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Development Finance Review Weekly - October 10, 2019

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Development Finance Review Weekly
October 10, 2019
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CDFA Development Finance Review Weekly

Feature

DOT Launches Rural Opportunities to Use Transportation for Economic Success Initiative
Rural Opportunities to Use Transportation for Economic Success (ROUTES) is an initiative to address disparities in rural transportation infrastructure. The ROUTES Council will be chaired by the Under Secretary for Transportation, which will oversee the ROUTES Infrastructure Management Team in three primary activities.

Maine Harvest Federal Credit Union, First to Focus on Agriculture, Opens
Maine Harvest Federal Credit Union, the first in the nation to focus solely on agriculture, opened for business on October 8th. Maine farmers and food producers report a $180 million gap in access to financing for land and equipment, and it's one of their biggest obstacles to growth. Maine Harvest expects to loan $12 million to 100 farmers and food producers in its first six years, financed by 1,000 members.

MA Governor Pushes $18B Transportation Spending Bill
Governor Charlie Baker's multiyear plan includes hundreds of millions of dollars for road and bridge repair, additional funding for the MBTA and tax incentives promoting telecommuting. Additionally, the bill supports the Transportation Climate Initiative, a regional effort to drive down emissions from vehicles in an effort to tackle climate change.

Luxury Apartments, Breweries, Offices, Piano Bar: A New Face for Downtown Shawnee, KS
Millions of dollars of new investment — from private developers, business owners, and the city — are breathing new life into a downtown that has been depressed for decades. Thanks in part to its Opportunity Zone designation, developers are building multimillion-dollar, modern mixed-use office buildings, and high-end apartment complexes for the first time ever.

Stafford, TX $62M Bond-Financed School Projects Set to Transform the District
Officials are thrilled that projects funded via a $62M bond package are swiftly moving toward competition. Projects include construction of a new middle school, a new administration building, a new grades three-to-12 magnet school for STEM, an outdoor learning and community gathering plaza, repurposing an existing building into a community center, and more.

IRS Very Seriously Considering EPA's Opportunity Zone Comments
The IRS is giving special consideration to the EPA's request for clearer language in opportunity zone regulations to spur investment in brownfield sites. EPA requested the IRS to clarify in final rules that investments in the assessment, remediation, and redevelopment of brownfield properties are within the scope of the opportunity zone program.

Water Infrastructure Funding Transfer Act Becomes Law, Expanding State Revolving Funds
The Water Infrastructure Funding Transfer Act adds flexibility to the State Revolving Funds (SRF) program to help finance projects that reduce lead in drinking water. The Water Infrastructure Funding Transfer Act allows transfers from the Clean Water State Revolving Fund to the Drinking Water State Revolving Fund.

USDA Invests $152M to Improve Broadband Service in 14 States
USDA is investing $152 million in 19 projects to provide or improve rural broadband service in 14 states. USDA is making the investments through the Community Connect Grant Program, the Telecommunications Infrastructure Loan Program and the Rural Broadband Access Loan and Loan Guarantee Program.

Upcoming Events
CDFA National Development Finance Summit
News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

Regulatory Guidance on Libor Transition Welcomed
The municipal bond industry will have a window of more than two years to adjust to the phase out of Libor under the proposed transition regulations announced by Treasury and the IRS. The long-awaited rules announced Tuesday and published in the Federal Register are subject to public comment through Nov. 25.

Taxable Bonds Helped Issuance Soar in September
Municipal bond volume continues to accelerate, closing out the month of September 39.1% higher and the quarter 17.8% higher than a year earlier, as issuers flocked to market with taxable deals. September volume rose to $35.38 billion of municipal bonds sold in 894 transactions, from $25.43 billion in 768 issues in September 2018.

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: Analysis of the 2018 CDFA Volume Cap Report and Capital Markets Review
Tuesday, October 15, 2019 - 1:00 PM Eastern
The annual CDFA Volume Cap report is an essential outline of national private activity bond issuance trends and is used by issuers, researchers, trade groups, and political offices to understand the private activity bond landscape. During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will examine the recently released Volume Cap Report in fine detail as well as discuss the fourth-quarter outlook of the capital markets.

CDFA-Bricker PACE Webinar Series: PACE Program Design
October 16, 2019 - 11:00 AM - 1:00 PM Eastern
In this webinar, industry leaders from C-PACE Alliance, the Keystone Energy Alliance, Clean Fund, and Bricker & Eckler will share their experience in drafting PACE statutes, advocating for legislative changes to existing PACE statutes, determining and correcting market flaws or deficiencies, and increasing market volume. Capital providers will share some insights on how they arrange capital for projects, and the importance of certain market-based principles underlying the development of C-PACE as an asset class in commercial lending.

This Week's Headlines

Unique New EDC-Owned OZ Fund Features Incentives to Invest in Downtown Waterville, ME
WABI 5 | Oct. 9 | Community Development | Economic Development | Opportunity Zones

The First Venture Capital Opportunity Zone Fund
The Opportunity Zones Database | Oct. 9 | Access to Capital | Innovation Finance | Opportunity Zones

Commercial Activity Booming Along Interstate Corridor in Terre Haute, IN
Tribune Star | Oct. 9 | Tax Increment Finance (TIF)

West Orange, TX Receives $5M from EDA to Build Wastewater Plant in an Opportunity Zone
Water & Wastes Digest | Oct. 8 | Opportunity Zones | U.S. Economic Development Administration (EDA) | Water Finance

WEDC Launches New WI Supplier Network Website
WEDC | Oct. 8 | Access to Capital | Innovation Finance

Hornell, NY Aims to Capitalize on Opportunity Zone Designation
Evening Tribune | Oct. 8 | Community Development | Opportunity Zones

Composite Wood Manufacturer Plans $31M Factory in ME
Thomas Insights | Oct. 8 | Community Development | Opportunity Zones

City of Galveston, TX to Issue $32M in Capital Improvement Bonds
Muni Net Guide | Oct. 8 | Bond Finance | Infrastructure Finance

Sonoma County, CA Real Estate Owner Taps C-PACE Financing for Guayaki Yerba Mate Solar Installation
The North Bay Business Journal | Oct. 8 | Energy Finance | Food Systems Finance | Green Finance | Property Assessed Clean Energy (PACE)

Northern KY Water District Expects to Save $500K on $17.8M Bond Issue Due to Improved Credit Rating
The Lane Report | Oct. 7 | Bond Finance | Rural Development | Water Finance

Local IDB Moves to Create Tax Increment District to Aid East Chattanooga, TN
Chattanooga Times Free Press | Oct. 7 | Economic Development | Tax Increment Finance (TIF) | Urban Development

Can Rural Broadband Help Save Farm Country?
Civil Eats | Oct. 7 | Agriculture Finance | Economic Development | Infrastructure Finance | Rural Development

Senate Funds Key Clean Water Priorities
Water Finance & Management | Oct. 7 | Legislative | U.S. Environmental Protection Agency (EPA) | Water Finance

Legislation Introduced to Reinstate, Expand Section 45L Credit for Energy Efficient Homes
Novogradac | Oct. 7 | Energy Finance | Green Finance | Housing Finance | Tax Credits

USDA's NIFA Announces $1.89M Investment Through SBIR
USDA | Oct. 5 | Access to Capital | Federal | Food Systems Finance | Innovation Finance

Austin Foodshed Investors: Mission-Driven Lending
Next City | Oct. 4 | Access to Capital | Agriculture Finance | Food Systems Finance

Developer Assembling Land for Hotel
Urban Milwaukee | Oct. 4 | Energy Finance | Green Finance | Historic Preservation | Opportunity Zones | Property Assessed Clean Energy (PACE) | Tax Credits | Tax Increment Finance (TIF)


National Sponsor Spotlight

Petros PACE Finance Petros PACE Finance
Petros PACE Finance, LLC is a national leader in the C-PACE marketplace, dedicated solely to providing long-term C-PACE financing to commercial property owners seeking to lower energy costs, reduce their carbon footprint and increase property...
Stifel Nicolaus Stifel Nicolaus
Stifel Nicolaus is a full-service securities firm dedicated to development finance. Stifel Nicolaus has developed innovative public financing structures for private developments, saving millions of dollars for their public and private sector clients.
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...

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 Increment Finance Best Practices Reference Guide 2nd Edition
The Tax Increment Finance Best Practices Reference Guide 2nd Edition addresses what TIF is, why it should be used and how best to apply the TIF tool. This guide highlights both TIF and special assessment projects across the country and how they can be applied to address common economic development issues.

New Members

Erie Regional Chamber and Growth Partnership - Erie, PA


Catalyst Community Capital - Tampa, FL

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

  • BNY Mellon
  • Bricker Graydon LLP
  • Bryan Cave Leighton Paisner 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