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Development Finance Review Weekly - June 1, 2023

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Development Finance Review Weekly
June 1, 2023
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CDFA Development Finance Review Weekly

Features

Patty Huddle Named President of Ohio's Columbus-Franklin County Finance Authority
The Columbus-Franklin County Finance Authority Board of Directors voted to name Patty Huddle as the organization's new president effective June 1, 2023. Previous president Jean Carter Ryan's last day in the office is June 2, 2023. Patty has served as the Finance Authority's vice president since joining the organization in May 2020.

Department of the Interior Invests $161M for Landscape Restoration
The Department of the Interior announced plans to infuse $161 million into ecosystem restoration and resilience on the nation's public lands as part of President Biden's Investing in America agenda. This work, led by the Bureau of Land Management, will focus on 21 "Restoration Landscapes" across 11 western states and will range from restoring wildlife habitat in the sagebrush steppe of the high desert to re-creating wetland meadows to repairing watersheds on former industrial timberlands.

California Solar Panel Incentives: Tax Credits, Rebates, Financing, and More
Net metering rules have changed, but the Golden State still offers residents additional motivations for going solar. This article shows the local and state incentives for solar projects in California, such as the California Self-Generation Incentive Program, the Disadvantaged Communities – Single-Family Solar Homes program, etc. 

Delaware County, PA Announces $1M Grant for Brownfield Revolving Loan Fund
The Delaware County Redevelopment Authority (DCRDA) Board will receive $1 million in Brownfields funds from the U.S Environmental Protection Agency (EPA)'s Revolving Loan Fund (RLF) Grant Program. The EPA's RLF Grants provide funding for loans or subgrants for community stakeholders to carry out cleanup and other activities at brownfield sites. DCRDA received the maximum possible award to launch the County's Revolving Loan Fund.

SunZia Southwest Transmission Project Receives Final Federal Approval
The Bureau of Land Management issued its record of decision for the SunZia Southwest Transmission Project, a precursor to its final right-of-way grant required for construction on federal lands, which is expected in the next month or so. The SunZia transmission line will traverse approximately 520 miles of federal, state, and private lands, delivering up to 4,500 megawatts of primarily renewable energy from New Mexico into Arizona and California.

The Inflation Reduction Act Sparks a Clean Energy Revival for Rural Businesses
The U.S. Department of Agriculture (USDA) is making a massive investment of almost $11 billion in clean energy for rural communities, with funding from the Inflation Reduction Act of 2022. From the hydropower dams of the Great Depression to the present day, clean energy has been a running theme in federal efforts to support rural economic development. The new USDA effort takes it to the next level by scaling up new zero- and low-carbon technologies.

U.S. Treasury Announces $151M for Mississippi Broadband Projects
The U.S. Department of the Treasury announced the approval of $151.5 million for high-speed internet projects in Mississippi under the American Rescue Plan's Capital Projects Fund (CPF), part of President Biden's Investing in America agenda. The funds will help to connect over 47,000 Mississippi homes and businesses to affordable, high-speed internet.

WealthTech Startup Receives Investment with SSBCI Funds
Based in Arlington, Virginia, Wellthi is an embedded social finance software that is fundamentally revolutionizing how wealth is built. Wellthi infuses community spirit into the process of financial growth and is set to redefine the landscape of mobile banking and social finance. The exact amount raised by Wellthi has not been disclosed, but the backing from a prominent investor like VIPC, with State Small Business Credit Initiative funds (SSBCI), demonstrates Wellthi's potential in the FinTech sphere.

USDA Rural Development Invests in Wisconsin Multifamily Housing Projects
The U.S. Department of Agriculture (USDA) Wisconsin Rural Development State Director joined representatives of Wisconsin Management Company, Inc., and others at a grand re-opening to celebrate improvements made to Cuba City Apartments, Cuba City, and Summit Apartments, Barneveld. Funds for improvements came from Wisconsin's Low Income Housing Tax Credit and its Multifamily Preservation Loan and Preservation Revolving Loan Fund.

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

The latest municipal finance headlines from The Bond Buyer.

Chicago, IL Talks Will Decide Whether DuPage Water Commission Pursues Pipeline Project
The DuPage County, Illinois, Water Commission said a decision over whether it decides to end its 40-year relationship with Chicago and build its own pipeline to tap directly into Lake Michigan for water hinges on contract negotiations with the city.

May Volume Drops 29% as Rates Rose, Fed Policy Weighed
May municipal bond issuance dropped 29% year-over-year in May as issuers dealt with rising interest rates stemming from debt ceiling concerns, Federal Reserve policy uncertainty, and overall market volatility. Total volume for the month was $26.062 billion in 677 issues, down from $36.583 billion in 928 issues a year earlier, according to Refinitiv data.

CDFA is proud to partner with The Bond Buyer as our Official Media Sponsor. The Bond Buyer offers CDFA State and Local Members a 55% discount off of the Issuer Rate. Contact CDFA for more information.

Upcoming Webcasts

CDFA // BNY Mellon Development Finance Webcast Series: Advancing Equitable Economic Development with Affordable Housing
June 20, 2023 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, panelists will demonstrate how investment in affordable housing advances equitable economic development with a discussion of innovative financing approaches that can help these projects succeed.

2023 Equitable Lending Learning Series: Fund Capitalization
June 27, 2023 - 1:00 PM - 4:00 PM Eastern
During this event in the Equitable Lending Learning Series, speakers will discuss how loan funds are traditionally capitalized, provide best practices for establishing and growing loan funds, and share examples of programs that offer an evergreen source of capital to their community.

CDFA Food Systems Finance Webinar Series: Targeted Tools & Food Systems
June 27, 2023 - 2:00 PM - 3:30 PM Eastern
In this installment of the CDFA Food Systems Finance Webinar Series, we will highlight unique financing structures that drive food systems investment within a geographic footprint.

Job & RFP Postings

MORPC-Economic Development Director & Regional Innovation Officer
As Central Ohio's regional council, MORPC is an association of cities, villages, townships, counties, and regional organizations and serves rural, suburban, and urban areas. Under administrative direction of the Chief Mobility & Infrastructure Officer and Senior Director of Programming, the Economic Development Director & Regional Innovation Officer is responsible for directing and developing agency economic development and strategic infrastructure programming, leading Central Ohio's innovation ecosystem, and performing related duties as required.

This Week's Headlines

Affordable Apartments for Adults Opening Near Crown Hill Park, CO
Neighborhood Gazette | May. 30 | Federal | Housing Finance | Tax Credits

Agriculture Appropriations Bill Includes $31.9B in School Nutrition Funding
Food Service Director | May. 30 | Agriculture Finance | Federal | Food Systems Finance | Rural Development | U.S. Dept. of Agriculture (USDA)

City of Sunrise, FL Approves Metropica Community Development District for Condominium Project
Multifamily Biz | May. 30 | Bond Finance | Infrastructure Finance

EPA Awards $500K for Cleanup, Revitalization of Abandoned Properties in North Dakota
EPA | May. 30 | Brownfield Financing | Revolving Loan Funds (RLFs)

Ohio Lorain Port and Finance Authority Committed to Growth
The Morning Journal | May. 30 | Energy Finance | Property Assessed Clean Energy (PACE) | Water Finance

Somerville, MA Achieves AAA Bond Rating
City of Somerville | May. 30 | Bond Finance

Utah-Based Summit Vista Gets $160M in C-PACE Financing
Skilled Nursing News | May. 30 | Energy Finance | Property Assessed Clean Energy (PACE) | Water Finance

Valparaiso, IN Considers Issuing Bonds for Journeyman Distillery Project
Lakeshore Public Media | May. 30 | Bond Finance | Food Systems Finance | Tax Increment Finance (TIF)

Ventura, CA Receives $173M in WIFIA Loans
Environmental Protection Agency | May. 30 | Access to Capital | Development Finance Toolbox | Federal | Infrastructure Finance | Revolving Loan Funds (RLFs) | U.S. Environmental Protection Agency (EPA) | Water Finance | Revolving Loan Funds (RLFs) | Water Finance | WIFIA | Water Infrastructure Finance and Innovation Act (WIFIA)

Virginia Deploying SSBCI Funds to Foster Innovation
Virginia Business | May. 30 | Access to Capital | Disaster Recovery & Relief | Innovation Finance | State Small Business Credit Initiative (SSBCI) | U.S. Dept. of Treasury | Treasury State Small Business Credit Initiative (SSBCI) | COVID-19 | State Small Business Credit Initiative (SSBCI)

Wilton, NH's $13.1M Bond Sale to Finance New Police Headquarters
The Wilton Bulletin | May. 30 | Bond Finance

$120M in Public Funds to Rebuild Speedway in Nashville, TN
KPVI | May. 30 | Access to Capital | Bond Finance | Redevelopment

$1M Federal Grant to Help Fund Brownfield Cleanups in Keene, NH
New Hampshire Business Review | May. 30 | Brownfield Financing | Community Development | Redevelopment | Revolving Loan Funds (RLFs) | U.S. Environmental Protection Agency (EPA)

Bureau of Indian Affairs Announces $2.7M in Tribal Broadband Grants
Tribal Business News | May. 29 | Community Development | Infrastructure Finance | Tribal Finance

$4M in SSBCI Funds Used to Seed Revolving Loan Fund in Iowa
Altoona Mirror | May. 29 | Access to Capital | Disaster Recovery & Relief | Legislative | Revolving Loan Funds (RLFs) | State Small Business Credit Initiative (SSBCI) | U.S. Dept. of Treasury | Treasury State Small Business Credit Initiative (SSBCI) | COVID-19 | State Small Business Credit Initiative (SSBCI)

San Francisco, CA Receives $369M in Federal Loans for Stormwater Infrastructure
NBC Bay Area | May. 26 | Access to Capital | Federal | Infrastructure Finance | U.S. Environmental Protection Agency (EPA) | Water Finance | Water Finance | Stormwater | WIFIA | Water Infrastructure Finance and Innovation Act (WIFIA)

$3M For Downriver Community Conference Brownfield Cleanup in Michigan
Debbie Dingell | May. 26 | Brownfield Financing | Community Development | Redevelopment | Revolving Loan Funds (RLFs)


National Sponsor Spotlight

Frost Brown Todd LLC Frost Brown Todd LLC
With over 500 lawyers across their eight-state footprint, Frost Brown Todd LLC offers a deep, talented roster of legal professionals. Committed to their clients, the firm leverages technical, industry, and legal knowledge and hands-on experience to...
Hawkins Delafield & Wood LLP 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....
Ice Miller LLP 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...

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 Increment Finance Best Practices Reference Guide 2nd Edition
The Tax Increment Finance Best Practices Reference Guide 2nd Edition addresses what TIF is, why it should be used, and how best to apply the TIF tool. This guide highlights both TIF and special assessment projects across the country and how they can be applied to address common economic development issues.

New Members

Chicago Food Policy Action Council - Chicago, IL

Decide DeKalb - Decatur, GA

GrantMatch, Inc. - Lynchburg, 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

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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