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Development Finance Review Weekly - May 21, 2020

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Development Finance Review Weekly
May 21, 2020
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CDFA Development Finance Review Weekly

Spotlight

CDFA Mobilizes Coalition of Partners to Urge Congress to Reauthorize Funding for SSBCI
The Council of Development Finance Agencies and our broad coalition of partners have asked Congress to reauthorize funding for the State Small Business Credit Initiative (SSBCI) in the next stimulus. You can sign the letter by visiting the CDFA Outreach Center.

Development Finance Agencies Urge Congress to Include Bond Provisions in Stimulus
The Council of Development Finance Agencies, along with hundreds of development finance agencies from across the country, have asked Congress to include a bond finance title in the next stimulus act. This policy is an essential component of CDFA's COVID-19 Comprehensive Recovery Strategy. You can sign the letter by visiting the CDFA Outreach Center.

Feature

CDFA-PFM Capital Markets Webinar Series to Begin June 4
CDFA is proud to partner once again with PFM to host a six-part webinar series on current events and latest trends in the capital markets. This year's CDFA – PFM Capital Markets Webinar Series will offer in-depth, market-driven discussions about bond financing and will provide insights about mitigating risk, regulatory matters, strategies for investing bond proceeds, monitoring ongoing and continuing disclosure, and predictions for the future of the capital markets.

Farming Support to States Act Responds to Unmet Need of Agriculture
U.S. Senators Tammy Baldwin (D-WI), Susan Collins (R-ME) and Angus King (I-ME) along with Representatives Xochitl Torres Small (D-NM) and Dusty Johnson (R-SD) introduced the Farming Support to States Act, to provide state departments of agriculture with access to immediate, flexible funding to aid in responding to urgent and emerging issues in the food and agriculture supply chain caused by the COVID-19 pandemic.

New York Federal Reserve Releases Municipal Liquidity Facility Application, Form Documents
On May 18, 2020, the New York Federal Reserve released additional information regarding the Municipal Liquidity Facility (MLF) program, including (i) a sample application to the MLF program and (ii) multiple form documents including a note purchase agreement, a note purchase commitment, a continuing disclosure undertaking, and Eligible Issuer certifications.

Office of the Comptroller of the Currency Issues Final Rule on Community Reinvestment Act
The Office of the Comptroller of the Currency (OCC) published a final rule amending Community Reinvestment Act (CRA) regulations. The final rule clarifies and expands the banking activities that qualify for positive consideration, updates how banks delineate the assessment areas in which they are evaluated, provides additional methods for evaluating CRA performance, and requires timely and transparent reporting.

Economic Innovation Group Conducting National Survey of Opportunity Zones Stakeholders
The Economic Innovation Group is seeking responses to its national survey of Opportunity Zones stakeholders to gain insights on current market activity, investor behavior, and factors that may shape the OZ ecosystem in 2020 and beyond. The results will be discussed at an EIG webinar in June. The survey closes at 5:00 pm PT on Friday, May 22, 2020.

In the Face of COVID-19, State Legislators Push for Federal Support of Local Food Systems
On April 23, a coalition of 128 state legislators from 34 states sent a letter to USDA Secretary Perdue. They expressed strong concerns about how the USDA is planning to allocate the $9.5 billion that the CARES Act designated for local food producers, and urged the agency to prioritize relief for small and mid-sized farms for regional markets while paying special attention to historically underserved groups.

Oversight Commission: $500B Fund Meant for Relief has Lent Barely Any Money So Far
A $500 billion Treasury Department fund created by the Cares Act in March to help stabilize the economy has lent barely any money, according to an initial report issued by a new Congressional Oversight Commission.

SBA Releases Paycheck Protection Program Loan Forgiveness Application
The U.S. Department of Treasury's Small Business Administration (SBA) released the much anticipated Paycheck Protection Program (PPP) loan forgiveness application. PPP loan borrowers will submit this application to their lenders to request forgiveness of part or all of their PPP loans.

The Case for Opportunity Zone Investments in Rural Areas
For investors battered by the stock market, Opportunity Zones offer a win-win. Opportunity Zones allow investors to benefit from the initiative's capital gains tax breaks, to make money, accomplish multi-generational long-term financial planning and diversify their portfolios away from equities. The tool has been underutilized in rural areas, despite the potential these areas hold.

Upcoming Events
CDFA Federal Financing Webinar Series: Federal Recovery Resources from the EDA

Intro Opportunity Zones Finance WebCourse
June 24-25, 2020 - 12:00 - 5:00 PM Eastern
The CDFA Intro Opportunity Zones Finance WebCourse will bring together program designers, fund managers, communities, investors, and policy experts to educate and review the most up-to-date thinking and strategies on how to maximize Opportunity Zone designations and how best to attract zone investments. This interactive webcourse will help communities bring all economic development stakeholders to the table, and have a firm understanding of how the development finance toolbox can both encourage and supplement Opportunity Fund investments.

News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

Advance Refunding Could Be Inserted into a Bipartisan HEROES Act
Reinstatement of advance refundings could be a relatively low-cost addition to the $3 trillion House-passed HEROES Act as congressional Democrats negotiate changes with Senate Republicans and the Trump administration, according to a leading Republican on the House Municipal Finance Caucus.

Fed's Municipal Liquidity Facility Open for Business
The Federal Reserve's short-term municipal note program is "open today" to states and local governments struggling with financial woes during the pandemic, though it was reiterated that the program is a last resort. During a GFOA roundtable Monday, Kent Hiteshew, who was recently hired by the Fed to help with municipal markets, said the Municipal Liquidity Facility is open.

Illinois May Borrow Using MLF After a Fed Policy Adjustment
Illinois may use the Federal Reserve's Municipal Liquidity Facility for its $1.2 billion sale of one-year certificates to help manage a fiscal 2020 budget hole caused by the COVID-19-driven economic shutdown.

New York State Will Sell Short-Term Paper to Patch Coronavirus Revenue Losses
Short-term borrowing is part of New York State's plans to navigate the fiscal minefield created by the coronavirus. The $177 billion fiscal 2021 budget Gov. Andrew Cuomo signed in April provided mechanisms that authorize up to $8 billion in short-term borrowing to offset revenue losses.

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-PFM Capital Markets Webinar Series: Impacts of COVID-19 on the Bond Market
Thursday, June 4, 2020 - 3:00 - 4:30 PM Eastern
During the first installment of the CDFA-PFM Capital Markets Webinar Series, we will focus on the market impacts of COVID-19 thus far and what we can expect going forward.

CDFA-Bricker PACE Webinar Series: PACE Program Efficiency - Managing An Effective PACE Program
Tuesday, June 9, 2020 - 11:00 AM - 1:00 PM Eastern
In this webinar, PACE professionals explore best practices in establishing and managing a PACE program and about new efficiencies being developed to drive more effective delivery of PACE programs and projects.

CDFA-ARI Rural Finance Webinar Series: Building the Road to Recovery
Wednesday, June 10, 2020 - 1:00 PM - 2:30 PM Central
During the third installment of the CDFA-ARI Rural Finance Webinar Series, we will discuss the development finance tools that can support rural economies as they rebuild to be stronger than ever.

This Week's Headlines

Healthy Food Financing Initiative Announces $3M Available in Funding
Cision | May. 20 | Access to Capital | Food Systems Finance

Help for Restaurants Could Be on the Way as House Considers New Bills
The Washington Post | May. 20 | Access to Capital | Disaster Recovery & Relief | Federal | Food Systems Finance | COVID-19

SEC Proposes Updates to Fund Valuation Practices – Rule 2a-5
Baker Tilly | May. 20 | Bond Finance

While Food Supply Chains Snap, a Solution Is on the Table
The Hill | May. 20 | Agriculture Finance | Disaster Recovery & Relief | Food Systems Finance | Local Finance Program | COVID-19

3 Updated Sources of COVID-19 Financial Assistance for Agriculture
High Plains Journal | May. 19 | Access to Capital | Agriculture Finance | Disaster Recovery & Relief | Food Systems Finance | COVID-19 | Programs

State Funding for Assisted Living Facilities to Provide COVID-19 Economic Relief
JD Supra | May. 19 | Access to Capital | Disaster Recovery & Relief | Social Finance | State Finance Program | COVID-19 | Health

University of Hawaii Taps Greystar for P3 Housing Project
Pacific Business News | May. 19 | Housing Finance | Public-Private Partnership (P3) Financing | Social Finance | Education

Home Prices Continue Rising in Two-Thirds of Opportunity Zones
AZ Big Media | May. 18 | Opportunity Zones

Lexington, KY Budget Holds Increases Until COVID-19 Restrictions Lift
The Dispatch | May. 18 | Disaster Recovery & Relief | Water Finance | COVID-19

Municipal Liquidity Facility Adds $500B, Expands Issuers and Duration
Weiner Brodsky Kider PC | May. 18 | Bond Finance | Disaster Recovery & Relief | Federal | COVID-19

North Carolina Solar Industry Weathering the Pandemic Better Than Most States
Energy News Network | May. 18 | Access to Capital | Disaster Recovery & Relief | Energy Finance | Tax Credits | COVID-19

Sylvester, GA Receives $1.25M GEFA Water System Loan
Albany Herald | May. 18 | Revolving Loan Funds (RLFs) | Water Finance

Two Startups to Receive Opportunity Zone Funds in Warren, OH
The Business Journal | May. 18 | Economic Development | Opportunity Zones

IRS Aids State and Local Governments With Tax-Exempt Tender Bonds, Commercial Paper
JD Supra | May. 15 | Bond Finance | Disaster Recovery & Relief | Economic Development | Internal Revenue Service (IRS) | Public-Private Partnership (P3) Financing | COVID-19

Nonprofits & the Payroll Protection Program: You Can Now Apply Through IFF
IFF | May. 15 | Access to Capital | Community Development | Crowdfunding | Disaster Recovery & Relief | Social Finance | COVID-19

Alaska Lawmakers Approve Usage of Federal COVID-19 Funds for Small Businesses
State of Reform | May. 14 | Access to Capital | Disaster Recovery & Relief | State Finance Program | COVID-19

EPA, USDA's AMS Provide Assistance for Community Revitalization, Local Food Economy
U.S. EPA | May. 14 | Agriculture Finance | Economic Development | Food Systems Finance | Opportunity Zones

Missouri Bill Authorizes P3 for Tube Transport System
Webster County Citizen | May. 14 | Infrastructure Finance | Public-Private Partnership (P3) Financing | Transportation

New $1.5M Small Business Fund for Michigan, as Detroit Chamber Offers Restart Michigan Resources
DBusiness | May. 14 | Access to Capital | Disaster Recovery & Relief | State Finance Program | COVID-19

PPP Funds Cast Financial Lifeline to Senior Living Providers During COVID-19
Senior Housing News | May. 14 | Access to Capital | Disaster Recovery & Relief | Social Finance | COVID-19 | Health


New Additions to the Online Resource Database

Report on the Economic Well-Being of U.S. Households in 2019, Featuring Supplemental Data from April 2020
Disaster Recovery & Relief | Economic Development | Housing Finance | Social Finance
The findings in this report primarily reflect the financial circumstances of families in the United States in late 2019, prior to the onset of COVID-19 and the associated financial disruptions. The survey also explored long-run financial circumstances, including returns to education, housing satisfaction, and retirement savings. It was authored by the Board of Governors of the Federal Reserve System.


National Sponsor Spotlight

Baker Tilly Virchow Krause Baker Tilly Virchow Krause
More than 2,800 talented and passionate individuals strong, Baker Tilly is a top 15* full-service accounting and advisory firm with specialized professionals who connect with you and your business through refreshing candor and clear industry...
BNY Mellon BNY Mellon
BNY Mellon is the world's leading provider of corporate trust and agency services, administering $28.5 trillion in outstanding debt from 69 locations in 39 countries. Our clients include governments and their agencies, corporations, financial...
U.S. Bank U.S. Bank
U.S. Bancorp (USB), with $416 billion in assets, is the parent company of U.S. Bank, the fifth largest commercial bank with more than 65,000 employees, and 3,151 offices in the United States.

Partner Spotlight

The Bond Buyer The Bond Buyer
The Bond Buyer is the only independent information resource serving the municipal finance community. Every day and throughout the day, through its web site, e-newsletters and alerts, and daily print edition, The Bond Buyer reaches more than 25,000...

CDFA Bookstore

Cover thumbnail Practitioner's Guide to Economic Development Finance 2nd Edition
The Practitioner's Guide provides the insight and practical information needed to critically understand how economic development is financed and the tools, strategies and techniques used to build strong communities.

New Members

Augusta Economic Development Authority - Augusta, GA

Blue & Co., LLC - Lexington, KY

City of Cambridge, MD - Cambridge, MD

J&M Global Solutions LLC - Alexandria, VA

Northwest Georgia Regional Commission - Rome, GA

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

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CDFA National Sponsors

  • Baker Tilly Virchow Krause
  • BNY Mellon
  • Bricker & Eckler LLP
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
  • CohnReznick
  • FBT Project Finance Advisors LLC
  • Fifth Third Bank
  • Frost Brown Todd, LLC
  • Hawkins Delafield & Wood LLP
  • Ice Miller LLP
  • KeyBanc Capital Markets
  • Kutak Rock LLP
  • McCarter & English, LLP
  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
  • SB Friedman Development Advisors
  • Stern Brothers
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
Become a Sponsor