Development Finance Review Weekly - June 11, 2020

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Feature

CDFA Recognizes Pearl-Jean Mabe, DFCP

The Council of Development Finance Agencies (CDFA) is pleased to congratulate Pearl-Jean Mabe, CDFA's own Director of Research & Technical Assistance, as the newest graduate of the prestigious Development Finance Certified Professional (DFCP) program. Ms. Mabe joins the ranks of fellow graduates who are recognized as the most qualified leaders in the development finance industry.

COVID-19 Likely to Result in Increased Entrepreneurship Rates

Despite the more than 40 million unemployment filings and anticipated millions of small business closures that will result due to COVID-19, previous economic downturns suggest that there may soon be ripe opportunities for business start-up activity.

HUD Provides Remaining $2.96B in CARES Act Funding for Homeless Populations

HUD Secretary Ben Carson announced the allocation of $2.96 billion in Emergency Solutions Grants (ESG) funding to support homeless Americans and individuals at risk of becoming homeless because of hardships such as job loss, wage reduction, or illness due to COVID-19.

IRS Extends Opportunity Zone Deadlines

In response to the COVID-19 pandemic, IRS Notice 2020-39 extends several deadlines and eases certain restrictions relating to the opportunity zone program and provides welcome relief for investors and qualified opportunity funds (QOFs).

Ohio Awards $31M in Housing Tax Credits

The Ohio Housing Finance Agency (OHFA) has awarded more than $31 million in federal low-income housing tax credits to 37 developments as part of its 2020 allocation round. The affordable housing developments will help create or preserve 2,002 apartments for families, seniors, and people with disabilities.

NJEDA Expands Micro Business Loan Program

The New Jersey Economic Development Authority today announced an expansion of its Micro Business Loan Program to assist New Jersey small businesses, many of which are facing business interruption as a result of COVID-19. The expanded program will provide financing up to $50,000 for micro-businesses and nonprofits with ten or fewer employees and no greater than $1.5 million in annual revenues.

Planning for a Smarter Post-Pandemic Food System in Rhode Island

The COVID-19 pandemic is laying bare an alarming problem with our food system. The market channels linking farms and fisheries to our communities are more fragile than most of us imagined. As for developing increased food system resilience, we need to address both financing and regulatory barriers. Allocation of public dollars to boost local food production, processing, storage, and distribution of food can encourage private investment.

5th Annual NYS Redevelopment Summit: Land Reuse Lessons for 2020 Foresight

Join CCLR for a full schedule of workshops, webinars, community networking, and Office Hours for professional guidance the week of June 22-26, 2020. Your participation will provide you with additional tools and insights you can apply to address economic recovery in your community.

President Signs Bill to Ease Guidelines on PPP Loans

President Trump signed a bill to give recipients of government small business loans during the coronavirus more flexibility in how they spend the money. The measure eases the conditions small businesses have to meet to get the Paycheck Protection Program loans forgiven, as some struggled to meet key thresholds during the pandemic.

Sign on to Help Communities Recover by Extending, Expanding the New Markets Tax Credit

The New Markets Tax Credit (NMTC) Coalition is once again organizing a sign-on letter in support of an NMTC extension. This letter also calls for additional funds to communities to recover from the COVID crisis. Please sign your organization onto this letter in support of additional NMTCs to address the COVID-19 crisis.

Upcoming Events

News from

The latest municipal finance headlines from The Bond Buyer.

Bipartisan Group of Lawmakers Urges Expansion of Fed Muni Program

A bipartisan group of lawmakers is urging the Federal Reserve and Treasury to further expand a municipal note purchase program to be open to more local governments. A group of 12 representatives signed a letter Monday asking for the Fed and Treasury to further expand the Fed's Municipal Liquidity Facility by lowering population thresholds so more local governments can have direct access to it.

Water Groups Propose New Fed Program, Return of Advance Refunding

Water sector advocacy groups say water agencies will face cash-flow challenges over the next few years due to the coronavirus and want for federal relief through advance refunding and federal lending programs.

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: Financing Rural Healthcare
Tuesday, June 16, 2020 - 1:00 PM Eastern

During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will discuss financing programs that support healthcare development and showcase successful projects that have increased access to healthcare for rural...

CDFA - TEDC Webinar: Public-Private Financing for Infrastructure in Uncertain Times
June 17, 2020 - 10:30 AM -12:00 PM Central

This exclusive webinar will provide 90 minutes of in-depth discussion about navigating the use of public-private partnerships for infrastructure projects in Texas. Experts from throughout the state will share first-hand knowledge of their experience utilizing P3 financing for successful infrastructure projects, and they will also provide insight on how development finance agencies can engage with P3s during uncertain economic conditions.

CDFA Federal Financing Webinar Series: Recovery Resources from the USDA
Friday, June 19, 2020 - 1:00 - 3:00 PM Eastern

During this webinar, experts from multiple USDA offices will dive into how the department has tailored its many financing programs to assist with the recovery while noting what we can learn from the pandemic to better prepare rural America for tomorrow.

This Week's Headlines

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New Additions to the Online Resource Database

The National League of Cities, National Low Income Housing Coalition, and National Alliance to End Homelessness, and Mayors & CEOs for U.S. Housing Investments prepared this guide for elected officials to help maximize federal resources made available under the CARES Act to reduce housing instability and homelessness resulting from COVID-19.

>>> SEARCH ONLINE RESOURCE DATABASE

National Sponsor Spotlight

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Partner Spotlight

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...

CDFA Bookstore

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.

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