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Development Finance Review Weekly - November 5, 2020

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Development Finance Review Weekly
November 5, 2020
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CDFA Development Finance Review Weekly

Spotlight

Last Chance to Register for CDFA's Virtual National Summit: Financing Our COVID Recovery
CDFA believes this is the time to facilitate conversations focused on community improvement and combating the impact of COVID-19. There is still time to register for the 2020 CDFA Virtual National Summit as we explore the financing programs and resources available to mitigate the impacts of COVID-19. Join us, along with expert speakers from across the country, as we discuss, plan, and prepare for the development finance industry to lead the charge with our recovery.

Feature

EDA Revolving Loan Fund Legislation Signed Into Law
On October 30, Congress enacted the Reinvigorating Lending for the Future Act of 2020. The legislation reforms the Economic Development Administration's (EDA) Revolving Loan Fund (RLF) program by eliminating the burdensome "in perpetuity" reporting requirements, and instead releases the federal interest in EDA RLFs after seven years. This change will provide more flexibility to EDA RLF operators in local communities across the U.S.

We Must Collectively Commit to Rebuilding the Small Business Sector
Small businesses in America are in crisis. The COVID-19 pandemic has created the greatest economic shock since the Great Depression, and it is landing hardest on our nation's new and small businesses, the heart of local economies and community life. Without major federal interventions, whole swathes of the small business sector will never return, and entrepreneurship levels could remain depressed for a generation, if not longer.

New Opportunity Zone Prospectuses Now Available for Ten Acadiana Communities
The Acadiana Planning Commission (APC) is thrilled to announce the publication and release of seven new Opportunity Zone (OZ) Prospectuses as part of the InvestAcadiana Opportunity Zone Initiative. These new community marketing tools highlight the livability and investment assets of Acadiana's rural OZ communities.

As COVID-19 Cases Surge, the Country's Economic Recovery Is Losing Steam
Leading up to Election Day, the last glimpse many American voters will have of economic recovery across U.S. metropolitan areas is one of tepid and uneven progress. COVID-19 infections have been rising over the past few weeks, hitting a seven-day record of more than 500,000 cases last week. Alongside this alarming trend, monthly indicators point to rising uncertainty around the pace of economic improvement.

Eight Big Banks Must Face U.S. Cities' Allegations of Municipal Bond Collusion
A federal judge on Monday said Philadelphia and Baltimore may sue eight big banks for allegedly conspiring to force state and local governments to pay inflated interest rates on a popular type of tax-exempt municipal bond.

What An Equitable Pandemic Recovery Looks Like: Part 1
COVID-19 has highlighted the inequities that prevail in communities throughout the nation. In Kansas City, the black-white wealth gap has not improved in 20 years, despite the (often inadequate) attempts to bolster black Americans' participation in the American dream. In fact, the gap has widened.

Why Many Black-Owned Businesses Are on The Brink
The economic fallout from even the first wave of COVID-19 has been staggering. From February through April, an estimated 22% of all American businesses closed at least temporarily, according to estimates from the private, nonpartisan National Bureau of Economic Research. The going has been particularly tough for African-American business owners.

USDA Invests $891M in Rural Water and Wastewater Infrastructure Improvements in 43 States
The USDA is investing $891 million to modernize rural drinking water and wastewater infrastructure in 43 states. The Water and Waste Disposal Loan and Grant Program provides funding for clean and reliable drinking water systems, sanitary sewage disposal, sanitary solid waste disposal, and stormwater drainage to households and businesses in eligible rural areas with populations of 10,000 or less.

Upcoming Events
CDFA Virtual National Summit: Financing Our COVID Recovery
News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

Lawmakers Advocating for Muni Bonds Keep Their Seats
Key lawmakers advocating for municipals bonds did well Tuesday night, setting the stage for strong support for future municipal bond initiatives. Despite a few tight races, lawmakers with histories of backing muni-friendly legislation held on, making muni bond provisions such as the reinstatement of tax-exempt advance refunding and raising the federal cap on tax-exempt private activity bonds more likely.

Virginia Breaks Ground on Its Largest Infrastructure Project
Virginia is moving forward with its largest-ever infrastructure project, bucking a trend developing in other areas of the U.S. where capital funding is being cut amid the coronavirus pandemic.

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 // BNY Mellon Development Finance Webcast Series: Financing Resilient Infrastructure
Tuesday, November 17, 2020 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will analyze how to finance the built environment to mitigate disaster and protect human life.

CDFA-PFM Capital Markets Webinar Series: An Advanced Discussion on Ratings
November 19, 2020 - 2:00 - 3:30 PM Eastern
During this installment of the CDFA-PFM Capital Markets Webinar Series, we will gather experts from the leading rating agencies for a timely discussion on ratings, long-term outlooks, and how municipal advisors determine the importance of rating deals.

Job & RFP Postings

City of Milwaukee Publishes RFP For Third Party Administrator of PACE Financing Program
The City of Milwaukee has published an RFP for a third-party administrator of its Property Assessed Clean Energy (PACE) financing program.

Ohio Statewide Development Corporation Seeking Loan Officer
Do you know a lending professional looking for a new opportunity? If so, we'd like to talk to them about joining our growing team. OSDC provides small business commercial and real estate lending, in partnership with private lenders, utilizing the public sector financing programs – specifically, the U.S. SBA 504 Loan Program and the Ohio 166 Regional Program.

This Week's Headlines

Iowa Economic Development Authority Approves up to $2.6M in Tax Credits for Brownfield Developments
The Gazette | Nov. 3 | Brownfield Financing | Tax Credits

JEDA Bonds Help Finance Expansion at The Woodlands at Furman
SC JEDA | Nov. 3 | Bond Finance | Healthcare | Member News

Ability to Address ESG Risk Will Increasingly Differentiate Credit Quality After Pandemic
Moody's Analytics | Nov. 2 | Bond Finance | Community Development | Disaster Recovery & Relief | Economic Development | COVID-19

America Is Hungry for Sustainable Food Systems. Can We Build Them?
Green Biz | Nov. 2 | Access to Capital | Agriculture Finance | Crowdfunding | Food Systems Finance | Revolving Loan Funds (RLFs)

Economic Stewardship in Times of Crisis
Center for American Progress | Nov. 2 | Community Development | Disaster Recovery & Relief | Economic Development | COVID-19

Holland, MI Oks Electric Vehicle, Housing Incentive Policies
Holland Sentinel | Nov. 2 | Brownfield Financing | Tax Increment Finance (TIF)

Nuclear Closure Communities Technical Assistance Program
CCLR | Nov. 2 | Brownfield Financing

Ohio Bureau of Workers Compensation Dividend Checks Are Being Mailed
Holbrook & Manter | Nov. 2 | Disaster Recovery & Relief | Social Finance | COVID-19

USDA Investing $1.5M for Rural Broadband in Virginia
CBS | Nov. 2 | Infrastructure Finance | Rural Development | U.S. Dept. of Agriculture (USDA) | Broadband

Vermont Economic Development Authority Secured $75M in Loans and $11.7M in PPP in 2020
Vermont Biz | Oct. 30 | Agriculture Finance | Disaster Recovery & Relief | Energy Finance | Revolving Loan Funds (RLFs) | U.S. Small Business Administration (SBA) | COVID-19

$314M Investment Planned for Greenhouse and Packing Operation in Rural SC
The Post and Courier | Oct. 30 | Agriculture Finance | Food Systems Finance | Opportunity Zones | Rural Development

Food Manufacturer to Invest $103M in GA
SC Now | Oct. 29 | Economic Development | Food Systems Finance | State Finance Program | Tax Credits

Green Bonds Fall Short in Biodiversity, Sustainable Land-Use Finance
Landscape News | Oct. 29 | Bond Finance | Energy Finance | Green Finance | International | Green Bonds | Green Bonds

Understanding Opportunity Zone Investments in Multifamily Projects
Baker Tilly | Oct. 29 | Housing Finance | Opportunity Zones

VT Community Loan Fund Makes SPROUT Loans Available for Working Lands Entrepreneurs
Vermont Biz | Oct. 29 | Access to Capital | Agriculture Finance | Food Systems Finance | Revolving Loan Funds (RLFs)

$16M Invested to Train Beginning Farmers – Where Does It Go?
National Sustainable Agriculture Coalition | Oct. 29 | Agriculture Finance | Federal | Food Systems Finance | U.S. Dept. of Agriculture (USDA)

$2M in COVID Relief Grants Now Open for Washington State Nonprofits
Washington State Dept. of Commerce | Oct. 29 | Access to Capital | Crowdfunding | Disaster Recovery & Relief | Social Finance | State Finance Program | COVID-19


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. Ice Miller is a full service law firm dedicated to helping our clients stay ahead of a changing world. With over 340...

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 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.

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
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
Become a Sponsor