLFs) | State Finance Program
Longview, TX to Consider $456.2M Bond for School District Upgrades
Longview Independent School District | Feb. 9 | Bond Finance | 501(c)(3) Bonds
Minnesota Reboots Community Solar Program With New Focus on Lower-Income Residents
Minn Post | Feb. 9 | Energy Finance | Tax Credits
WinnCompanies Secures $69.1M for Mixed-Income Community in Swampscott, MA
Nerej | Feb. 9 | Housing Finance | Tax Credits | Low Income Housing Tax Credits (LIHTCs)
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National Sponsor Spotlight |
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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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Hawkins Delafield & Wood LLP
Hawkins Delafield & Wood LLP is the only national law firm in the United States whose practice is devoted primarily to public finance and public projects. Each of their specialty areas supports and complements our municipal transactions practice....
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Ice Miller LLP
Ice Miller is nationally recognized for its public-private partnerships (P3s), municipal bond, and economic development experience. Built on a foundation of legal service more than a century-long, the firm is committed to helping our clients stay...
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CDFA Bookstore |
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Revolving Loan Fund Reference Guide
The Revolving Loan Fund Reference Guide offers an in-depth look at RLF program development, implementation, and management. This guide demonstrates how an RLF program can complement economic development strategies, encourage investment, and assist traditionally underserved businesses.
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New Members |
Brattleboro Development Credit Corporation - Brattleboro, VT
Maryland Clean Energy Center - College Park, MD
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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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