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Development Finance Review Weekly - March 14, 2024

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Development Finance Review Weekly
March 14, 2024
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CDFA Development Finance Review Weekly

Features

Register Today for the 2024 Federal Policy Conference!
Reserve your spot at the 2024 CDFA Federal Policy Conference on April 2-3, 2024, in Washington, D.C. CDFA, with sponsorship by Ice Miller LLP and Grow America, will bring together leaders from the Biden administration, Congress, federal agencies, nonprofit organizations, and finance agencies who will discuss a range of federal legislative and policy topics. Interact with reps from the Department of the Treasury, the Small Business Administration, and the Environmental Protection Agency. Space is limited; act fast!

DOT Announces $500M Available Through Port Infrastructure Development Program
The U.S. Department of Transportation's (DOT) Maritime Administration (MARAD) announced the availability of $500 million in Federal Fiscal Year 2024 funding through MARAD's Port Infrastructure Development Program (PIDP). Investments made under the PIDP focus on modernizing the Nation's coastal and inland waterway ports as well as strengthening its supply chains and economic security for generations to come. Funding was made possible by the Bipartisan Infrastructure Program.

Foodbank to Renovate Headquarters With $11M NMTC Allocation in Overland, MO
Operation Food Search, a hunger-fighting nonprofit serving Missouri and Illinois, is increasing its programming and impact with the renovation of its Overland, MO headquarters. The project is being funded by an $11 million New Markets Tax Credit (NMTC) loan from the St. Louis Economic Development Partnership with U.S. Bancorp Impact Finance as the NMTC investor.

SSBCI Funds Driving Venture Capital Competition at Louisiana's Tulane University
During New Orleans Entrepreneur Week, startups will present their companies to investors, fellow entrepreneurs, and the public. IDEApitch is designed to be a launchpad for local companies capable of raising $1 million or more in venture capital investment. All four of the companies selected to present will be eligible for a $100,000 investment from the Idea Village's newly created Momentum Fund, which is partly funded by Louisiana's State Small Business Credit Initiative (SSBCI)

Maryland Department of Transportation Announces $55M to Reduce Emissions
The Maryland Department of Transportation launched the "Climate Focused Funding Portal" that allows eligible applicants to submit project proposals aimed at reducing carbon emissions and compete for $55 million in dedicated funding. The new portal can be accessed through the Maryland OneStop hub. This funding opportunity comes from the Federal Highway Administration's Carbon Reduction Program, established in the Bipartisan Infrastructure Law. The $55 million is a portion of the $94 million Maryland will receive from the Carbon Reduction Program over five years.

Minnesota Power Co-ops Receive $87M in USDA Loans
The United States Department of Agriculture (USDA) announced an $87.6 million investment in Greater Minnesota electricity cooperatives, which will go toward line repairs, grid technology updating, and connecting further consumers to reliable electricity, according to a press release. The funds are part of the Electric Infrastructure Loan and Guarantee Program, which announced $2.2 billion worth of investment throughout the country.

KEDFA Gives Initial OK to TIF for $1.4B One Park Project in Louisville, KY
State officials have given preliminary tax increment financing (TIF) approval to a proposed $1.4 billion multiuse development at Lexington Road and Grinstead Drive east of downtown Louisville that is pitched as one that can bring the city office tenants not satisfied with traditional space, including prospects now outside Kentucky. The information presented by cabinet personnel at the Kentucky Economic Development Finance Authority (KEDFA) meeting showed the estimated impact of One Park and its infrastructure would be $17.4 billion over the next 30 years.

Muskegon, MI Issuing $30M in Bonds for Water Infrastructure Projects
The city of Muskegon, MI is selling $30 million in bonds to finance its ongoing water infrastructure projects. The city commission approved the issuing of bonds through the state's Drinking Water State Revolving Fund (DWSRF) with a 2% interest rate. They are expected to be paid back with DWSRF loans and eventual water/sewer rate increases. The projects primarily focus on the replacement of lead water service lines, which is being aggressively pursued statewide. 

Upcoming Events
2024 CDFA Federal Policy Conference
Upcoming Webcasts

CDFA // BNY Mellon Development Finance Webcast Series: Why Bond Deals Go Bad
April 16, 2024 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, panelists will explore factors that contributed to the challenges these high-profile deals encountered and discuss best practices for development finance practitioners to set the stage for successful bond finance in their communities.

CDFA Tribal Finance Webinar Series: Empowering Native Entrepreneurs Through Access to Capital
April 23, 2024 - 2:00 PM - 3:30 PM Eastern
During this installment of the CDFA Tribal Financing Webinar Series, practitioners will present strategies and highlight finance programs that are helping to increase access to capital and aiding the creation of successful small businesses.

CDFA Food Systems Finance Webinar Series: Financing Food Systems with Revolving Loan Funds
April 30, 2024 - 2:00 PM - 3:30 PM Eastern
During this installment of the CDFA Food Systems Finance Webinar Series, panelists will discuss how revolving loan funds can be used to support small businesses, entrepreneurs, and microenterprises to strengthen local and regional food systems. The discussion will also identify how these tools can help unlock affordable capital for socially disadvantaged farmers and ranchers.

Job & RFP Postings

OH Air Quality Development Authority - Fiscal Coordinator
OAQDA is seeking a Fiscal Coordinator to examine and/or analyze accounting records, financial statements, or other financial reports to assess accuracy, completeness, & conformance to reporting & procedural standards.  This position will work closely with the Financial Manager of the Authority to manage various fiscal-related activities for existing and expanding programs aimed at technical and financial assistance for businesses and communities to improve air quality. 

Business Oregon - Business Finance Manager
Business Oregon, the state of Oregon's Economic Development Agency, is recruiting for a Business Finance Manager. The Business Finance Manager will lead a team of 13 lending professionals to manage the state's business finance programs. The state of Oregon currently operates nine programs including programs offering; direct loans, loan insurance products, private equity investments, and industrial development bonds. Business Oregon is seeking a seasoned commercial lending professional and/or economic development professional with team management experience and an interest in state and federal capital access policy.

Maryland DHCD - Financial Associate II
This position assists the Single Family Sub-Servicing team, Multifamily Servicing team, and Servicing Supervisor with examining, analyzing, and interpreting financial data in CDA's multi-billion mortgage loan portfolios financed with revenue bond proceeds. This position performs reconciliations of single-family bond series and interprets, analyzes, and translates multifamily loan closing documents to set up new multifamily loan accounts.  The incumbent will also assist the Multifamily Accountants in mortgage servicing by performing manual billings, reviewing and monitoring disbursements for real estate taxes, insurance premiums, and escrow reserves within the multifamily bond portfolio.  

This Week's Headlines

Biden-Harris Administration Bringing High-Speed Internet, Clean Drinking Water, and Modern Infrastructure to Tribal Communities
U.S. Department of Agriculture | Mar. 12 | Infrastructure Finance | Tribal Finance | Water Finance

Biden Requests $325M for CDFI Fund and $4M for CDRLF
CUInsight | Mar. 12 | Access to Capital | Economic Development | Revolving Loan Funds (RLFs)

City of Marquette, MI Expands DDA's Tax Increment Financing Plan
Upper Michigan Source | Mar. 12 | Redevelopment | Tax Increment Finance (TIF)

Kentucky Agricultural Finance Corp. Approves More Than $2.7M in Loans
Morning AgClips | Mar. 12 | Access to Capital | Agriculture Finance | Revolving Loan Funds (RLFs) | State Finance Program

Michigan RLF Providing $150M to Reduce Risks from Natural Disasters
Sooleader.com | Mar. 12 | Disaster Recovery & Relief | Revolving Loan Funds (RLFs) | Resiliency

New Bedford, MA Council OKs Tax Deal to Develop Downtown Lot Into 45 Apartments
The Standard-Times | Mar. 12 | Housing Finance | Redevelopment | Tax Increment Finance (TIF)

Why C-PACE Loans are at a Record High
Commercial Property Executive | Mar. 12 | Energy Finance | Green Finance | Property Assessed Clean Energy (PACE) | Resiliency

Scoring Municipal Bonds on Racial Equity and Social Impact
Impact Alpha | Mar. 11 | Bond Finance

Several New Housing Proposals Included in Biden's Budget Proposal
National Association of Home Builders | Mar. 11 | Federal | Housing Finance

The White House Releases FY 2025 Budget Tax Priorities
Brownstein Hyatt Farber Schreck, LLP | Mar. 11 | Economic Development | Federal

Pennsylvania Governor Proposes $10.3M Agriculture Innovation Fund
The Daily Item | Mar. 9 | Access to Capital | Agriculture Finance | Energy Finance | Resiliency | State Finance Program

Unlocking Clean Energy Tax Incentives for Underserved Communities With IRA
The Rockefeller Foundation | Mar. 8 | Energy Finance | Green Finance | Resiliency | Tax Credits

U.S. Department of Energy Announces $425M for Clean Energy Manufacturing
U.S. Department of Energy | Mar. 8 | Access to Capital | Energy Finance | Federal | Green Finance | Legislative | U.S. Dept. of Energy (DOE)

Arkansas Small Business & Technology Development Center Receives $2M in SSBCI TA Funds
University of Arkansas - Little Rock | Mar. 7 | Access to Capital | Disaster Recovery & Relief | State Small Business Credit Initiative (SSBCI)

Broken Arrow, OK Amphitheatre Construction Begins With Help of TIF
Fox 23 News | Mar. 7 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Burrillville, RI Town Council Approves $6.4M Bond for School Repairs
NRI Now | Mar. 7 | Access to Capital | Bond Finance

Minnesota House Proposes Tax Credit to Address EPA Water Quality Concerns
Brownfield Ag News | Mar. 7 | Access to Capital | Agriculture Finance | Tax Credits | U.S. Environmental Protection Agency (EPA)

Muni Investors Challenge $1B Bond Refunding Plan by University of California Regents
Yahoo! Finance | Mar. 7 | Bond Finance | Post-Issuance Compliance

Newport, RI Petitions State for $98.5M Bond Referendum Permission
Newport This Week | Mar. 7 | Bond Finance

Tax Increment Financing Reinvestment Zone Gains Approval in Sulphur Springs, TX
KSST Radio | Mar. 7 | Economic Development | Tax Increment Finance (TIF)


National Sponsor Spotlight

BNY Mellon BNY Mellon
BNY Mellon is the world's leading provider of corporate trust and agency services, administering $28.5 trillion in outstanding debt from 69 locations in 39 countries. Our clients include governments and their agencies, corporations, financial...
Bricker Graydon LLP Bricker Graydon LLP
Bricker Graydon LLP assists public and private sector entities throughout the Midwest with the implementation of development finance projects utilizing tax incentives and bond finance structures, including TIF, CPACE, and other leverage tools.
Wells Fargo Securities Wells Fargo Securities
Wells Fargo Securities offers a comprehensive set of capital markets services, including originating and distributing public debt and equity, hedging interest rates and commodity and equity risks, advising on mergers and acquisitions, and...

CDFA Bookstore

Cover thumbnail Bond Finance Reference Guide
This Bond Finance Reference Guide combines the Intro and Advanced Bond Guides to offer a comprehensive resource on the nation's most fundamental development finance tool.

New Members

Vantage West Credit Union - Tucson, AZ

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