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Development Finance Review Weekly - May 25, 2023

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Development Finance Review Weekly
May 25, 2023
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CDFA Development Finance Review Weekly

Features

Colorado Partners with Avesta Fund for Venture Capital Access under SSBCI
The Colorado Venture Capital Authority (VCA) and the Colorado Office of Economic Development and International Trade (OEDIT) announced that the VCA has partnered with Avesta Fund to use State Small Business Credit Initiative funds to expand access to venture capital for Colorado entrepreneurs and startup businesses. The VCA has committed $3.6 million to Avesta, a venture capital firm that invests in companies working to address climate change and inequality.

Just One Project in Hamilton County, OH will Get a LIHTC in 2023
Affordable housing is expensive to build and operate, and Low-Income Housing Tax Credits (LIHTC) projects are limited to the lowest incomes for at least 30 years. Ohio officials recently announced awards for LIHTC, and the list includes only one project in Hamilton County. Only one other project even applied for LIHTC this round.

More than $100M in Financing Requests Approved by North Carolina's LGC
The state's Local Government Commission (LGC) approved more than $100 million in financing requests from local governments. Approval was given to Washington County for a $20.5 million installment purchase of a consolidated pre-K through 12 campus located in Plymouth. Under the purchase plan, partial payments can be made over time and the county will increase taxes by 4 cents per $100 property valuation to offset costs.  

Minnesota Gov. Tim Walz Signs $100M Rural Internet Bill
Minnesota Gov. Tim Walz signed an agriculture and broadband spending bill into law, complete with $100 million in funding for rural Internet and a safety net for farmers on grain sales. The bill also includes $10 million to establish the state's first grain indemnity fund as well as funding for a number of state agricultural financing initiatives.

Virginia Announces SSBCI Investment in Technology Healthcare Platform
Virginia Venture Partners, the equity investment program of Virginia Innovation Partnership Corporation (VIPC), announced an investment in Kinometrix with the state's State Small Business Credit Initiative (SSBCI) funds. Fort Belvoir, Virginia-based Kinometrix is an artificial intelligence (AI) platform that uses EHR data to predict patient harm events in hospitals.

How ERC Bridge Loans Provide Faster Funding to Your Cannabis Business
Canna Business Resources, a leading provider of innovative financial solutions for the cannabis industry, offers Employee Retention Credit (ERC) bridge loans to provide quick access to capital for established cannabis businesses seeking short-term financing for projects such as inventory expansion. The ERC is a refundable tax credit against certain employment taxes equal to 50% of up to $10,000 in qualified wages.

U.S. Greenlights Major Transmission Line for Renewable Energy in Western States
The U.S. government is greenlighting a proposed multibillion-dollar transmission line that would send primarily wind-generated electricity from the rural plains of New Mexico to big cities in the West. The Interior Department announced its record of decision for the SunZia project. It comes about a year after an environmental review was completed as part of a broader effort by the Biden administration to clear the way for major transmission projects as it looks to meet climate goals and shore up the nation's power grid.

USDA Announces $500M for Regional Conservation Partnership
The U.S. Department of Agriculture (USDA) announced the availability of $500 million in funding to advance partner-driven solutions to conservation on agricultural land through the Department's Regional Conservation Partnership Program (RCPP). RCPP leverages a voluntary approach to conservation that expands the reach of conservation efforts and climate-smart agriculture through public-private partnerships.

Upcoming Events
CDFA Virtual Summer School
News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

Laura Allen Takes The Helm at GFOA
Laura Allen, budget analyst for the Maryland Department of Budget and Management, takes over as president of the Government Finance Officers Association from Terri Velasquez in a role she feels can be instrumental in bringing members together and addressing the most pressing challenges for the industry.

Muni Advocates See Bank-Qualified Cap as Attainable Goal
With advance refunding currently dead in the water, muni leaders see a change in the regulation of bank-qualified bonds as low-hanging fruit that could help attract more Republicans to get involved in public finance issues.

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

MuniCap, Inc.- Bond Administrator, Pittsburgh, PA.
MuniCap, Inc. is currently seeking candidates with experience in finance and analytics. In this role, you will interact closely with local government agencies and real estate developers as well as perform a significant amount of research. Our ideal candidate will be able to apply logic and use analytics to various projects currently in process and on the horizon. Please email resume and cover letter to: jobs@municap.com

MuniCap, Inc.-Bond Administrator, Columbia, MD.
MuniCap, Inc. is currently seeking candidates with experience in finance and analytics. In this role, you will interact closely with local government agencies and real estate developers as well as perform a significant amount of research. Our ideal candidate will be able to apply logic and use analytics to various projects currently in process and on the horizon. Please email resumes and letters of introduction to: jobs@municap.com

DHCD-Div of Dev Finance-Special Loan Programs-Senior Energy Program Manager
The Maryland Department of Housing and Community Development is seeking a senior energy program manager. The purpose of the position is the management for energy efficiency programs. The administration requires the direct supervision of staff and making decisions and recommendations that change, interpret, or lead to developing public policies and programs related to energy efficiency.

This Week's Headlines

Minnesota Council Voices Support for New Low- to Moderate-Income Apartments
Albert Lea Tribune | May. 23 | Housing Finance | Tax Credits

New Jersey Approves Firms for SSBCI Investment Strategies
NJ EDA | May. 23 | Access to Capital | Disaster Recovery & Relief | State Small Business Credit Initiative (SSBCI) | U.S. Dept. of Treasury | Treasury State Small Business Credit Initiative (SSBCI) | State Small Business Credit Initiative (SSBCI)

Spartanburg, SC's Residents Raise Concerns about Redeveloping Former Pepsi Plant
Go Upstate | May. 23 | Brownfield Financing | Economic Development | Redevelopment

4 Houston, TX Companies Snag DOE Funding for Carbon Advancement
Innovation Map | May. 22 | Energy Finance | U.S. Dept. of Energy (DOE)

Biden-Harris Administration Invests in Watershed Infrastructure to Help Communities Recover from, Prepare for Natural Disasters
USDA | May. 22 | Access to Capital | Disaster Recovery & Relief | Federal | Infrastructure Finance | U.S. Dept. of Agriculture (USDA) | Water Finance

Clark County, NV Bonds Eyed by Lawmakers to Fill in $200M Ballpark Financing Gap
FOX5 Vegas | May. 22 | Bond Finance

DSD Secures $75M in Financing to Support 61 MW of C&I Projects
Solar Builder | May. 22 | Energy Finance

Florida Announces $40M in Small Business Loans Under SSBCI
Florida Department of Economic Opportunity | May. 22 | Access to Capital | Disaster Recovery & Relief | Legislative | State Small Business Credit Initiative (SSBCI) | U.S. Dept. of Treasury | Treasury State Small Business Credit Initiative (SSBCI) | COVID-19 | Legislative Activities | State Small Business Credit Initiative (SSBCI)

Lawmakers are Talking About Marijuana's Murky Future in Congress
Bloomberg | May. 22 | Cannabis Finance | Economic Development | Federal

Minneapolis, MN Climate Equity Action Plan: How Is The City Approaching Climate Justice?
Energy News Network | May. 22 | Energy Finance

Oklahoma Invests $20M in SSBCI Funds in Early-Sage Venture Capital Firm
The Journal Record | May. 22 | Access to Capital | Disaster Recovery & Relief | Legislative | State Small Business Credit Initiative (SSBCI) | U.S. Dept. of Treasury | Treasury State Small Business Credit Initiative (SSBCI) | Venture Capital | COVID-19 | Legislative Activities | State Small Business Credit Initiative (SSBCI)

Palm Beach County, FL Sues PACE Provider After Refusing to Abide by Rules
The Palm Beach Post | May. 22 | Energy Finance | Property Assessed Clean Energy (PACE)

RFP Alert: $9.7B to Bring Clean Energy to Rural Electric Coops
pv magazine | May. 22 | Energy Finance

Sun Prairie, WI City Council OK's Agreement for Two-Story Commercial Building
Sun Prairie Star | May. 22 | Brownfield Financing | Economic Development | Redevelopment | Tax Increment Finance (TIF)

USDA Offers $11B in Clean Energy Funding
Biomass Magazine | May. 22 | Energy Finance

Williamsburg City, WV Council Approves Sale of Tax-Exempt Bonds
Peninsula Chronicle | May. 22 | Bond Finance | Housing Finance

$406M Budget Proposed in Quincy, MA: 'We Have Not Taxed to The Max'
The Patriot Ledger | May. 22 | Bond Finance

$6M Savings for Falls Township Municipal Building Upgrades
Patch | May. 22 | Bond Finance | Infrastructure Finance


National Sponsor Spotlight

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...
Cirrus Secure Cirrus Secure
Cirrus provides a cloud-based document collection portal that helps specialty finance agencies streamline their loan and investment processes. Using robotic process automation, Cirrus orchestrates complex workflows to keep all parties engaged 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...

CDFA Bookstore

Cover thumbnail Tax Credit Finance Reference Guide
The Tax Credit Finance Reference Guide provides an exploratory overview of how communities can use tax credit finance programs to support economic growth. This guide examines how to effectively apply tax credits to development opportunities, and explains the basics of tax credits and the fundamentals of using these tools.

New Members

Humboldt Area Foundation - Bayside, CA

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