Despite a feverish push from developers, accountants and law firms, investors are hesitating before jumping into Opportunity Funds, according to wealth advisers. Some are awaiting more guidance from the Treasury Department, which is expected to release rules this month, while others are heeding caution that some funds are riskier bets or aren't yet up and running.

Facing pressure from Chicago Mayor-elect Lori Lightfoot and an incoming class of adversarial aldermen, the City Council's Finance Committee postponed votes supporting $2 billion in tax increment financing (TIF) for the Lincoln Yards and The 78 megadevelopments. Lawmakers will have more time to review the TIF for the riverfront megadevelopments.

The Smart Cities Council, an industry coalition that is promoting smart city initiatives, has awarded multimillion-dollar grants since 2017 to stimulate smart city programs. The council recently released a list of resources for municipalities that emphasize a three-step approach: envision the needs and outcomes, plan how to achieve them, and then implement that plan.

The IRS has clarified that tax-exempt private-activity bonds can be used to finance affordable housing developments for veterans, farmworkers, and other populations. The guidance became necessary after IRS officials indicated that such housing was potentially a violation of the general public-use requirements in bond regulations last year.

Voters in the small town of Chesterfield approved a $1.8 million bond to string fiber to every home and business in the community of 3,500 people. It will be done through a public-private partnership with Consolidated Communications, who will pay the other $2.5 million estimated cost of stringing fiber to each resident in the town.

Decennial Group says it's looking at 250 potential projects, primarily in America's heartland and rural areas. The Chicago-based Decennial Group is targeting investment of $1 billion in development projects to leverage the tax incentives created by the 2017 law.

Long View Forest, Inc. and Encore Renewable Energy announced the commissioning of a community solar array on three acres of a 28-acre remediated brownfield. Mascoma Bank, a local leader in sustainability, provided the debt-financing for the project and entered into a long-term agreement to purchase the net metering credits generated by the project.

With EPA's WIFIA loan, Miami‐Dade Water and Sewer Department will construct deep injection wells at its three wastewater treatment plants to allow for the redirecting of treated wastewater from the ocean outfalls to these wells. The project will also increase availability of reclaimed water for potential reuse, reduce sanitary sewer overflows for the county's 2.3 million residents.

Federal grants from the U.S. Department of Transportation and the Federal Transit Administration totaling $1.36 billion were awarded to augment financing for new and existing bus transit projects, The grants will also help finance a project in Portland, Oregon in combination with $19.4 million in bonds to be issued for its construction.

The Cleveland Clinic plans to hit the market with a $930 million sale, a piece of which will take out the debt of the Florida-based health system it acquired earlier this year to expand its footprint. The deal is divided into six series of tax-exempt bonds with a diverse structure that the Clinic hopes will potentially lower its costs.

During this installment of the CDFA // BNY Mellon Webcast Series, our expert speakers will discuss the financing structure that supported Plaza 122, a place based specific solution for a community in need.

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