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CDFA Brownfields Finance Update - May 4, 2021

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Brownfields Financing Update
May 4, 2021
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Brownfields Finance Update

Features

Brownfield Revolving Loan Fund Renews the Bell Building in Cheyenne, WY
The Bell Building has received much-needed attention and environmental renovation thanks to the Brownfield Revolving Loan Fund, which provided financing for asbestos and lead paint removal. The Brownfield Revolving Loan Fund is working with the Environmental Protection Agency, the City of Cheyenne, Preserve Historic Wyoming, and the Downtown Development Authority, with the purpose to help bridge the development and environmental clean-up gap.

Biden's EPA Gets Serious About Funding Environmental Justice
The American Jobs Plan targets $111 billion to meet the water infrastructure needs of indigenous people, low-income communities, and communities of color. The jobs plan provides $5 billion for such cleanup and redevelopment actions, which the proposed budget would supplement with more brownfields funding and $900 million for Superfund cleanups.

Cincinnati-Area Affordable Housing Developer Pursues Project in Buffalo, NY
Cincinnati-based MVAH Partners wants to build a five-story housing complex in Buffalo, New York featuring 147 one- and two-bedroom apartments and seven three-bedroom rental townhomes. The company plans to fund the $46.07 million project using low-income housing tax credits, brownfield tax credits, HOME funds from the city, and permanent financing, as well as developer equity.

Retail Rekindled on a Former Brownfield Site in Baltimore, MD
The newly-opened Yard 56 redevelopment project in Baltimore has brought a supermarket, a gym, and several restaurants to a location that was once a contaminated brownfield site. The developers used New Market Tax Credits to attract private capital to low-income communities, secured property tax credits as part of an Enterprise Zone, and brought equity investments as an Opportunity Zone.

West Virginia University Brownfields Team Earns $1M from EPA to Revamp Blighted Sites
From abandoned coal mines to shuttered factories, the Brownfields Assistance Center at West Virginia University has helped communities resurrect once lifeless properties since 2006. With a $1 million boost from the U.S. Environmental Protection Agency, the Center will continue its mission to empower communities to transform brownfields.

New Developer Alset Solar Launches with Focus on Utility-Scale Brownfield Projects
Alset Solar was formed to pursue the development of utility-scale solar farms, providing a clean energy future to polluted or underutilized properties to supplement the power grid or provide small microgrids for independent energy. The more than 450,000 brownfield sites, 130,000 EPA Superfund sites, and 19 million acres of Bureau of Land Management land with excellent solar energy potential across the nation present a major opportunity for producing clean electricity.

Clean Energy Stands to Win Big with Biden Administration's Proposed Infrastructure Plan
Environmental justice issues remain at the forefront of the Biden Administration's agenda, with the Infrastructure Plan proposing a $5 billion investment in remediation and redevelopment of Brownfield and Superfund sites in disadvantaged communities. The plan also calls for a $27 billion Clean Energy and Sustainability Accelerator to mobilize private investment into distributed energy resources and clean transportation.

Two Multi-Million Dollar Housing Developments Planned for Benton Harbor, MI
Two massive developments have been announced in Benton Harbor. Riverview Drive, across the street from Whirlpool's Tech Center, will be the site of a $22 million investment the corporation is making to create an 80-unit apartment complex. Just a few blocks over on Wall Street, a proposal has been made by developer LC Consulting to build a 55-unit complex as well that will also include a fitness center and grocery store.

Upcoming Events
Advanced Tax Increment Finance WebCourse

CDFA // BNY Mellon Development Finance Webcast Series: Preserving Local Economies with Energy & Water Finance
Tuesday, May 18, 2021 - 2:00 PM - 3:00 PM Eastern
Join CDFA for this next installment of the CDFA // BNY Mellon Development Finance Webcast Series for a discussion about how energy and water finance programs can be positioned to address various local challenges simultaneously.

CDFA Federal Financing Webinar Series: Federal Financing for Energy and Water Systems
Tuesday, June 8, 2021 - 2:00 PM - 3:30 PM Eastern
During this installment of the CDFA Federal Financing Webinar Series, experts from the EPA and DOE will highlight best practices, case studies, and mitigation tools that will help your community finance critical projects.

CDFA Brownfields Technical Assistance Program


Brownfields Financing Headlines

Kansas State University Hazardous Substance Research Program Gets $5M from EPA
The Mercury | Apr. 30 | Brownfield Financing | U.S. Environmental Protection Agency (EPA)

First Tenants Move Into Pierce-Arrow Lofts at Previous Brownfield Site in Buffalo, NY
The Buffalo News | Apr. 30 | Brownfield Financing | Economic Development | Historic Preservation | Housing Finance | Redevelopment | State Finance Program | Tax Credits | Case Studies | Case Studies | Brownfield Tax Credits | Federal Historic Rehab Tax Credits | State Historic Tax Credits

City of Gloversville, NY to Tackle Brownfield Areas and Projects
The Leader-Herald | Apr. 29 | Brownfield Financing | Local Finance Program | Rural Development

Lycoming County, PA Gets Over $700k for Projects Including Brownfield Redevelopment
Williamsport Sun-Gazette | Apr. 29 | Brownfield Financing | Economic Development | Local Finance Program | Redevelopment | Case Studies

Montgomery County, NY Receives $300K EPA Grant, Picks Firm for Brownfield Cleanup
Recorder News | Apr. 28 | Brownfield Financing | Economic Development | Redevelopment | U.S. Environmental Protection Agency (EPA) | Case Studies | EPA Clean-Up Grants

A Vision for Responsible Renewable Energy on Public Lands
The Wilderness Society | Apr. 28 | Brownfield Financing | Energy Finance | Federal | Green Finance | Legislative | Redevelopment

EPA Selects NJIT for Technical Assistance to Brownfields Program
ROI-NJ | Apr. 27 | Brownfield Financing | Community Development | Economic Development | Redevelopment | Social Finance | U.S. Environmental Protection Agency (EPA)

Breaking Barriers: Developers Weigh In on How to Make Affordable Housing Affordable
GSA Business Report | Apr. 26 | Brownfield Financing | Housing Finance | Redevelopment | Social Finance

Biden Administration Outlines Key Resources to Invest in Coal and Power Plant Community Economic Revitalization
The White House | Apr. 23 | Brownfield Financing | Community Development | Economic Development | Energy Finance | Federal | Infrastructure Finance | Revolving Loan Funds (RLFs) | Resiliency | Rural Development | Tax Credits | U.S. Dept. of Energy (DOE)

Silo City Developers Move On to Second Project in Buffalo, NY
The Buffalo News | Apr. 21 | Brownfield Financing | Economic Development | Historic Preservation | Redevelopment | Tax Credits | Case Studies | Brownfield Tax Credits | Federal Historic Rehab Tax Credits | State Historic Tax Credits

Lincoln Street Art Park Footprint to Become $20M 'Dreamtroit' for Housing Artists
Deadline Detroit | Apr. 20 | Brownfield Financing | Housing Finance | Tax Credits | Tax Increment Finance (TIF) | Case Studies | Brownfield Tax Credits | Federal Historic Rehab Tax Credits | Case Studies

Vacant Brownfield Property in Goshen, IN to Receive Environmental Assessment
Goshen News | Apr. 13 | Brownfield Financing | Redevelopment | Revolving Loan Funds (RLFs) | Case Studies

Progress Made on New Warehouse, Salt Barn, Lofts on Rowe in Ludington, MI
Shoreline Media | Apr. 13 | Brownfield Financing | Redevelopment | Tax Credits | Case Studies

Miami, FL Tower Site Deemed Brownfield, Paving Way for Tax Breaks
Madison Realty Capital | Apr. 9 | Brownfield Financing | Redevelopment | Tax Credits | U.S. Environmental Protection Agency (EPA)

How Increasing Property Values Help Revitalize Downtown Farmington, MI
Hometown Life | Apr. 8 | Brownfield Financing | Tax Increment Finance (TIF) | Case Studies


Highlights from the Online Resource Database

American Rescue Plan: Federal Investment Guide
Access to Capital | Agriculture Finance | Brownfield Financing | Community Development | Disaster Recovery & Relief | Economic Development | Education | Energy Finance | Food Systems Finance | Healthcare | Housing Finance | Infrastructure Finance | Revolving Loan Funds (RLFs) | Rural Development | Social Finance | Urban Development
This report from Drexel University's Nowak Metro Finance Lab provides a guide to federal funding in the American Rescue Plan (ARP). The authors place a special emphasis on formula funds received by local anchors, competitive grants, and funds distributed to public authorities that city leadership can leverage to boost their recovery. They clarify which entities are responsible for applying for grant funds, when funding expires, and what role city and county leadership can play even when they will not be the primary applicant for funds.

Summary of State and Local Funding Sources in the American Rescue Plan
Access to Capital | Agriculture Finance | Brownfield Financing | Community Development | Disaster Recovery & Relief | Economic Development | Education | Energy Finance | Food Systems Finance | Healthcare | Housing Finance | Infrastructure Finance | Revolving Loan Funds (RLFs) | Rural Development | Social Finance | Urban Development
This table includes all the federal-to-local funding streams in the American Rescue Plan that reach cities and their residents. It does not include appropriations to Tribal Governments or Agency appropriations focused on program operations at the federal level with no further sub-allocation. It is a dynamic summary to be paired with the Federal Investment Guide produced by Accelerator for America, Drexel University, and the US Conference of Mayors.


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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