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Development Finance Review Weekly - September 23, 2021

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Development Finance Review Weekly
September 23, 2021
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CDFA Development Finance Review Weekly

Features

Share Your Perspectives About Access to Pre-Development Tools Among Women & Minorities
For this year's Caren S. Franzini Fellowship, the Fellows are conducting research on improving access to capital for women and minority developers. Fill out this survey to help the Fellows better understand perspectives on increasing access to capital through pre-development tools for women, Black, Latino, Asian, and Indigenous developers.

President Biden to Meet With Key Democrats as Infrastructure and Budget Bills Hang in the Balance
After weeks of rising tensions among congressional Democrats, President Joe Biden is stepping in Wednesday to personally attempt to resolve divisions that are threatening to tear the Democratic caucus apart and tank the president's first-term domestic agenda. Biden is hosting key members of at least four warring factions of Democrats in Congress on Wednesday afternoon.

Developers of Color Still Swimming Against the Current in Commercial Real Estate
Community development lenders have emerged over the decades to specialize in lending to projects often in areas that were historically excluded from investment because of redlining, but even they have financed mostly white developers to build, own and profit from affordable housing or other projects in communities of color.

U.S. Treasury Announces FY 2021 CDFI Program and NACA Program Technical Assistance Awards
The U.S. Department of the Treasury's CDFI Fund awarded 191 organizations more than $24.1 million in awards from the fiscal year 2021 CDFI Program and Native American CDFI Assistance (NACA) Program. The Technical Assistance Awards will allow CDFIs and emerging CDFIs to build their capacity to provide services to low-income and underserved people and communities across America.

Making Incentives for Entrepreneurial Firms More Effective
Over the past few weeks, Smart Incentives has examined the state of business incentives for entrepreneurial firms, implementation issues, and the outcomes that these incentives have on firms and regional economies. This post offers three policy guidance recommendations for designing, implementing, and evaluating incentives so that they help state and local policymakers achieve their economic and entrepreneurship development objectives.

Opportunity Appalachia Receives Funding to Support OZ Investment in Five States
Appalachian Community Capital today announced receipt of a $1.5M grant from the Appalachian Regional Commission to help bring expanded investment into Central Appalachian communities in five states: Tennessee, North Carolina, Ohio, Virginia, and West Virginia. ACC is the lead partner in Opportunity Appalachia, an initiative designed to provide targeted support for downtown and rural development to build entrepreneurial communities where local businesses can thrive.

State Approves $600M in Borrowing for North Carolina Municipalities
Charlotte is poised to borrow more than $100 million for public safety and housing development projects. North Carolina's Local Government Commission (LGC) unanimously approved Charlotte's plan Tuesday to borrow nearly $125 million for police and fire stations, a police helicopter, and to fund other capital improvement projects. The Charlotte Housing Authority also received unanimous approval to borrow more than $40 million in bonds for two multiple-family housing developments.

CERB Invests More than $10M in Rural Broadband Projects
The Washington State Community Economic Revitalization Board (CERB) approved $8,272,040 million in grants and $1,975,000 in low-interest loans for planning, economic development, and rural broadband infrastructure construction projects. Five rural broadband projects were approved for nearly $8 million in funding from the CERB coronavirus capital projects fund.

Upcoming Events
Intro Tax Credit Finance WebCourse
News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

Ohio State University Tees up Green Bonds for Hospital Facility
Ohio State University hits the market Tuesday with $600 million of green-designated bonds to finance a hospital facility. Proceeds will go toward construction at the school's Wexner Medical Center, with opening expected in 2026. It will house up to 820 beds in private-room settings, 60 neonatal intensive care beds, and state-of-the-art diagnostic, treatment, and inpatient service areas.

Tax Law Changes, Bond Provisions to Alter Muni Landscape
Tax law changes and bond provisions included in the $3.5 trillion reconciliation package being debated in Washington likely will shift the demand components for and the makeup of the muni market in dramatic ways in the coming decade. The market is closely watching Washington to see whether the proposed tax law changes and new municipal bond tools — the return of tax-exempt advance refundings, a higher bank-qualified limit, and direct-pay taxable bonds — come to fruition.

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

SSBCI Learning Series - Module II
September 24, 2021 - 1:00 PM Eastern
The second module of the SSBCI Learning Series will discuss the structure of Venture Capital Programs, Capital Access Programs, and Loan Guarantee Programs. It will also cover private financing strategies for engaging Angel Investors, Venture Capitalists, CDFIs, and Impact Investors.

CDFA-Bricker PACE Webinar Series: Best Practices for Marketing & Selling PACE Across All Market Sectors
Tuesday, September 28, 2021 - 2:00 PM - 4:00 PM Eastern
Now that the PACE marketplace has been "built", how does it become mainstream so that all property owners know about PACE? This workshop will explore proven methods for marketing and selling PACE to contractors, economic development agencies, commercial real estate professionals, and ultimately the property owner.

CDFA Food Systems Finance Webinar Series: Debunking Risk in Food System Finance
Tuesday, October 12, 2021 - 2:00 PM - 3:30 PM Eastern
In this installment of the CDFA Food Systems Finance Webinar Series, we will break down the real and perceived risks of lending and discuss a variety of affordable financing solutions that are being employed by development finance agencies to invest in local food-related businesses and projects.

Legislative & Federal Affairs

A look at the latest legislative news impacting the development finance industry:

New USDA Program Would Provide Loans for Precision Agriculture Technology
U.S. Senators Deb Fischer and Amy Klobuchar introduced the Precision Agriculture Loan (PAL) Act. The bipartisan legislation would create a program within the U.S. Department of Agriculture to provide loan financing to farmers and ranchers interested in purchasing precision agriculture equipment.

Funding Included to Restore Forests, Create Jobs in Build Back Better Act
Sen. Michael Bennet has proposed legislation that would make the meaningful investments needed in our forests, rangelands, and watersheds by encouraging partnerships between federal, state, and tribal agencies. The House just put it into the budget reconciliation bill, known as the Build Back Better Act, providing $40 billion to restore our forests, improve wildlife habitat, while creating millions of good-paying jobs in rural areas.

Nearly $30B in LIHTC Provisions in House Ways and Means Committee Reconciliation Bill
The House Ways and Means Committee approved its portion of the $3.5 trillion Build Back Better reconciliation legislation, which includes the Affordable Housing Credit Improvement Act. Novogradac analyzed several primary low-income housing tax credit (LIHTC) unit financing provisions in the reconciliation bill and found that an estimated 1,380,500 additional affordable rental homes could be financed over 10 years if the bill were enacted.

Visit CDFA's Advocacy Center to view the latest legislative and federal updates, explore CDFA's Policy Agenda, track legislation relevant to development finance, get involved in CDFA-led initiatives, and more.

Job & RFP Postings

Invest Atlanta and Atlanta Emerging Markets Seeking Program Specialist
Invest Atlanta and Atlanta Emerging Markets (AEMI) are seeking a strategic Program Specialist to manage all aspects of AEMI's innovative community development financing programs. You'll help us support Atlanta's social-impact organizations and non-profits by leading our data collection and reporting efforts, serving as a relationship manager with borrowers, building new loan programs, assisting with marketing and communication, and managing the administration of the organization.

Invest Atlanta Hiring Assistant Director of Data Operations
Invest Atlanta is seeking a new Assistant Director of Data Operations who will be reporting to the Vice President of Marketing and Communications. The individual in the role will be responsible for creating, deploying, measuring, and optimizing the organization's unified data strategy, working in collaboration with multiple departments and key leaders across the organization, and providing ongoing support to teams seeking to integrate data driven tools, processes, and knowledge into their work.

Boynton Beach CRA Seeking Financial Analysis for Infill Mixed-Use Redevelopment Project
The Boynton Beach CRA is seeking qualified individuals or firms to perform an independent third-party evaluation of development proposals from the 115 N. Federal Highway Infill Mixed-Use Redevelopment Project Request for Proposals and Developer Qualifications (RFP/RFQ) received by the CRA.

CIGP Requesting Proposals for Climate Guarantees
The Community Investment Guarantee Pool (CIGP) is publishing an RFP to solicit potential use cases for its climate change guarantee product. Proposals are due October 29, 2021. Those organizations who plan to propose are requested to let CIGP know and/or submit any questions by September 24 at 12:00 PM.

This Week's Headlines

EDA Awards Denison Development Alliance $500K Grant for Johns Manville Planning
The Herald Democrat | Sep. 22 | Brownfield Financing | Economic Development | Redevelopment | Planning Program Grants

Horse Creek Academy Charter School Expands with JEDA Bonds
SC JEDA | Sep. 21 | Bond Finance | Education | Member News

To Help Local Economies, Utah Hires Rural, Remote State Workers
The Daily Yonder | Sep. 21 | Rural Development

Abandoned Springfield, VT Factory the Focus of Event Hailing Brownfields Cleanup Money
VT Digger | Sep. 20 | Brownfield Financing | Economic Development | Redevelopment | State Finance Program

Ashland, IL Establishes TIF District for Downtown Rehab Program
WLDS | Sep. 20 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Edgerton, KS Plans $98M Mixed-Use Development Near I-35
Fox 4 KC | Sep. 20 | Bond Finance | Tax Increment Finance (TIF)

Greenville, TX Council Approves $120M in Bonds
Herald Banner | Sep. 20 | Bond Finance | Infrastructure Finance | Tax Increment Finance (TIF)

One Tax Financing Agreement Approved; Two More Pending in Macedonia, OH
Akron Beacon Journal | Sep. 20 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Ongoing Supply-Chain Issues to Constrain U.S. Building Product Sales
Fitch Ratings | Sep. 20 | Bond Finance | Disaster Recovery & Relief | Economic Development | COVID-19

Proposal in Muskogee, OK Could Generate Nearly $18.6M
Enid News & Eagle | Sep. 20 | Economic Development | Infrastructure Finance | Redevelopment | Tax Increment Finance (TIF)

Renaissance Cleveland Hotel Receives Early TIF Approval—and a New Name
Cleveland Business Journal | Sep. 20 | Economic Development | Redevelopment | Tax Increment Finance (TIF) | Urban Development

SEC Charges School District With Misleading Bond Investors
Financial Regulation News | Sep. 20 | Bond Finance | Education

South Amboy, NJ Brownfield Site Acquired for Offshore Wind Energy Hub
New Jersey Business Magazine | Sep. 20 | Brownfield Financing | Green Finance | Infrastructure Finance | Redevelopment

Council Establishes TIF Districts for New Development in Sidney, OH
Sidney Daily News | Sep. 17 | Economic Development | Housing Finance | Tax Increment Finance (TIF)

How Public-Private Partnerships Transformed St. Albans City, VT
Vermont Biz | Sep. 17 | Brownfield Financing | Economic Development | Public-Private Partnership (P3) Financing | Redevelopment | Tax Increment Finance (TIF)

Legislation Would Amend TIF Act in Pennsylvania
Pennsylvania Business Report | Sep. 17 | Economic Development | Legislative | State Finance Program | Tax Increment Finance (TIF)

Midway Center Superblock Gets More TIF Funding
Midway-Como Monitor | Sep. 17 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

$8.5M Awarded for Eastern Kentucky Projects by ARC
Lexington Herald-Leader | Sep. 17 | Access to Capital | Green Finance

Ohio QIF 'Build Chillicothe' Cuts Ribbon on First Property
Chillicothe Gazette | Sep. 16 | Community Development | Disaster Recovery & Relief | Housing Finance | Local Finance Program | Opportunity Zones | COVID-19

Vermont Officials Highlight $25M in New State Funding for Remediating and Redeveloping Brownfields Sites
State of Vermont | Sep. 16 | Brownfield Financing | Redevelopment | Resiliency | State Finance Program


New Additions to the Online Resource Database

2021 RISE Miami-Dade Report
Access to Capital | Community Development | Revolving Loan Funds (RLFs) | Social Finance
The RISE Miami-Dade Fund (RISE) grew from an idea proposed by a diverse coalition to an effective team delivering technical assistance, advice, and much-needed capital to Miami-Dade County's hard-to-reach small businesses. This report demonstrates the success of RISE, including the critical ingredients that powered it. In addition, the data collected through the application process offers a window into the long-term needs of Miami-Dade's small business community. Finally, the report offers a new structure for RISE going forward that can begin to address the gaps.

Participatory State and Regional Food System Plans and Charters in the U.S.
Agriculture Finance | Community Development | Food Systems Finance
Completed in August of 2021, this report offers a snapshot of national trends, and a directory of food systems plans and charters that exist at state and regional levels across the United States (see the directory at the end of this document). It is intended to serve as a resource to facilitate network building and co-learning among practitioners leading these efforts and groups interested in launching their own plans and charters.


National Sponsor Spotlight

Baker Tilly Baker Tilly
More than 2,800 talented and passionate individuals strong, Baker Tilly is a top 15* full-service accounting and advisory firm with specialized professionals who connect with you and your business through refreshing candor and clear industry...
Stifel Nicolaus Stifel Nicolaus
Stifel Nicolaus, founded in 1890, 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 our public and...
U.S. Bank U.S. Bank
U.S. Bancorp (USB), with $416 billion in assets, is the parent company of U.S. Bank, the fifth largest commercial bank with more than 65,000 employees, and 3,151 offices in the United States.

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 Credit Finance Reference Guide
The Tax Credit Finance Reference Guide provides an exploratory overview of how communities can use tax credit finance programs to support economic growth. This guide examines how to effectively apply tax credits to development opportunities, and explains the basics of tax credits and the fundamentals of using these tools.

New Members

Dominium - Plymouth, MN

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