The Department of the Treasury just released its second round of proposed regulations on Opportunity Zones. These rules are designed to make compliance easier for opportunity fund investors.

This white paper is part of a series examining the potential creation of a food systems asset class which supports the market growth of local and regional food systems which meet the economic, social, environmental, and cultural needs of communities throughout the country. This paper focuses specifically on financing that provides access to capital, outlining this category of tools and demonstrating how they can be utilized for various types of food-related endeavors.

The Council of Development Finance Agencies (CDFA) is pleased to congratulate Isabel Cyr, Senior Consultant, as the newest graduate of the prestigious Development Finance Certified Professional (DFCP) program. As a new graduate, Ms. Cyr joins numerous others who have invested in their professional development and are ready to tackle the complexities of the development finance industry.

HUD is reviewing its policies in accordance with Treasury's newly-released second round of guidance on opportunity zones. As such, HUD has issued an RFI for comments on its policies with the goal of maximizing impact of opportunity zones. Comments are due by June 17, 2019.

The CDFI Fund is the only federal program that distributes money to organizations who don't have to go out and spend it. They can choose to leave it on their balance sheets, then they can use those dollars to go out and attract more capital from others. It's never been very big — since its inception in 1994, the CDFI Fund has awarded only $3 billion to CDFIs in this way.

Conversations around Opportunity Zones have matured from what to how as deadlines loom for claiming full tax benefits. The absence of detailed federal guidance has spurred the kind of bottom-up market-making championed by the late Jeremy Nowak.

To date, most projects using Commercial Property Assessed Clean Energy (C-PACE) financing have been retrofits and gut rehabs but many attendees at the PACENation Summit in Austin expressed optimism about the future growth of C-PACE for new buildings. 

The Internal Revenue Service recently eliminated an inconsistency between the definition of "general public use" for purposes of the Low-Income Housing Tax Credit (LIHTC) under §42 of the Internal Revenue Code of 1986 (the "Code") and the definition of "general public use" for purposes of tax-exempt multifamily housing bonds under Code §142(d).

Goldman Sachs priced Tuscaloosa County Industrial Development Authority's (NR/NR/NR) $612 million of gulf opportunity zone refunding taxable bonds for Hunt Refining Project. Goldman also priced Anaheim Public Finance Authority's (A1/A/AA-) $175 million of senior lease revenue refunding and taxable bonds.

The Columbus Regional Airport Authority is pricing $95 million of taxable bonds secured by customer facility charges — a new revenue source the authority is pledging to repay bonds for a car-rental center at John Glenn Columbus International Airport.

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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