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Development Finance Review Weekly - January 27, 2022

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Development Finance Review Weekly
January 27, 2022
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CDFA Development Finance Review Weekly

Features

Investing in a More Equitable Post-Pandemic Banking System
The U.S. Department of Treasury's Emergency Capital Investment Program (ECIP) is part of a recent uptick in sources of equity for banks and credit unions with a focus on historically disinvested communities. These sources of equity have emerged largely in response to the continuing drop in Black-owned financial institutions, which number less than 20 today compared to around 40 a decade ago.

De Soto, MO Approves TIF District for Majority of Sunflower Army Ammunition Plant Land
De Soto's City Council unanimously approved a 5,877-acre tax increment financing district to help redevelop a portion of the Sunflower Army Ammunition Plant. Sunflower Redevelopment Group has outlined concepts for the former plant site that could top $1 billion in industrial, business park, residential, retail, and hotel redevelopment as remediation of extensive environmental contamination takes place.

State Senate Bill 1319 Would Amend Local Development Act
Legislation filed this week by Sen. Dewayne Pemberton, would address growing concerns with an economic development tool available to local governments. Senate Bill 1319 was requested by constituents concerned about the use of tax increment district financing. Pemberton said the measure would address concerns about the location and duration of a TIF district.

Washington Community Economic Revitalization Board Invests $5.1M in Four Counties
The Washington State Community Economic Revitalization Board (CERB) today approved $3,937,996 in low-interest loans and $1,136,999 in grants for economic development and public infrastructure improvements. Projects awarded funding are located in Franklin, Jefferson, Okanogan, and Skamania counties and will spur business growth and job creation.

New Markets Tax Credit Brings 45 Affordable Homes to Westside and Southwest Atlanta, GA
Through New Markets Tax Credit financing, Enterprise Community Partners (Enterprise), Atlanta Neighborhood Development Partnership, and Westside Future Fund have committed to building or rehabilitating 45 affordable homes for low to moderate income families in Atlanta. The project will have a focus on the city's Westside and Southwest neighborhoods.

2022 Climate Bills Will Focus on Electrification
As the Maryland General Assembly settles into its regular 90-day session, environmental leaders in both chambers are expected to reveal legislative proposals aimed at tackling climate change soon. The Senate draft could be ready as early as next week.

Connecticut Launches Statewide Battery Storage Program
Connecticut's Public Utilities Regulatory Authority (PURA) launches Energy Storage Solutions, a statewide electric storage program for all Eversource and United Illuminating (UI) residential, commercial, and industrial customers in an effort to foster a more reliable and resilient electric distribution system, especially for vulnerable communities.

DOE Biden-Harris Year One Summary
The Department of Energy (DOE) had a standout first year of the Biden-Harris administration, pioneering game-changing scientific research, safely advancing important nuclear security and cleanup missions, and making strides to tackle the climate crisis, build a clean energy economy, and create good-paying jobs.

Upcoming Events
Intro Bond Finance Course
News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

State DOTs Challenge 'Fix It First' Policy in Infrastructure Act
State DOTs "very much share" FHWA's policy emphasis on safety, transit, and resilience, and have been leaders in the area, Wilson said. But the federal "fix it first" guidance is a "one-size-fits-all approach to asset management," AASHTO said in its letter.

Ratios Rise, As Do Short Muni Yields
Selling pressure on the short end continued on Monday and triple-A benchmark yields were cut by as much as five basis points there while U.S. Treasuries pared back earlier gains and equities rebounded from a large selloff earlier in the day.

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-Bricker Webinar Series: Green Financing 101
Tuesday, February 1, 2022 - 2:00 PM - 4:00 PM Eastern
There are a wide variety of financing approaches that can be used to improve the environmental outcomes of a project or address specific environmental issues. This session will provide an overview of Green Financing, with a special focus on the role of Green Banks.

SSBCI Coalition Meeting - February 18 (Virtual)
February 18, 2022 - 1:00 PM - 2:00 PM Eastern
SSBCI Coalition meetings will be held once a month to provide an interactive forum for CDFA members during the State Small Business Credit Initiative (SSBCI) application period. CDFA will facilitate discussions that allow for networking, peer knowledge sharing, and problem solving.

Job & RFP Postings

RPF for Healthy Food Financing Fund in NM
The purpose of this Request for Proposals (RFP) is to select a State Fund Manager to manage a statewide healthy food financing initiative. The NM Economic Development Department seeks an administrative partner State Fund Manager to assist in the rollout of a new pilot, the Healthy Food Financing Fund (HFFF).

RFP for SSBCI Loan Participation Program in Rhode Island
This document constitutes a RFP, in a competitive format, to lending entities seeking to participate in a SSBCI Other State Capital Program focused on loan participation. An SSBCI Loan Participation Program enables the state instrumentality to act as a lender, in partnership with a private lender, to provide capital for small business growth and expansion.

RFP for SSBCI Venture Capital Funds in Rhode Island
This document constitutes a RFP, in a competitive format, to entities seeking fund manager(s) to manage a fund(s) to increase the amount of investment capital provided to new Rhode Island firms or to existing Rhode Island firms consistent with SSBCI. In responding to this RFP, Applicants are encouraged to create, design, or offer programs, that best meet the needs of small businesses in communities across Rhode Island.

RFP for: SSBCI CDFI Program in Rhode Island
This RFP, is in a competitive format, to entities seeking to participate as a Rhode Island situated Community Development Financial Institution ("CDFI") that will carry out SSBCI financing programs in partnership with the Corporation. In responding to this RFP, Applicants are encouraged to create, design, or offer programs, that best meet the needs of small businesses in communities across Rhode Island.

RFP for Redevelopment of New Life Center in Opelousas OZ
The City of Opelousas, LA in partnership with St. Landry Economic Development and The Acadiana Planning Commission is pleased to issue this Request for Proposals ('RFP') for the redevelopment of the New Life Center and associated parcel of land ('NLC Redevelopment Site,' 'Site,' or 'Project') located in Downtown Opelousas, Louisiana under the jurisdiction, custody, and control of the City of Opelousas.

This Week's Headlines

Sparta, WI Receives Brownfields Grant
La Crosse Tribune | Jan. 25 | Brownfield Financing | Economic Development | Redevelopment

Bank of America Helps Women-Owned Businesses Secure Funding
Daily Herald | Jan. 24 | Access to Capital | Economic Development | Revolving Loan Funds (RLFs)

Biden Revives 'Clean Energy' Program with $1B Loan Guarantee
Yahoo News | Jan. 24 | Energy Finance | Green Finance

D.C. Mayor Bowser Launches New $40M "Bridge Fund" to Support Small Businesses
Executive Office of the Mayor | Jan. 24 | Access to Capital | Disaster Recovery & Relief | Food Systems Finance | Local Finance Program | COVID-19

Embattled Homeless Housing Development Finally Breaks Ground in Boston, MA
Banker & Tradesman | Jan. 24 | Federal | Housing Finance | State Finance Program | Tax Credits

Hub for Food Startups Planned in Chicago, IL
Chicago Sun Times | Jan. 24 | Food Systems Finance | Incentives | Tax Increment Finance (TIF)

Infrastructure Bill Could Mean Significant Investments for Genesee County, MI
AND Magazine | Jan. 24 | Energy Finance | Infrastructure Finance

Infrastructure Bill: What Money is Going Into Texas Projects
WFAA | Jan. 24 | Energy Finance | Housing Finance | Infrastructure Finance | Legislative | Social Finance | Water Finance

Michigan Gov. Whitmer to Propose Tripling Tax Credit for Low-Wage Workers
9&10 News | Jan. 24 | Federal | Tax Credits

Mortgage Bankers Association Working Toward Affordable Housing Pledge
MPA | Jan. 24 | Housing Finance | Incentives | Legislative | Tax Credits

Corpus Christi, TX City Council to Review Financing for New Affordable Multi Family Apartment
Kris 6 News | Jan. 23 | Bond Finance | Community Development | Housing Finance | Tax Credits

Oregon Matches Established Incentives with Current Priorities
Smart Incentives | Jan. 23 | Economic Development | Incentives | Rural Development | State Finance Program

Preservation Matters: Getting Ready to Apply for Historic Preservation Tax Credit
The Frederick News Post | Jan. 23 | Historic Preservation | Tax Credits

‘Unprecedented' Investment Fuels $27M Makeover at Richford Arms in Downtown Erie, PA
Go Erie | Jan. 22 | Community Development | Federal | Housing Finance | Redevelopment | Tax Credits | U.S. Dept. of Housing & Urban Development (HUD) | COVID-19

From Brownfields to Solar Fields in Southwest Virginia
The Roanoke Times | Jan. 21 | Brownfield Financing | Energy Finance | Legislative | Redevelopment | State Finance Program

Grayson County, TX Property Owners Get Clean Energy Incentives
KTEN | Jan. 21 | Energy Finance | Infrastructure Finance | Property Assessed Clean Energy (PACE)

SSBCI 2.0: A New Capital Tool for Revitalizing and Diversifying Manufacturing
The Century Foundation | Jan. 21 | Economic Development | Social Finance | State Small Business Credit Initiative (SSBCI)


National Sponsor Spotlight

FBT Project Finance Advisors LLC FBT Project Finance Advisors LLC
FBT Project Finance Advisors LLC, a consulting affiliate of the law firm of Frost Brown Todd, acts as an independent registered municipal advisor and assists government entities and borrowers in creating the best financing solutions for projects in...
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...
gener8tor gener8tor
gener8tor's turnkey platform for the creative economy connects startup founders, musicians, artists, investors, universities and corporations. The gener8tor platform includes pre-accelerators, accelerators, corporate programming, conferences and...

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 Advanced Tax Increment Finance Reference Guide 2nd Edition
The Advanced Tax Increment Finance Reference Guide builds upon CDFA's introductory offerings by exploring in-depth the complexities and transformative potential of tax increment financing.

New Members

Alaska Small Business Development Center - Anchorage, AK

Cedar Hill Economic Development Corporation - Cedar Hill, TX

Enterprise Development Fund of Erie County - Erie, PA

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