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Development Finance Review Weekly - July 14, 2022

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Development Finance Review Weekly
July 14, 2022
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CDFA Development Finance Review Weekly

Features

Scholarships Available for CDFA Virtual Summer School - Apply Today to Attend
Scholarships are available to attend this year's CDFA Virtual Summer School, which will feature three training courses from August 1-4. Topics covered during this week include the Fundamentals of Economic Development Finance, Intro Bond Finance, and Intro Rural Development Finance. Don't miss this opportunity to expand your professional development!

Arizona Invests $1B to Expand Water Finance Authority
Arizona Governor Doug Ducey has signed legislation that makes an unprecedented $1 billion investment in water conservation, efficiency, reuse, and importing through the Water Infrastructure Finance Authority (WIFA). The plan to secure Arizona's water future invests $1 billion over three years to fund projects that will bring additional water to the state.

Dulles, VA Airport Among Largest Beneficiaries of Infrastructure Bill
Dulles International Airport will receive $49.6 million to help fund a new regional airline concourse, among 85 airports receiving part of a nearly $1 billion grant stemming from last year's infrastructure bill approved by Congress. The funding puts Dulles one step closer to the construction of a new Concourse A, which serves United Airlines' regional flights. 

CDFA Recognizes Sam Filkins as the Newest Graduate of the DFCP Program
The Council of Development Finance Agencies (CDFA) is pleased to welcome Sam Filkins as the newest graduate of the prestigious Development Finance Certified Professional (DFCP) program. A new graduate, Mr. Filkins joins the ranks of fellow graduates who are recognized as the most qualified leaders in the development finance industry.

How Denver, CO is Working to Make Its Cannabis Economy More Equitable
The city's new "targeted entrepreneurial assistance program" is designed to boost marijuana business ownership among Denverites of color. Last year Denver Mayor Michael Hancock signed into law a set of bills designed to create a comprehensive social equity program for marijuana licensing in the city. The legislation designated "social equity applicants" who have lived in disinvested neighborhoods, are low-income, or have been impacted by marajuana convictions.

Kansas Awards Over $4M in Tax Credits to 29 Kansas Nonprofits
Governor Laura Kelly awarded $4.1 million in Community Service Tax Credits to bolster the fundraising efforts of 29 nonprofit organizations across Kansas that improve local access to quality child care, healthcare, education, arts, and housing. CSP tax credits have been issued in the Sunflower State since 1994. The program provides a 70% tax credit to qualified donors in rural communities and a 50% tax credit in larger communities.

USDA Seeks Temporary Reprieve From IIJA ‘Buy American' Rules
The U.S. Department of Agriculture (USDA) Rural Development division sought to delay the implementation of a "Buy American" provision included in the recently passed Infrastructure Investment and Jobs Act (IIJA) on the grounds that the requirement could hinder critical projects including broadband rollouts.

Here's How Pennsylvania Plans to Spend Its Billions in Federal Stimulus Money
Pennsylvania lawmakers have agreed on a plan to use $2.2 billion in remaining federal stimulus money from the pandemic on housing, conservation, and child care programs. The agreement came as the state finalized a $45.2 billion budget a week after the deadline. None of the money will be used for direct payments to Pennsylvanians. Instead, Spotlight PA identified 20 programs that will be funded using the stimulus dollars.

Upcoming Events
CDFA Virtual Summer School
News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

Bans on Bond Proceeds Used for Religious Purposes May Now Be Unconstitutional
The court ruled last month that if a state chooses to subsidize private education, it cannot disqualify some private schools solely because of religious affiliation. The ruling could change the way some issuers go about certain financings, public finance lawyers said.

LA Airport Received One of the Largest Grants in a Federal Outlay
Los Angeles International Airport received a $50 million grant from the federal infrastructure bill for terminal road improvements, among the largest dispersed from the $1 billion allocated to 85 airports nationally.

CDFA is proud to partner with The Bond Buyer as our Official Media Sponsor. The Bond Buyer offers CDFA State and Local Members a 55% discount off of the Issuer Rate. Contact CDFA for more information.

Upcoming Webcasts

CDFA // BNY Mellon Development Finance Webcast Series: Development Finance and the Cannabis Industry
Tuesday, July 19, 2022 - 2:00 PM - 3:00 PM Eastern
In this webcast, we will explore the creative financing approaches that are providing capital to the emerging cannabis industry, and the economic benefits to states that have legalized the sale of recreational and medical marijuana.

CDFA Infrastructure Finance Learning Series: Preparing for Federal Grant Applications
Tuesday, August 9, 2022 - 1:00 PM - 4:00 PM Eastern
Applying for federal grants is a competitive process that requires a significant amount of time and planning prior to submission. It is essential for applicants to know how to navigate the available funding sources and prepare the necessary information to apply well in advance. This session will provide guidance and best practices on the various components of a federal grant application.

Job & RFP Postings

DCED Job Opening: Community Development Manager
City of Hagerstown-Department of Community and Economic Development is seeking a Community Development Manager. This position is responsible for the administration of the City's Community Development Block Grant program. Prepares the Consolidated Plan, Annual Action Plan, Consolidated Annual Performance and Evaluation Report and other related reports as required by the Federal Government.

This Week's Headlines

Meriden Housing Authority in Connecticut Authorizes $129M in Bonds for Projects
myrecordjournal.com | Jul. 13 | Bond Finance | Housing Finance

Washington County Committee in Arkansas Backs $100M Jail Expansion Project
Northwest Arkansas Democrat Gazette | Jul. 13 | Bond Finance

Bennington, VT TIF Program Extended by State Board
Bennington Banner | Jul. 12 | Access to Capital | Economic Development | Infrastructure Finance | Tax Increment Finance (TIF)

Missouri Department of Transportation Gets $100M for Rural Roads
WGEM | Jul. 12 | Agriculture Finance | Economic Development | Infrastructure Finance | Rural Development | State Finance Program

Bloomington, IN Gives Final Go Ahead for Broadband Project
Indiana Public Media | Jul. 11 | Infrastructure Finance | Tax Increment Finance (TIF) | Broadband

Bluffton, SC Issues TIF Bond for Capital Improvements in Renovation Project
Bluffton Today | Jul. 11 | Bond Finance | Community Development | Tax Increment Finance (TIF)

Building Better Lives in Greenwich with $31M Investment in the Community
hamlethub.com | Jul. 11 | Community Development | Housing Finance | Redevelopment | Tax Credits

California Muni to Receive State Grants to Help Replace Its Aging Train Control System
Mass Transit | Jul. 11 | Bond Finance | Infrastructure Finance

Colorado Has Spent Over $9B in Federal ARPA Funds
Colorado Politics | Jul. 11 | Education | Infrastructure Finance

IIJA Funds Speed Up Timeline for Bridge and Roadway Projects in Northampton, PA
WFMZ-TV | Jul. 11 | Economic Development | Infrastructure Finance

Legislation Would Prevent PennDOT From Imposing New Bridge Tolls
Pennsylvania Business Report | Jul. 11 | Infrastructure Finance | Legislative | Public-Private Partnership (P3) Financing

Maryland Awards $127.6M in Grants to Expand Broadband Access
Maryland Association of Counties | Jul. 11 | Community Development | Infrastructure Finance

New York Governor Announces $255M for Critical Water Infrastructure Projects Statewide
New York State | Jul. 11 | Infrastructure Finance | Water Finance

Newton Board in Georgia Haggles Over SPLOST Projects
The Covington News | Jul. 11 | Bond Finance | Infrastructure Finance

Ohio Commissioners Receive $500,000 for Blighted Properties
The Marietta Times | Jul. 11 | Brownfield Financing | Economic Development

$20M Plan Aims to Preserve Walnut Towers for Low-Income Residents
The Free Press | Jul. 10 | Community Development | Federal | Housing Finance | Redevelopment | Tax Credits

Millions Available in Small Business Grants, Revolving Loans, and Tax Credits
Small Business Trends | Jul. 9 | Access to Capital | Economic Development | Revolving Loan Funds (RLFs) | Tax Credits

Omaha, NE's TIF Approvals in First Half of 2022 Far Exceed 2021 Total
Omaha World-Herald | Jul. 8 | Access to Capital | Economic Development | Redevelopment | Tax Increment Finance (TIF) | Urban Development

Wyoming Business Council Seeks Comments on SSBCI Rules
State of Wyoming | Jul. 8 | Access to Capital | Economic Development | State Finance Program | State Small Business Credit Initiative (SSBCI)


New Additions to the Online Resource Database

Denver Economic Development & Opportunity: Cannabis Social Equity Technical Assistance Program
Access to Capital | Cannabis Finance | Economic Development | Innovation Finance | Local Finance Program | Social Finance
This program is specifically designed to boost ownership among individuals disproportionately impacted by marijuana prohibition and enforcement. Funded by $500,000 of the city's cannabis sales tax revenues, the program seeks to train and elevate Denver residents who meet the State of Colorado's definition of a social equity applicant in the cannabis industry.


National Sponsor Spotlight

BNY Mellon BNY Mellon
BNY Mellon is the world's leading provider of corporate trust and agency services, administering $28.5 trillion in outstanding debt from 69 locations in 39 countries. Our clients include governments and their agencies, corporations, financial...
Bricker & Eckler LLP Bricker & Eckler LLP
Bricker & Eckler LLP, is one of Ohio's leading law firms. Located in Columbus, Cleveland and Cincinnati-Dayton, the firm represents corporations, nonprofit organizations, government agencies, health care facilities, school districts, 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 Innovation Finance Reference Guide
The Innovation Finance Reference Guide explores the growing seed, venture capital, and angel investment industry, and gives development finance agencies a roadmap for building an innovation finance initiative that supports entrepreneurship, business investment, and job creation.

New Members

Coleman Land Company - Park City, UT

Haralson County Chamber of Commerce - Waco, GA

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