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Development Finance Review Weekly - July 25, 2024

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Development Finance Review Weekly
July 25, 2024
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CDFA Development Finance Review Weekly

Features

Invest in Yourself at 2024 CDFA Summer School!
CDFA Summer School is a 2-week long virtual series of courses designed to help you accelerate your development finance education, with a curation of seven different training courses to choose from. Don't miss the opportunity to learn from our expert practitioners and experience CDFA's most interactive educational event of the year! Register today!

HUD Supports Owners Interested in New Resource to Fund 50% of Solar Project Costs
The U.S. Department of Housing and Urban Development's (HUD) Office of Multifamily Housing Programs has launched a new video, as part of its series of recordings to help owners of HUD-assisted multifamily housing properties as well as other stakeholders better understand a new tax credit program that can help fund 50% of solar project costs at Federally-assisted residential properties. This recording, co-hosted by HUD's Office of Public and Indian Housing, provides an overview of the basic requirements of the program and describes why multifamily owners, PHAs, tribes, and communities should look into this unique and new opportunity.

$2M Awarded to Improve Infrastructure for Disaster Preparedness in Northeast Mississippi
The Three Rivers Solid Waste Management Authority in Pontotoc has been awarded $2 million for infrastructure improvements to support disaster resiliency in northeast Mississippi. The Economic Development Administration (EDA) is divvying the funds, which will be matched by $5.4 million from local fundraising efforts, to support upgrades to the solid waste transfer stations, improving disaster preparedness. This project is funded under the Disaster Relief Supplemental Appropriations Act of 2023, which provided EDA with $483 million in additional Economic Adjustment Assistance (EAA) Program funds for disaster relief and recovery for areas that received a major disaster.

Kentucky OK's $3.5M in Agricultural Diversification Loans
The Kentucky Agricultural Development Board approved $3,527,748 for agricultural diversification and rural development projects across the Commonwealth at its monthly board meeting. The grant projects approved will provide opportunities for change and growth, opportunities that allow recipients to develop a greater future for our agricultural community.

KeyBank Provides $64.7M of Financing for New Affordable Housing in Salt Lake City, UT
KeyBank Community Development Lending and Investment provided $16.6 million in Low-Income Housing Tax Credit equity, a $21.3 million construction loan, and a $6.3 million taxable equity bridge for the construction of Silos Apartments, a new affordable housing high-rise building in Salt Lake City, Utah. KeyBank's Commercial Mortgage Group originated a $20.5 million privately placed forward committed rate-locked permanent loan. KeyBanc Capital Markets also secured and sold $21.3 million in Utah Housing Corporation Multifamily Housing Revenue Bonds for the transaction.

New Investment Fund Helps Social Impact Businesses in Underserved Communities Grow
Traditional financing options don't meet the needs of most small businesses. Momentus Capital has tested a new impact investment approach to support growth-stage, social-impact businesses in underserved communities. The organization's $171 million impact investing fund, the Equitable Prosperity Fund, provides purpose-driven businesses with non-dilutive capital so business owners can keep full ownership of their companies.

North Carolina Senate Passes Funding Program to Lower Costs of Home Upgrades
The North Carolina General Assembly recently passed an exciting new program that will make it easier and more affordable than ever for businesses to invest in clean energy upgrades. Senate Bill 802 authorizes the launch of Commercial Property Assessed Clean Energy (C-PACE) financing in the state. Through C-PACE, companies can borrow money to install things like rooftop solar panels, energy-efficient HVAC systems, and LED lighting — then pay back the loan over time via a small bump in their property taxes.

Treasury, IRS Issue Updated Guidance on Required Minimum Distributions from IRAs
The Department of the Treasury and the Internal Revenue Service issued final regulations updating the required minimum distribution (RMD) rules. The final regulations reflect changes made by the SECURE Act and the SECURE 2.0 Act impacting retirement plan participants, IRA owners, and their beneficiaries. At the same time, Treasury and IRS issued proposed regulations, addressing additional RMD issues under the SECURE 2.0 Act.

Upcoming Events
CDFA Summer School
Upcoming Webcasts

CDFA // BNY Development Finance Webcast Series: Financing Charter Schools with Social Bonds
August 20, 2024 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA // BNY Development Finance Webcast Series, panelists will discuss how social bonds can be used to provide low-interest loans to high-performing public charter schools to provide transformative educational opportunities for students.

SSBCI Learning Series - Filling the Gaps with the Suite of SSBCI Technical Assistance Programs
August 27, 2024 - 2:00 - 4:00 PM Eastern
SSBCI 2.0 has provided three different sources of funding for a range of technical assistance. In this session, speakers will discuss how each program supports the other and explore best practices on how to maximize the impacts of each program.

2024 CDFA Equitable Lending Learning Series: Development Finance Data Collection and Measurement
September 4, 2024 - 1:00 PM - 3:00 PM Eastern
In this installment of the CDFA Equitable Lending Learning Series, presenters will share an overview of the current fintech landscape, followed by a discussion of best practices for collecting financial data and borrower demographics and implementing a successful impact measurement system.

Job & RFP Postings

CDFA - Senior Director, Finance
The Council of Development Finance Agencies seeks a motivated, well-organized, and energetic individual to fill the position of Senior Director, Finance. This position is responsible for delivering on CDFA's accounting, budgeting, banking, and fiduciary operations. The Senior Director, Finance is a proven accounting and financial management expert. Email at jobs@cdfa.net if you are interested.

CDFA - Senior Director, Government Affairs
The Council of Development Finance Agencies seeks a motivated, well-organized, and energetic individual to fill the position of Senior Director, Government Affairs. This position is critical to the continued success of CDFA's education, advocacy, research, resources, and networking efforts. This position is responsible for delivering on CDFA's national development finance policy agenda as well as engaging federal agencies and government officials. This is an exciting and high-profile opportunity for an energetic and enthusiastic public policy expert to contribute to a great organization, working to create economic prosperity across the country. Email at jobs@cdfa.net if you are interested.

Colorado Venture Capital Authority - Competitive Application for Venture Capital Fund Managers
The Colorado Venture Capital Authority (VCA) is seeking to commit approximately $15 million to one or several venture capital funds. Its mission is to deploy the State Small Business Credit Initiative Equity/Venture Capital. The VCA partners with professional venture capital fund managers to invest in seed and early-stage rounds in businesses headquartered and with principal business operations in Colorado. In alignment with the U.S. Department of Treasury and the SSBCI Capital Program, the VCA aims to provide access to capital for small businesses in low-and-moderate income, minority, and other underserved communities, including women and veteran-owned small businesses.

State College Borough - Housing Program Specialist
The Housing Program Specialist is responsible for assisting with the overall administration of various housing assistance programs. Work is performed independently under limited supervision with considerable latitude. Position typically requires processing and interpreting of more complex, less clearly defined issues.

This Week's Headlines

Landmarks Illinois Awards $500K Loan to Chicago Nonprofit BandWith
Morningstar | Jul. 24 | Community Development | Redevelopment | Revolving Loan Funds (RLFs) | Urban Development

U.S. DOE Announces $325M Fund to Enhance Energy Resilience in Puerto Rico
SolarQuarter | Jul. 24 | Energy Finance | Federal | Green Finance | Legislative | Resiliency

U.S. High-Grade Bond Sales Post Biggest July in Six Years
Yahoo! Finance | Jul. 24 | Bond Finance | Economic Development

Elizabethton, TN Awarded TDEC Grant for Remediation Projects
WJHL | Jul. 23 | Brownfield Financing | Community Development | Redevelopment

EPA, Partners Celebrate $1M Investment for New Mexico Brownfields Programs
U.S. EPA | Jul. 23 | Brownfield Financing | Community Development | Redevelopment | U.S. Environmental Protection Agency (EPA)

Dwight Capital Launches Dwight Green Finance, C-PACE Lending Platform
Businesswire | Jul. 22 | Energy Finance | Green Finance | Property Assessed Clean Energy (PACE) | U.S. Dept. of Housing & Urban Development (HUD) | Water Finance

EPA Gives Minnesota $200M to Reduce Carbon Footprint in the Food System
Aol | Jul. 22 | Access to Capital | Food Systems Finance | Resiliency | U.S. Environmental Protection Agency (EPA)

Massachusetts Receives $360K for Mobility Management Pilot Program
Mass.gov | Jul. 22 | Community Development | Federal | Infrastructure Finance | Legislative | U.S. Dept. of Transportation (DOT)

New Jersey is Hoping to Attract New Farmers With Incentives
northjersey.com | Jul. 22 | Access to Capital | Agriculture Finance | Revolving Loan Funds (RLFs) | State Finance Program

Peachtree Issues $10.7M C-PACE Loan for Nashville, TN Office Development
Asian Hospitality | Jul. 22 | Energy Finance | Property Assessed Clean Energy (PACE) | Water Finance

Minnesota Gov. Walz Highlights Resources for New Farmers, Flooding Recovery Assistance
Caledonia Hometown Source | Jul. 21 | Agriculture Finance | Disaster Recovery & Relief | Food Systems Finance | Rural Development | Tax Credits

California Family Creamery Nets Grounded Capital Investment
Just Food | Jul. 19 | Access to Capital | Agriculture Finance | Innovation Finance | Venture Capital

New York Governor Announces New Refundable Farm Employer Overtime Tax Credit
Governor Kathy Hochul | Jul. 19 | Agriculture Finance | State Finance Program | Tax Credits

Sen. Markey Announced Federal Funding for Redevelopment Project in Turners Falls, MA
WAMC | Jul. 19 | Brownfield Financing | Community Development | Redevelopment

Traverse City, MI DDA Preps TIF Plan for August Vote
The Ticker | Jul. 19 | Community Development | Housing Finance | Tax Increment Finance (TIF)


National Sponsor Spotlight

NW Financial Group, LLC NW Financial Group, LLC
NW Financial Group LLC is the premier Financial Advisory / Municipal Underwriting firm in the Northeast whose experienced professionals provide unparalleled expert advice to States, Local Governments, and Authorities. The professionals that make up...
PGAV Planners, LLC PGAV Planners, LLC
PGAV is a global leader in planning, design, and development consultation to public, corporate, and institutional clients. For more than fifty years, PGAV has created unique approaches and solutions to community planning and development issues, and...
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.

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 Practitioner's Guide to Economic Development Finance 3rd Edition
The Practitioner's Guide provides the insight and practical information needed to critically understand how economic development is financed and the tools, strategies and techniques used to build strong communities.

New Members

Gulf of Maine Research Institute - Scarborough, ME

Instrumentl - Covina, CA

New Orleans Redevelopment Authority - New Orleans, LA

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