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CDFA Energy Finance Update - April 2, 2024

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CDFA Energy Finance Newsletter
April 2, 2024
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Energy Finance Update


Join CDFA for the Return of the Revolving Loan Fund WebCourse Week!
Revolving Loan Fund WebCourse Week is returning with the intro level on May 13-14 followed by the advanced level on May 15-16. Register for one or both of these courses to learn from experts about developing, implementing, and managing efficient and impactful revolving loan fund programs.

45L Tax Credits: A Game Changer for Affordable Housing Developers
Affordable housing developers can now benefit from 45L tax credits significantly expanded by the Inflation Reduction Act. The maximum tax credit has nearly tripled with it now being set at $5,000 per unit. Additionally, every multi-family building is now eligible regardless of height. Coordinating with Low-Income Housing Tax Credit (LIHTC) is much easier than before and developers have more of a runway to plan.

New CDFA-Bricker Graydon Webinar Series: Transforming Communities with Targeted Tools
Register now for the new CDFA-Bricker Graydon Webinar Series on Transforming Communities with Targeted Tools! This event series will highlight how targeted tools - like tax increment finance (TIF), property-assessed clean energy (PACE) finance, and special assessment districts - can be used to revitalize communities by addressing specific geographic areas and difficult-to-finance sectors within a community.

St. Paul, MN Public Schools Tapping Geothermal to Cut Emissions and Building Costs
Minnesota's second-largest school district is also one of the city's largest property owners, with 73 buildings containing more than 7.7 million square feet. New technology and federal incentives from the Inflation Reduction Act have helped convince district leaders that geothermal is among its best options for slashing emissions from school buildings.

U.S. Department of Energy Announces $180M in School Energy Infrastructure
The U.S. Department of Energy (DOE) opened applications for the 2024 Renew America's Schools Prize, which will award $180 million to districts across the country engaging in strategic partnerships to build capacity and implement energy upgrades at K-12 schools, lowering energy use and costs, improving indoor air quality, and fostering healthier learning environments. The 2024 Renew America's Schools Prize is funded by the Bipartisan Infrastructure Law.

Affordable Multfamily Complex to Break Ground Soon With C-PACE in Seattle, WA
Housing Diversity Corp. has closed debt and equity for a new multifamily residential development in West Seattle. Project financial partners include First Fed, the senior lender which provided a $5 million loan, Nuveen Green Capital as the Commercial Property Assessed Clean Energy & Resiliency (C-PACER) lender, providing a $9.74 million loan, and Citizen Mint, a private markets platform for wealth advisors, which raised $5.18 million of equity funds.

Investing in America Agenda Commits $72M to Bring Electricity to Indian Country
U.S. Secretary of the Interior Deb Haaland (Laguna Pueblo) announced $72 million to help provide electricity to homes in several tribal communities. This announcement was for the first round of funding from the Office of Indian Affairs' Tribal Electrification Program, which will provide financial and technical assistance to 21 Tribes. The funds come from President Biden's Investing in America agenda from the Inflation Reduction Act.

Historic Fairmont Breakers Hotel in Long Beach, CA Receives $122 Million
The historic Fairmont Breakers Hotel in Long Beach has received $122 million in refinancing for the refurbishment and reopening of the property. Roughly $64.5 million of that financing are bridge loans, secured by a first mortgage and historic tax credits, while the rest comes from Commercial Property Assessed Clean Energy (C-PACE) financing.

Baker Tilly Launches Compliance Solution for Clean Energy Tax Credits Under IRA
Baker Tilly, a leading advisory CPA firm, has unveiled a groundbreaking compliance solution designed to help clean energy projects maximize tax credits available through the Inflation Reduction Act (IRA) by adhering to Prevailing Wage & Apprenticeship requirements. This innovative tool aims to simplify the complex compliance landscape, offering a full suite of services to ensure organizations can fully leverage the financial benefits of the IRA's enhanced credits for clean energy initiatives.

Upcoming Events
Intro Revolving Loan Fund WebCourse

CDFA-Bricker Graydon Webinar Series: Revitalizing Brownfields with TIFs and Special Assessments
April 9, 2024 - 2:00 PM - 4:00 PM Eastern
Join expert speakers to learn how communities are diversifying their capital stacks by using tax increment financing (TIF) and special assessments to reimburse brownfield-related costs incurred while redeveloping these contaminated, functionally obsolete, blighted, historic, or otherwise eligible properties.

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.

Energy Finance News

Kraft Heinz Receives $170M From DOE's Office of Clean Energy Demonstration
Pennsylvania Business Report | Mar. 27 | Energy Finance | Green Finance | U.S. Dept. of Energy (DOE)

PACE Loan Group Provides $8M for Luxury Apartment Project in Eau Claire, WI
Rebusiness Online | Mar. 25 | Energy Finance | Green Finance | Housing Finance | Property Assessed Clean Energy (PACE)

U.S. DOE Announces $6B for Manufacturing Decarbonization Projects
U.S. Department of Energy | Mar. 25 | Development Finance Toolbox | Energy Finance | Green Finance | Legislative | U.S. Dept. of Energy (DOE)

U.S. Speeds Offshore Wind Farm Development With More Reviews and Tax Guidance
The Maritime Executive | Mar. 22 | Energy Finance | Tax Credits

Northeast Georgia Communities Awarded RLFs for Infrastructure Projects
Access WDUN | Mar. 21 | Infrastructure Finance | Revolving Loan Funds (RLFs) | Water Finance

U.S. Department of Energy Invests $475M for Clean Energy on Former Mine Lands
U.S. Department of Energy | Mar. 21 | Energy Finance | Legislative | U.S. Dept. of Energy (DOE)

Construction Is Underway on Second Utility-Grade Solar Site in West Virginia
Yahoo! Finance | Mar. 19 | Brownfield Financing | Community Development | Economic Development | Energy Finance

U.S. Treasury, IRS Announce Clean Energy Tax Credit Milestone
U.S. Department of the Treasury | Mar. 19 | Development Finance Toolbox | Energy Finance | Green Finance | Legislative | Tax Credits | U.S. Dept. of Treasury

$23B in Clean Energy Projects Ranks Georgia Second Nation for Creating Jobs
Augusta Chronicle | Mar. 18 | Energy Finance | Green Finance | Resiliency | Tax Credits

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

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

Minnesota Power Co-ops Receive $87M in USDA Loans
Finance & Commerce | Mar. 11 | Access to Capital | Energy Finance | U.S. Dept. of Agriculture (USDA)

Maryland Department of Transportation Announces $55M to Reduce Emissions
Fox 45 Baltimore | Mar. 11 | Energy Finance | Green Finance | Legislative

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)

USDA Invests $2.3B for Clean Power in Rural Communities
U.S. Department of Agriculture | Mar. 6 | Energy Finance | Green Finance | Legislative | Rural Development | U.S. Dept. of Agriculture (USDA)

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 visit CDFA.net or email info@cdfa.net

Council of Development Finance Agencies
100 E. Broad Street, Suite 1200
Columbus, OH 43215
(614) 705-1300


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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
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