Development Finance Review Weekly - October 31, 2019
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Feature |
CDFA Announces 2019 National Development Finance Award Recipients
The Council of Development Finance Agencies (CDFA) is proud to announce the winners of the CDFA Excellence in Development Finance Awards. These awards honor excellence in the use of financing tools for economic development, as well as individuals who champion these efforts.
CDFA Food Finance White Paper Series: Food Systems & Investment Tools
This paper continues a white paper series demonstrating the ways in which traditional development financing is already supporting food systems, with a focus on finance tools that help to stimulate investment. An overview of investment tools, such as tax credits and opportunity zones, is provided with examples of current programs as well as an extensive collection of case studies to illustrate how these tools can make an impact.
Starbucks Investing $10M to Boost Small Business Lenders in Chicago, IL
Starbucks announced that it will pour $10 million in local community development lenders to spur economic development in Chicago's underserved neighborhoods. The investment will be split between four community lenders: Accion Chicago, Chicago Community Loan Fund, Local Initiative Support Corporation and IFF. The $10 million is expected to finance over 500 loans.
Video: Senator Tim Scott, Womble Bond Dickinson Attorney Stephanie Few Discuss OZs
Senator Tim Scott remains one of the most enthusiastic champions of Opportunity Zones. At the recent South Carolina Opportunity Zone Summit, he and Womble Bond Dickinson attorney Stephanie Few had a "Fireside Chat" about the successes, challenges, and promises of Opportunity Zones.
How Tribal Nations Can Leverage Opportunity Zones for Economic Growth
With an estimated $6 trillion of unrealized capital gains in the U.S. stock market, Opportunity Zones could transform development in these designated areas. Of the 8,700 designated census tracts, over 300 are in Indian Country. Opportunity Zones present tribal nations with the chance to attract investors who may have never otherwise considered projects within those spaces.
CDFA Report: Housing PABs See Increase of More than $1.1 Billion in 2018
Combined multifamily and single-family tax-exempt private activity bond (PAB) issuance were $22.1 billion in 2018, an increase of more than $1.1 billion over 2017, according to a report issued by the Council of Development Finance Agencies (CDFA). Housing bonds made up 91 percent of total PAB issuance, the highest percentage since the CDFA began tracking the amounts in 2007.
DOE Awards $28M for Wind Energy Research, Development, and Demonstration Projects
The U.S. Department of Energy (DOE) announced the selection of 13 projects to receive a total of $28 million to advance wind energy nationwide. While utility-scale, land-based wind energy in the United States has grown to 96 gigawatts, significant opportunities for cost reductions remain, especially in the areas of offshore wind, distributed wind, and tall wind.
Petros PACE Finance Provides $8M C-PACE Financing for Hyatt House in Kansas City, MO
Petros PACE Finance, LLC has closed an $8 million Commercial Property Assessed Clean Energy (C-PACE) transaction to incorporate sustainable design measures in the construction of a 153-room hotel. These include the efficient building envelope components of roofing, walls, windows, HVAC equipment, hot water heaters, LED lighting, and elevators.
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Upcoming Events |
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News from |
The latest municipal finance headlines from The Bond Buyer.
Port Authorities would Benefit from Bill Passed in House
Legislation overwhelmingly passed by the House 296 to 109 on Monday would free up as much as $10 billion of federal funding for dredging and other harbor maintenance projects for the nation's ports.
Housing Finance Agencies Strengthened by Strong Demand
Bond issuance by Housing Finance Agencies last year reached the highest level since the Great Recession, driven by an uptick in mortgage revenue bonds for single-family homes. That trend is continuing in 2019 with issuance already up 2.6% for multifamily and single-family financing with more than two months remaining in the calendar year.
FAST Bill Deadline Provides Potential for Bond Expansion
The looming expiration of a federal highway bill could provide a catalyst for expanding bonds as a financing tool to fund critical transportation projects. The FAST legislation, which was approved in July and expires Sept. 30, 2020, provides a chance for new transportation funding vehicles that may include additional private activity bond (PAB) use first approved in a 2005 federal highway bill or restoring tax-exempt advance refunding bonds.
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.
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Upcoming Webcasts |
CDFA-Bricker PACE Webinar Series: New Construction PACE
November 18, 2019 - 11:00 AM - 1:00 PM Eastern
In this webinar, the discussion will focus on the use of PACE financing as a tool in new construction projects. Learn from industry leaders and finance experts about how C-PACE can be a tool for new commercial development. PACE as a new form of capital provides unique alternatives to close financing gaps and to replace developer equity in projects under development.
CDFA // BNY Mellon Development Finance Webcast Series: Unlocking Capital for Native American Communities
Tuesday, November 19, 2019 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Webcast Series, we will discuss financing tools for Native American-owned businesses to assist in strengthening tribal nation's local economies.
CDFA-Ice Miller Broadband Financing Bootcamp
December 4, 2019 - 1:00 PM - 4:00 PM Eastern
The CDFA-Ice Miller Broadband Financing Bootcamp will provide a high-level discussion on issues impacting broadband development, deployment and financing. Topics include an overview of the current broadband landscape and the challenges faced by urban and rural markets, approaches to expanding broadband access including using public/private partnerships, and discussing the innovative financing for broadband at the federal, state, and local levels. This comprehensive bootcamp will also provide attendees with critical information for accessing the plethora of financing available to support broadband expansion into underserved markets throughout the country.
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This Week's Headlines |
New Development Authority Proposed to Help Finance Virginia Beach, VA Project
Wavy.com | Oct. 30 | Bond Finance | Infrastructure Finance | Public-Private Partnership (P3) Financing
Mall of America Water Park Targets Approval Date
Finance & Commerce | Oct. 30 | Bond Finance | Public-Private Partnership (P3) Financing | Water Finance
Positive Operating Performance Boosts Plant's Bond Rating
Valdosta Daily Times | Oct. 30 | Bond Finance | Green Finance | Public-Private Partnership (P3) Financing | Water Finance
Opportunity Zones: Boosting America's Distressed Neighborhoods?
Think Realty Magazine | Oct. 30 | Economic Development | Opportunity Zones
$36M Expansion of Food Manufacturer Gets OH Tax Credit
Journal-News | Oct. 29 | Economic Development | Food Systems Finance | State Finance Program | Tax Credits
Birmingham, AL Committee Approves $865K in Incentives for Grocery
Biz Journals | Oct. 29 | Community Development | Food Systems Finance | Incentives
Final CT Hospital Cleanup Now Estimated at $9M
The Day | Oct. 29 | Access to Capital | Brownfield Financing | Tribal Finance
As Some Major Contractors Pull Back from P3s, Others Embrace the Approach
Construction Dive | Oct. 29 | Infrastructure Finance | Public-Private Partnership (P3) Financing
USDA Releases Proposed Hemp Regulations For Public Comment
Marijuana Moment | Oct. 29 | Agriculture Finance | Federal | Food Systems Finance | Innovation Finance
$12.3M in SC JEDA Bonds to Build New Senior Living Facility
SC JEDA | Oct. 29 | Bond Finance | Social Finance
School Board Approves Financing for $11.9M Bond for Energy Services Contract
Dothan Eagle | Oct. 28 | Bond Finance | Energy Finance | Green Finance
Two Major Apartment Projects Planned in Philadelphia, PA Opportunity Zones
Philadelphia Inquirer | Oct. 26 | Housing Finance | Opportunity Zones
HI Workshops Aim to Present Opportunity Zone Projects to Investors
Pacific Business News | Oct. 25 | Opportunity Zones
OR Brewery Seeks Tax Incentive for Expansion
The Astorian | Oct. 25 | Access to Capital | Brownfield Financing | Food Systems Finance | Incentives | Tax Credits
Ygrene Energy Fund Completes Nearly 1,000 Orlando, FL Upgrades
Flapol | Oct. 25 | Energy Finance | Green Finance | Property Assessed Clean Energy (PACE)
Clean, Renewable Energy Fosters Economic Development
Arkansas Business | Oct. 25 | Energy Finance | Green Finance | Opportunity Zones | Property Assessed Clean Energy (PACE) | Tax Credits
Consolidated Lands Another Public-Private Broadband Partnership Project for Broadband
Telecompetitor | Oct. 25 | Bond Finance | Infrastructure Finance | Public-Private Partnership (P3) Financing
Developers Celebrate Opening of Lathrop Residences and Riverfront Park in Chicago, IL
Affordable Housing Finance | Oct. 25 | Historic Preservation | Housing Finance | Tax Credits
Bringing Cleaner Water, Green Jobs to Washington, DC Suburbs
Next City | Oct. 25 | Energy Finance | Green Finance | Public-Private Partnership (P3) Financing | Water Finance
Mayors: Look Beyond Metro Area for Opportunity-Zone Investments
The Weekly Journal | Oct. 25 | Opportunity Zones | Public-Private Partnership (P3) Financing
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New Additions to the Online Resource Database |
Mortgage Lender's Guide to C-PACE: Lender Consent
Energy Finance | Green Finance | Property Assessed Clean Energy (PACE)
To document the C-PACE financing, most programs require mortgage holders to consent to the assessment because, like other property tax assessments, the claim for delinquent C-PACE payments is typically on par with normal property taxes.
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National Sponsor Spotlight |
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Business Oregon
Business Oregon works to create, retain, expand and attract businesses that provide sustainable, living-wage jobs for Oregonians through public-private partnerships, leveraged funding and support of economic opportunities for Oregon companies and...
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CohnReznick
With origins dating back to 1919, CohnReznick is the 11th largest accounting, tax and advisory firm in the United States, combining the resources and technical expertise of a national firm with the hands-on, entrepreneurial approach that today's...
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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...
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Partner Spotlight |
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Institute of Economic Development (IED) - United Kingdom
The Institute of Economic Development (IED) is the UK's leading independent professional body representing economic development and regeneration practitioners. Established over 30 years ago, the IED's key objective is to represent the interests of...
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CDFA Bookstore |
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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.
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Council of Development Finance Agencies
100 E. Broad Street, Suite 1200
Columbus, OH 43215
(614) 705-1300
info@cdfa.net
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