About

Advocacy

Events

Membership

Sponsor

Education

Newsletters

Resources

Technical Assistance

×

Development Finance Review Weekly - March 18, 2021

Having trouble viewing this newsletter? View it online.
Development Finance Review Weekly
March 18, 2021
Subscribe
View Archives
CDFA Development Finance Review Weekly

Features

EIG Applauds Inclusion of State Small Business Credit Initiative in American Rescue Plan
The Economic Innovation Group (EIG) applauds the inclusion of the State Small Business Credit Initiative (SSBCI) in the American Rescue Plan Act of 2021. The reauthorization of SSBCI is a major step forward in recognizing the economic challenges faced by underserved communities and restoring entrepreneurial activity across the country.

Initial Key Takeaways from the American Rescue Plan Act of 2021
President Joseph Biden signed the American Rescue Plan Act of 2021 on March 11, which provides $1.9 trillion in relief funds across a broad spectrum of categories. Among the most notable takeaways is the reauthorization of the State Small Business Credit Initiative (SSBCI), which expired in 2017.

Opportunity Zones: The Early Evidence
The Hutchings Center on Fiscal and Monetary Policy at Brookings convened a virtual conference on February 24 on Opportunity Zones. Ed Glaeser of Harvard gave opening remarks, followed by a presentation from CDFA Member Kenan Fikri of the Economic Innovation Group. There were four sessions total, organized by topic, each containing several paper presentations and discussant responses.

$350B Slated for State, Local Governments as President Signs American Rescue Plan
The American Rescue Plan will provide $350 billion in payments to U.S. territories, states, and local and tribal governments as crucial assistance for budgets depleted by COVID-19. Of the amounts to be provided to states and local governments, states will receive 60 percent and local governments will receive 40 percent of the distributions.

'Huge Victory': Black Farmers Hail $5B in New COVID Relief Law to Redress Generations of Racism
A major provision in President Joe Biden's $1.9 trillion COVID-19 relief bill sets aside $10.4 billion for agriculture support, with about half of that amount set aside for farmers of color. The American Rescue Plan also allocates extra federal funds to farmers who were "subjected to racial or ethnic prejudice because of their identity as members of a group."

CDFA to Host Webinar Discussing How PACE is Utilized Across Market Segments
Property Assessed Clean Energy (PACE) can be used for new construction, existing building renovations, or refinancing - and each market segment has its own view of why PACE is valuable. During this next workshop in the CDFA-Bricker PACE Webinar Series, speakers from Bricker & Eckler LLP, PACENation, PACE Loan Group, Warren County Port Authority, and Plug Smart will provide insights and details into each market segment.

Everything Cities Need to Know About COVID Relief
President Biden signed the American Rescue Plan (ARP) Act into law on March 11. With the stroke of a pen, the President and Congress delivered historic, unprecedented and meaningful aid to America's 19,000 cities, towns, and villages with $65.1 billion of direct aid. This analysis provides a closer look at the direct aid to cities, towns, and villages.

Democrats Inviting Republicans to Infrastructure Talks
Now that President Joe Biden has signed the $1.9 trillion coronavirus relief package into law, Democrats are eyeing their next Congressional feat: passing major infrastructure legislation. This time, they hope to have Republican support. House Speaker Nancy Pelosi has instructed committee chairs to begin outreach to their Republican counterparts on upcoming legislation.

IRS Publishes Resident Population Figures to Calculate CY 2021 LIHTC, PAB Cap
The Internal Revenue Service (IRS) published the Internal Revenue Bulletin No. 2021-11, which includes the calendar year 2021 resident population figures to calculate state allocations of the 9% low-income housing tax credit (LIHTC) and private activity bond (PAB) cap. Nationally, 9% population-based LIHTC allocations will increase by 0.4% ($3.7 million) in 2021 and PAB allocations will increase by 0.5% ($182 million).

Upcoming Events
Intro Tax Increment Finance WebCourse
News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

Armed with Federal Cash, New York MTA Weighs Next Moves
As New York's Metropolitan Transportation Authority weighs its options after receiving a further boost from Washington, its chief financial officer said it will not need to balance its immediate operating budgets through bonding. The state-run MTA, one of the largest municipal issuers with $49 billion in debt, is in store for roughly $6.5 billion under the American Rescue Plan.

Atlanta, GA Approves $100M of Bonds to Complete the BeltLine
The Atlanta City Council on Monday passed legislation allowing up to $100 million of municipal bonds to be issued through a newly created special service district to fund completion of the Atlanta BeltLine multi-use corridor. When it's complete in 2030, boosters say the 22-mile trail loop will deliver a total economic impact of $10 billion and almost 50,000 permanent jobs.

Why Social Bonds Are Key to Driving More Investment in Education
Investing in social causes is on the rise. Investors are increasingly wondering how to use their capital to improve society in the wake of the COVID-19 pandemic and ongoing social unrest. While most impact investors said they planned to either increase (48%) or maintain (41%) their allocations to education over the next five years, some structural or market barriers certainly stand in the way of getting more impact investors interested in education.

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 Rural Development Finance Webinar Series: Financing Disaster Resiliency in Rural Communities
Tuesday, March 23, 2021 - 2:00 PM - 3:00 PM Eastern
During the first installment of the CDFA Rural Development Finance Webinar Series, hear about a new technical assistance program from CDFA designed to support rural communities that have recently experienced a natural disaster. Experts will discuss the variety of financing tools available from federal, state, and local sources to encourage investment in resilient infrastructure.

CDFA-Bricker PACE Webinar Series: How PACE Gets Utilized Across All Market Segments
Tuesday, March 30, 2021 - 2:00 PM - 4:00 PM Eastern
PACE can be used for new construction, existing building renovations, or refinancing. Each market segment has its own view of why PACE is valuable and this workshop will provide insights and details into each.

CDFA Food Systems Finance Webinar Series: Financing Food-Centered Redevelopment
Tuesday, April 13, 2021 - 2:00 PM - 3:30 PM Eastern
Food is a critical component of local economies. How food-related businesses and infrastructure – such as local restaurants, farmers markets, kitchen incubators, aggregation facilities – among others are incorporated into community development plans and large projects can significantly impact the entire community and beyond. During this installment of the CDFA Food Systems Finance Webinar Series, we will explore how investing in food-centered redevelopment can restore local food systems infrastructure, catalyze additional neighborhood development, and protect healthy, sustainable communities.

Job & RFP Postings

Invest Atlanta Hiring an Executive Director for Worksource Atlanta
The Executive Director will lead a professional staff and maintain strong working relationships with public and private organizations and businesses while developing partnerships with other education, workforce, philanthropic, nonprofit, and economic development agencies to support the City's strategic priorities and the mission of WorkSource Atlanta.

Invest Atlanta Hiring Assistant Director for Westside Initiatives
The Assistant Director - Westside Initiatives (ADWI) is responsible for the creation, management, and implementation of programming within a geographic area including the Westside, Hollowell/ML King and Perry Bolton TADs, University Choice Neighborhoods, Bowen Choice Neighborhoods, and Proctor Creek.

Invest Atlanta Searching for Assistant General Counsel
The Atlanta Development Authority ("Invest Atlanta"), the economic development agency of the City of Atlanta, is hiring an Assistant General Counsel. The Assistant General Counsel is a member of the Legal Department and reports to the General Counsel. The chief responsibility will be to provide advice to Invest Atlanta's various departments and component units on legal issues specific to programs under their administration.

Invest Atlanta Seeking Neighborhood Revitalization Manager
Invest Atlanta is searching for a Neighborhood Revitalization Manager. The Neighborhood Revitalization Manager (NRM) is responsible for the implementation of place-based initiatives, programs, and policies to accomplish a shared, strategic vision for community development.

This Week's Headlines

MassDevelopment Issues a $6.4M Tax-Exempt Bond for Boston, MA Project
Nerej | Mar. 15 | Bond Finance | Housing Finance | Member News

MedRecycler to Receive $17M in Rhode Island Tax-Exempt Bonds
EG News | Mar. 15 | Bond Finance | Energy Finance | Healthcare

Munis Become Refuge from Bond Market Losses with Yields Falling
Bloomberg | Mar. 15 | Bond Finance | Economic Development

New York Comptroller Announces Sale of $636M General Obligation Bonds
Niagara Frontier Publications | Mar. 15 | Bond Finance | Infrastructure Finance

New $850M Plant to Reuse Red Mud Pond Waste Gets Louisiana State Bond Financing
The Advocate | Mar. 15 | Bond Finance | Energy Finance | Green Finance | Member News

Planned Disability Housing Development in Franklin, MA Receives $30M
WB Journal | Mar. 15 | Bond Finance | Healthcare | Housing Finance | Member News

Port of Cleveland to Issue up to $75M in Tax-Exempt Bonds for $150M Cleveland, OH Museum of Natural History Expansion
Cleveland Plain Dealer | Mar. 15 | Bond Finance

SBA Extends Deferment Period for All COVID-19 EIDL and Other Disaster Loans Until 2022
U.S. SBA | Mar. 15 | Access to Capital | Disaster Recovery & Relief | Federal | U.S. Small Business Administration (SBA) | COVID-19

USA Properties Fund Starts Construction of $80M Affordable Seniors Housing Community in Los Angeles, CA
Rebusiness Online | Mar. 15 | Bond Finance | Housing Finance

USDA Announces Availability of an Additional $35M for the Value-Added Producer Grant Program to Support COVID-19 Relief Efforts
USDA | Mar. 15 | Access to Capital | Disaster Recovery & Relief | Food Systems Finance | U.S. Dept. of Agriculture (USDA) | COVID-19

WVEDA Issues $45.0 Million in Tax-Exempt Bonds for Arch Resources
Arch Resources, Inc. | Mar. 15 | Bond Finance | Energy Finance

COVID Relief Bill: A Path to Recovery for Rural Michigan?
Metro Times | Mar. 11 | Disaster Recovery & Relief | Healthcare | Housing Finance | Infrastructure Finance | Rural Development | Broadband

Massachusetts Awards Midas Site Grant for Affordable Housing Development
Chelsea Record | Mar. 11 | Brownfield Financing | Housing Finance | Social Finance | Tax Credits

Tech Company to Bring 1,000+ Jobs to Utah with Support from TIF
ABC4 | Mar. 11 | Tax Increment Finance (TIF)

Beaufort, NC Moves Forward with $23.6M Package from USDA for Infrastructure Improvements
Carteret County News-Times | Mar. 10 | Federal | Infrastructure Finance | Revolving Loan Funds (RLFs) | Rural Development | U.S. Dept. of Agriculture (USDA) | Water Finance

Fact Sheet: USDA Provisions in the American Rescue Plan
USDA | Mar. 10 | Agriculture Finance | Disaster Recovery & Relief | Federal | Rural Development | U.S. Dept. of Agriculture (USDA) | COVID-19

FEMA Awards $4.1M to Create the EcoExploratorio Resiliency Institute
FEMA | Mar. 10 | Community Development | Disaster Recovery & Relief | Federal | Resiliency | COVID-19

Independent Restaurants Lobbied Hard for Targeted Relief — Now, They're Finally Getting It
The Washington Post | Mar. 10 | Access to Capital | Disaster Recovery & Relief | Food Systems Finance | Legislative | COVID-19

Transit Agencies Praise COVID-19 Relief Bill
Next City | Mar. 10 | Disaster Recovery & Relief | Economic Development | Infrastructure Finance | Legislative | COVID-19

WEDC Awards $249K in Grants to Milwaukee, WI Entrepreneurship Programs
Milwaukee Business Times | Mar. 10 | Community Development | Disaster Recovery & Relief | Local Finance Program | Social Finance | COVID-19


New Additions to the Online Resource Database

Food Forward NYC: A 10-Year Food Policy Plan
Access to Capital | Agriculture Finance | Economic Development | Food Systems Finance | Incentives | Special Assessment Districts | Tax Credits
Food Forward NYC is the City's first ever 10-year food policy plan, laying out an ambitious interagency policy framework to reach a more equitable, sustainable, and healthy food system by 2031. The success of this plan depends on the partnership of everyone involved in the food system. Food businesses large and small, community-based organizations and advocates, philanthropies and academic institutions, regional partners, and the state and federal government all have a critical role to play.

IRS Publication 4079 - Tax-Exempt Governmental Bonds
Bond Finance
This publication provides an overview of the federal tax law rules that apply to municipal financing arrangements commonly known as "governmental bonds." It is intended to help issuers meet federal tax law requirements to ensure that interest earned by bondholders is exempt from taxation under Internal Revenue Code (IRC) Section 103.

Legislative Analysis for Counties: American Rescue Plan Act of 2021
Community Development | Disaster Recovery & Relief | Economic Development | Legislative | Rural Development
As part of the American Rescue Plan's $362 billion in federal fiscal recovery aid for state and local governments, $65.1 billion is provided in direct aid to counties and an additional $1.5 billion for public land counties. This analysis by the National Association of Counties highlights key provisions for county governments.

Vermont Agriculture and Food Systems Strategic Plan 2021-2030
Access to Capital | Agriculture Finance | Economic Development | Food Systems Finance | Rural Development
The Plan estimates that additional public and philanthropic investment is needed over the next ten years: approximately $9.7 million in one-time funding and $23.3 million in recurring funding. This level of funding will ensure sufficient land access and conservation, climate resilience, food security, infrastructure investments, regional market development, and workforce development to meet the growing needs of the sector. Public and philanthropic funding will also stimulate additional private sector investment.

The Impact of the Opportunity Zone Program on the Residential Real Estate Market
Economic Development | Housing Finance | Opportunity Zones
The authors of this study examine the impact of OZs on residential real estate by exploiting two datasets: a proprietary real estate dataset and census-tract demographics data between 2010 and 2019. They find that tracts with higher poverty and unemployment rates and lower income levels were more likely to be selected. However, they find evidence that tracts with a higher average real estate price were also more likely to be selected.

Reimagining Rural Policy: Organizing Federal Assistance to Maximize Rural Prosperity
Access to Capital | Agriculture Finance | Economic Development | Federal | Infrastructure Finance | Revolving Loan Funds (RLFs) | Rural Development | Tax Credits
The federal programs and tools available today to help generate social and economic development in rural communities serve as a reminder of active and broad federal involvement in the 20th century, and the possibilities for federal leadership to help rural communities meet the current moment. Yet they are outdated, fragmented, and incoherent. This report identifies over 400 programs open to rural communities for economic and community development, spanning 13 departments, 10 independent agencies, and over 50 offices and sub-agencies.


National Sponsor Spotlight

Bryan Cave Leighton Paisner LLP 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,...
Business Oregon 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...
CohnReznick 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...

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 web site, e-newsletters and alerts, and daily print edition, The Bond Buyer reaches more than 25,000...

CDFA Bookstore

Cover thumbnail Advanced Tax Increment Finance Reference Guide 2nd Edition
The Advanced Tax Increment Finance Reference Guide builds upon CDFA's introductory offerings by exploring in-depth the complexities and transformative potential of tax increment financing.

New Members

Access to Capital for Entrepreneurs Inc. - Cleveland, GA

Beech Capital Venture Corporation - Philadelphia, PA

Business Development Corporation of South Carolina - Columbia, SC

City of Norfolk - Norfolk, VA

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

Archives

Displaying 1 - 30 of 779

March 28, 2024
March 21, 2024
March 14, 2024
March 7, 2024
February 29, 2024
February 22, 2024
February 15, 2024
February 8, 2024
February 1, 2024
January 25, 2024
January 18, 2024
January 11, 2024
January 4, 2024
December 28, 2023
December 21, 2023
December 14, 2023
December 7, 2023
November 30, 2023
November 23, 2023
November 16, 2023
November 9, 2023
November 1, 2023
October 26, 2023
October 19, 2023
October 12, 2023
October 5, 2023
September 27, 2023
September 21, 2023
September 14, 2023
September 7, 2023




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