A city-administered revolving loan fund got an unexpected windfall of $335,000 late this year and the program's manager wants to loan it back out again before the end of December. Wendy Townsend said the fund needs to lend all money out in order to qualify for a new infusion of federal Community Development Block Grant funds in 2020. 

City officials recently announced that its once-underutilized revolving loan fund, administered by the city's planning and development agency, is nearing full depletion. The fund has loaned out $360,000 over the past three years, creating more than two dozen jobs in the city and helped revitalize derelict and abandoned properties.

Wardner, who promoted the Prairie Dog bill that established hub city and infrastructure funding this biennium, is favoring a plan for the Legacy Fund that he says is driven by a desire for lower taxes, increased quality of life and less reliance on the federal government. Top on the list of priorities are roads and revolving loan funds for cities and counties and for water infrastructure.

Construction will be paid for by using funds loaned to the city by the Franklin County Infrastructure Bank. Franklin County commissioners in April approved the city's application for a $750,000 loan. This is the first time Reynoldsburg has used the financing option, which carries an interest rate of 1.9%.

The Legislature gave AIDEA the authority to manage the Sustainable Energy Transmission and Supply, or SETS, loan funds as part of the $332 million, 2013 Interior Energy Project financing package. The loan is for 50 years with a 0.25 percent interest rate deferred for the first 15 years. Should IGU default on the loan the interest rate increases to 3 percent.

The Jobs Development Authority will give an Economic Development Agency Revolving Loan Fund loan to Mobile Recon Systems LLC, a manufacturer of heavier load-bearing drones. That loan, along with a loan from Choice Bank and the North Dakota Development Fund, will total $1.2 million, $400,000 from each entity.

The Water Infrastructure Funding Transfer Act adds flexibility to the State Revolving Funds (SRF) program to help finance projects that reduce lead in drinking water. The Water Infrastructure Funding Transfer Act allows transfers from the Clean Water State Revolving Fund to the Drinking Water State Revolving Fund.

The North Carolina Office of Recovery and Resiliency shall enter into agreements with local governments to ensure the proper use of the funds and the return of the funds to the State. Loans may be used for cash-flow assistance while awaiting federal reimbursement. NCORR shall operate the program on a revolving loan fund basis to assist the maximum number of local governments possible.

CDFA-Bricker PACE Webinar Series: New Construction PACE
November 18, 2019 - 11:00 AM - 1:00 PM Eastern

CDFA // BNY Mellon Development Finance Webcast Series: Unlocking Capital for Native American Communities
Tuesday, November 19, 2019 - 1:00 PM Eastern

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In this webinar, CDFA convened financing experts from the Small Business Administration, Economic Development Administration, and Polsinelli to discuss how their respective financing and grant programs can leverage Opportunity Fund investments in Opportunity Zones. CDFA centered the discussion around Opportunity Zones and SBA's 504 and 7(a) Loan programs, as well as EDA's Public Works, Economic Adjustment Assistance, and Revolving Loan Fund programs.

Fund recapitalization can come from many sources, including local, state, and federal governments or financial and philanthropic institutions. Depending on the source, there may be certain requirements that need to be satisfied when moving through the actual lending process.

Equitable Food Oriented Development (EFOD) is a framework, and growing movement, to reap the powerful benefits of food projects and enterprises as vehicles for community development and health, while investing deeply in the self-determination and leadership of community residents.

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