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Development Finance Review Weekly - October 15, 2020

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Development Finance Review Weekly
October 15, 2020
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CDFA Development Finance Review Weekly

Spotlight

The First CDFA Charter Schools Financing Initiative Paper Is Here! Development Finance Strategies for Charter Schools
CDFA has released the first publication of the CDFA Charter Schools Financing Initiative series, funded with support from the National Alliance For Public Charter Schools. This paper demonstrates how charter schools can access development finance tools and provides real-world examples of how these tools resources have been successfully implemented across the nation.

Feature

CDFA Congratulates Tiffany McClelland, DFCP
CDFA is pleased to congratulate Tiffany McClelland, Economic Development Director with the Lorain Port and Finance Authority, as the newest graduate of the prestigious Development Finance Certified Professional (DFCP) program. Ms. McClelland joins the ranks of fellow DFCP graduates who are recognized as emerging leaders in the development finance industry.

White House Pivots Again on Stimulus Negotiations After Bipartisan Backlash
The White House again pivoted its approach to stimulus negotiations on Sunday, with the president's aides pushing for immediate action on a narrow measure after the administration's $1.8 trillion proposal was rebuffed by members of both parties.

EIG Introduces the Distressed Communities Index
The Economic Innovation Group released the Distressed Communities Index (DCI), a timely research project that maps community well-being across the country down to the zip code scale. The report is accompanied by a digital mapping interactive that allows users to explore all of the data included in the DCI across zip codes, counties, and congressional districts.

JPMorgan Unveils $30B Push to Bridge Racial Wealth Gap
JPMorgan Chase said it would extend billions of dollars in additional loans to Black and Latino homebuyers and small business owners as part of a push to narrow America's racial wealth gap. As a part of this, the bank will devote $8 billion toward funding an additional 40,000 mortgages to Black and Latino home buyers, and spend $14 billion to finance 100,000 affordable rental units.

Coronavirus Economy: Recovery of California's Bay Area Is One of Nation's Most Feeble
Once a leading economic powerhouse, the Bay Area now is one of the nation's weakest regions in recovering the jobs lost when coronavirus-linked business shutdowns began. The East Bay, the San Francisco-San Mateo region, and Santa Clara County are performing so poorly in recovering from the epic employment losses of March and April that these local regions are in the bottom 10 of a ranking of 30 large metro areas in the U.S.

Business Credit Programs in the Pandemic Era
The Federal Reserve's Main Street Lending Program for small and medium-sized businesses should take more risks to meet the unique challenges posed by the COVID-19 pandemic, suggests a paper discussed at the Brookings Papers on Economic Activity (BPEA) conference.

A Mission-Minded Loan Source That Doesn't Care if You're a Startup With No Experience, Revenues, or Credit
CDFIs, like the Colorado Enterprise Fund, provide underserved communities with capital when banks say no. The niche is attracting investors seeking impact, including Google and Netflix. They exist as part of a government effort to encourage banks and lenders to invest in their local communities and provide credit to those in lower-income neighborhoods.

Upcoming Events
CDFA Virtual National Summit: Financing Our COVID Recovery
News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

SEC Enforcement Approach May Hinge on Election Results
The next appointed SEC is likely to be more polarizing, and the SEC's approach to enforcement will differ depending on who wins the presidential election. Current SEC Chair Jay Clayton, widely considered a centrist and who is reportedly not interested in continuing in the role, will likely not be reappointed as both President Donald Trump and former Vice President Joe Biden are likely to pick chairs more aligned with their political parties.

Detroit, MI Returns to Market on Its Own Name
Detroit will sell its second, post-Chapter 9 stand-alone general obligation issue Thursday with plans to return in the coming months should voters approve $250 million of bonding authority for blight removal next month. The proceeds will finance recreation and museums, public safety and transportation projects in accordance with the prior voter authorizations.

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.

Upcoming Webcasts

CDFA // BNY Mellon Development Finance Webcast Series: Manufacturing Bonds for Disaster Response
Tuesday, October 20, 2020 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will look at how IDBs act as a resilient economic driver by financing the manufacturing facilities that stabilize local economies during crises.

CDFA-PFM Capital Markets Webinar Series: Pricing Private Activity Bonds in Complex Capital Stacks
October 22, 2020 - 2:00 - 3:30 PM Eastern
During this installment of the CDFA-PFM Capital Markets Webinar Series, project finance experts and issuers will discuss the viability of how private activity bond deals can fit into complex capital stacks.

Reframe, Build, Plan: Restoring America's Local Food Systems
Thursday, October 29, 2020 - 1:00 PM Eastern
CDFA recently released the final publication of the CDFA Food Finance White Paper Series, Advancing Local Food Systems Through Development Finance. Join us for an overview of this publication as we review CDFA's framework for expanding traditional financing and attracting capital to local food systems through the Reframe, Build, Plan approach.

Job & RFP Postings

Purpose Built Communities Seeking New CEO
The team at Koya Leadership Partners and the Diversified Search Group is delighted to be leading the national search for the next CEO of Purpose Built Communities. We are particularly interested in successful leaders with experience in the private sector as well as executives of color.

This Week's Headlines

Missouri Governor Awards Second Round of Emergency Broadband Investments
MO Department of Economic Development | Oct. 14 | Access to Capital | Disaster Recovery & Relief | Infrastructure Finance | COVID-19 | Broadband

Bon Secours Mercy Health Refinances $322M Through JEDA
SC JEDA | Oct. 13 | Bond Finance | Healthcare | Member News

What Smaller Texas Communities Can Learn from Startups About COVID-19 Economic Recovery
KXAN | Oct. 13 | Access to Capital | Disaster Recovery & Relief | Economic Development | Revolving Loan Funds (RLFs) | COVID-19

$6M C-PACE Financing for New Student Housing Project in Los Angeles, CA
PR Web | Oct. 13 | Education | Energy Finance | Property Assessed Clean Energy (PACE) | Social Finance | Case Studies | Case Studies | Education

Discrimination Has Become a Fact of Life for Black Farmers—That Must End
Fortune | Oct. 12 | Agriculture Finance | Food Systems Finance | Social Finance | U.S. Dept. of Agriculture (USDA)

Grant Announced to Revamp Petersburg, IN Water System
14 News | Oct. 12 | U.S. Economic Development Administration (EDA) | Water Finance

Mascoma's Innovative Loans Brought a Grocery Store — and Banking — to Burlington, VT Old North End 
Seven Days | Oct. 12 | Access to Capital | Food Systems Finance

$10M Awarded to Fund Access to Fresh Food, COVID-19 Mitigation Efforts in Low-Income Pennsylvania Communities
My Ches Co | Oct. 12 | Access to Capital | Disaster Recovery & Relief | Food Systems Finance | COVID-19

USDA Invests $566K for Solar Energy in Hawai‘i
Big Island Now | Oct. 11 | Agriculture Finance | Disaster Recovery & Relief | Energy Finance | Federal | Food Systems Finance | Resiliency | Rural Development | U.S. Dept. of Agriculture (USDA) | COVID-19 | Programs | Ag Finance | Rural Energy Program | USDA Rural Energy for America Program Grants (REAP Grants) | USDA Rural Energy for America Program Guaranteed Loan Program (REAP Loans)

Planning Board Approves 230-Unit Apartment Project Near Buffalo Niagara Medical Campus, NY
The Buffalo News | Oct. 9 | Food Systems Finance | Housing Finance

Carlsbad, CA Approves Small Business COVID-19 Loans
The Coast News Group | Oct. 8 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | Revolving Loan Funds (RLFs) | Revolving Loan Funds (RLFs) | COVID-19

CDFI Fund Awards $825K to Community Developer Cinnaire
Delaware Business New | Oct. 8 | Access to Capital | Housing Finance | Revolving Loan Funds (RLFs)

Deadline Fast Approaching for North Carolina COVID-19 Rapid Recovery Loan Program
Montgomery Herald | Oct. 8 | Access to Capital | Agriculture Finance | Disaster Recovery & Relief | Revolving Loan Funds (RLFs) | Rural Development | State Finance Program | Revolving Loan Funds (RLFs) | COVID-19

Huntington Bank Takes Top Spot Nationally For SBA 7(a) Loan Origination By Volume For Third Consecutive Year
PR Newswire | Oct. 8 | Access to Capital | Member News | Revolving Loan Funds (RLFs) | U.S. Small Business Administration (SBA) | SBA 7(a) Loan Program

KeyBank Rises to 7th Among Nation's Top Banks For SBA 7(a) Lending
PR Newswire | Oct. 8 | Access to Capital | Member News | Revolving Loan Funds (RLFs) | U.S. Small Business Administration (SBA) | SBA 7(a) Loan Program

New Alliance in Houston, TX to Promote Regional Renewable Energy Industry
Yahoo! Finance | Oct. 8 | Energy Finance | Green Finance | Resiliency

Sabine, LA Water District Gets Money to Take Over Neighboring System
KTBS | Oct. 8 | Infrastructure Finance | Revolving Loan Funds (RLFs) | Water Finance | State Revolving Fund

University City, MO Announces New $850K Small Businesses Assistance Program
KSDK | Oct. 8 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | Revolving Loan Funds (RLFs) | Revolving Loan Funds (RLFs) | COVID-19

$59M Mixed-Use Development on Milwaukee, WI North Side Seeks $750K City Loan
Milwaukee Journal Sentinel | Oct. 8 | Community Development | Historic Preservation | Redevelopment | Revolving Loan Funds (RLFs) | Tax Credits | U.S. Environmental Protection Agency (EPA) | Federal Historic Rehab Tax Credits


New Additions to the Online Resource Database

CDFA Charter Schools Financing Initiative: Development Finance Strategies for Charter Schools
Access to Capital | Bond Finance | CDFA Original Research | Development Finance Toolbox | EB-5 Visa | Education | Energy Finance | Opportunity Zones | Property Assessed Clean Energy (PACE) | Revolving Loan Funds (RLFs) | Tax Credits | Tax Increment Finance (TIF) | Community Development | Housing Finance | Infrastructure Finance | Rural Development | Social Finance | Urban Development
CDFA's first publication of the CDFA Charter Schools Financing Initiative series, funded with support from the National Alliance For Public Charter Schools. This paper demonstrates how charter schools can access development finance tools and public finance and provides real-world examples of how these tools have been successfully implemented.


National Sponsor Spotlight

Baker Tilly Virchow Krause Baker Tilly Virchow Krause
More than 2,800 talented and passionate individuals strong, Baker Tilly is a top 15* full-service accounting and advisory firm with specialized professionals who connect with you and your business through refreshing candor and clear industry...
BNY Mellon BNY Mellon
BNY Mellon is the world's leading provider of corporate trust and agency services, administering $28.5 trillion in outstanding debt from 69 locations in 39 countries. Our clients include governments and their agencies, corporations, financial...
Wells Fargo Securities Wells Fargo Securities
Wells Fargo Securities offers a comprehensive set of capital markets services, including originating and distributing public debt and equity, hedging interest rates and commodity and equity risks, advising on mergers and acquisitions, and...

Partner Spotlight

Association of Development Financing Institutions in Asia and the Pacific Association of Development Financing Institutions in Asia and the Pacific
The Association of Development Financing Institutions in Asia and the Pacific (ADFIAP) is the focal point of all development banks and other financial institutions engaged in the financing of development in the Asia-Pacific region. Its mission is to...

CDFA Bookstore

Cover thumbnail 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.

New Members

Center for Strategic Policy Innovation - Newport Beach, CA

North Central New Mexico Economic Development District - Santa Fe, NM

Golden Crescent Regional Planning Commission - Victoria, TX

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

  • BNY Mellon
  • Bricker Graydon LLP
  • Bryan Cave Leighton Paisner 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
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
Become a Sponsor