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CDFA Brownfields Finance Update - July 6, 2021

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Brownfields Financing Update
July 6, 2021
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Brownfields Finance Update

Features

Advance Your Knowledge of Revolving Loan Funds at CDFA Virtual Summer School
The Advanced Revolving Loan Fund Course builds on CDFA's Intro RLF Course by providing in-depth instruction on loan underwriting and portfolio management. Register now for this August 9-10 training course to sharpen your skills in analyzing borrower documents, performing financial analysis, and making loan decisions based on the mission and lending criteria of your RLF.

Renew the Federal Brownfield Tax Deduction
Before it expired, the federal Brownfield Tax Incentive allowed a party who voluntarily investigated and remediated contaminated property to deduct its cleanup costs in the year incurred on their federal income tax return. Expensing remediation costs and spreading out the deduction over ten years was a powerful incentive for private investment in the economic revitalization of brownfields.

Developer Investing $17M to Transform Old Pontiac School Into Community Center in Oakland County, MI
Oakland County has applied for a $399,000 state brownfield grant to help clean up a former Pontiac school building that's being redeveloped into a community center serving unserved Pontiac residents. The Webster Community Center Redevelopment Project is a $17 million capital investment that will convert the former school building into a facility to provide social services and recreational opportunities for unserved populations living in Pontiac.

EPA Announces $2.16M in Supplemental Funds to Clean Up and Revitalize Brownfield Sites in Maine
The U.S. Environmental Protection Agency (EPA) announced $2,160,000 in supplemental funding for five current successful Brownfields Revolving Loan Fund grantees in Maine. The Maine recipients are among nine groups in New England selected to receive a total of $3.35 million.

The Wesmont Brings Workforce Housing and Brownfield Cleanup to Indianapolis' Near Eastside
The Woodforest CEI-Boulos Opportunity Fund, a high-impact commercial real estate Opportunity Zone fund, announced its $3 million equity investment in The Wesmont in Indianapolis' Near Eastside neighborhood. The new property, built on a four-acre remediated industrial brownfield site, consists of 188 new workforce apartments, 170 of which are affordable to people with low incomes.

EPA Awards $300K Brownfields Assessment Grant to Tuskegee, Alabama
The U.S. Environmental Protection Agency (EPA) awarded the City of Tuskegee, Alabama, a $300,000 Brownfields Assessment Grant. The grant funds will be used to develop seven cleanup plans and conduct community engagement activities. The target area is the entire City of Tuskegee. Priority sites include a former oil distribution center, former hotel, and former gas station.

Plans Unveiled for Mixed-Use Building in West Hartford, CT
A mixed-use, mixed-income residential and retail development under construction in West Hartford is replacing a previously existing vacant warehouse, remediating a brownfield site and repurposing it for housing that will energize the neighborhood. Officials said the project is being financed with federal Low Income Housing Tax Credits from the Connecticut Finance Housing Authority and additional subordinate financing from the Connecticut Department of Housing.

Apartments, New Restaurant Part of Renovation Plans at Historic Building in Downtown Kalamazoo, MI
A historic building in downtown Kalamazoo will soon undergo renovations to make way for 11 apartments above the city's oldest restaurant. The renovation is a collaboration between the Brownfield Redevelopment Authority, Kalamazoo Downtown Partnership, and Downtown Economic Growth Authority.

EPA Selects Hennepin County, MN to Receive $500K Brownfields Grant
U.S. Environmental Protection Agency announced that Hennepin County will receive $500,000 to supplement the county's Brownfield Revolving Loan Fund. This grant will help remediate environmental contamination at abandoned industrial and commercial properties that have been targeted for redevelopment.

Upcoming Events
CDFA Virtual Summer School

CDFA-Bricker PACE Webinar Series: Advancing Multi-Family Housing & Renewable Energy Goals with PACE
Tuesday, July 27, 2021 - 2:00 PM - 4:00 PM Eastern
Certain property and project types have not taken full advantage of PACE, however, during this workshop we'll explore what is being done to advance the goals in these market areas.

CDFA Federal Financing Webinar Series: Investing in Critical Community Facilities
Tuesday, August 24, 2021 - 2:00 PM - 3:30 PM Eastern
During this installment of the CDFA Federal Financing Webinar Series, several federal agencies will discuss their financing solutions for local community facilities and how to coordinate with partners.

Brownfields Financing Headlines

Pittsylvania, VA Officials Hope to Spur Brownfields Development
Virginia Business | Jun. 30 | Brownfield Financing | Redevelopment | U.S. Environmental Protection Agency (EPA) | EPA Revolving Loan Fund Grants

Brownfield Opportunity Area Designation Sought for Deferiet Mill Site in New York
NNY360 | Jun. 25 | Brownfield Financing | Redevelopment | U.S. Environmental Protection Agency (EPA) | EPA Revolving Loan Fund Grants

Dubuque, IA to Decontaminate 3 Properties
Telegraph Herald | Jun. 25 | Brownfield Financing | Redevelopment | U.S. Environmental Protection Agency (EPA)

Androscoggin County, ME Receives $330K from EPA for Cleanup Grants
Sun Journal | Jun. 24 | Brownfield Financing | Redevelopment | Revolving Loan Funds (RLFs) | U.S. Environmental Protection Agency (EPA) | EPA Revolving Loan Fund Grants | EPA Clean-Up Grants

State of Connecticut Commits $2M to Daniel's Mill Cleanup in Vernon
Patch | Jun. 24 | Brownfield Financing | Redevelopment | Case Studies

Marine City, MI Public Marina Project on Track
Voice News | Jun. 24 | Brownfield Financing | Redevelopment

EPA Announces $330K in Supplemental Funds to Clean Up and Revitalize Brownfield Sites in Connecticut
U.S. EPA | Jun. 22 | Brownfield Financing | Redevelopment | U.S. Environmental Protection Agency (EPA) | EPA Revolving Loan Fund Grants

Green Bay Riverfront Funding Passes in Wisconsin State Assembly
We Are Green Bay | Jun. 22 | Brownfield Financing | Redevelopment

Indiana Finance Authority Awarded $500K in Brownfield Grants
Inside Indiana Business | Jun. 18 | Brownfield Financing | Redevelopment | U.S. Environmental Protection Agency (EPA) | EPA Revolving Loan Fund Grants

Pawtucket, RI Downtown Loft Project Gains $400K Environmental Loan
Patch | Jun. 17 | Brownfield Financing | Housing Finance | Redevelopment | U.S. Environmental Protection Agency (EPA) | EPA Revolving Loan Fund Grants

EPA Selects Racine, WI to Receive $500K Brownfields Grant
Just the Real News | Jun. 16 | Brownfield Financing | Redevelopment | U.S. Environmental Protection Agency (EPA) | EPA Revolving Loan Fund Grants

City of Albany, NY Receives Brownfield Grant for Environmental Clean-Ups
Albany Herald | Jun. 16 | Brownfield Financing | Redevelopment | U.S. Environmental Protection Agency (EPA)

Martinsburg, WV City Officials Expand Commercial, Residential Facade Improvement Grant Program
The Journal | Jun. 14 | Brownfield Financing | Community Development | Redevelopment

Amsterdam, NY to Seek Over $2.5M in Grant Funds
The Recorder | Jun. 13 | Brownfield Financing | Energy Finance | Redevelopment

JCT Report: Qualified Opportunity Funds Invested $24B Through 2019
OpportunityDb | Jun. 2 | Access to Capital | Agriculture Finance | Brownfield Financing | Economic Development | Opportunity Zones | Urban Development



The Council of Development Finance Agencies (CDFA) 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, visit www.CDFA.net or email info@cdfa.net.

Disclaimer: This publication was developed under Assistance Agreement No. TR-83576801-0 awarded by the U.S. Environmental Protection Agency. It has not been formally reviewed by EPA. The views expressed in this document are solely those of Council of Development Finance Agencies and EPA does not endorse any products or commercial services mentioned in this publication. 


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

  • Baker Tilly
  • BNY Mellon
  • Bricker & Eckler LLP
  • Brownfield Superfund Advisory, Inc
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
  • CohnReznick
  • FBT Project Finance Advisors LLC
  • Frost Brown Todd LLC
  • gener8tor
  • Hawkins Delafield & Wood LLP
  • Ice Miller LLP
  • KeyBanc Capital Markets
  • Kutak Rock LLP
  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
  • PGAV Planners, LLC
  • SB Friedman Development Advisors
  • Stern Brothers
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
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