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Development Finance Review Weekly - October 17, 2019

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Development Finance Review Weekly
October 17, 2019
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CDFA Development Finance Review Weekly

Feature

CDFA Releases Annual Volume Cap Report
CDFA is pleased to announce the release of the Annual Volume Cap Report: An Analysis of 2018 Private Activity Bond & Volume Cap Trends. The report provides complete data on the use of volume cap and the issuance of cap-subject private activity bonds nationwide. CDFA collected the information for the report from surveys and interviews with the allocating authority in each state.

NY Governor's Thruway Toll Plan Shadows $2.7B Bond Sale
New York Governor Andrew Cuomo's policy on future toll increases for the new Tappan Zee Bridge and the 570-mile New York State Thruway is casting uncertainty over the agency's outlook as it returns to the municipal-bond market.

PR Holds First Fiscal Public Policy and Opportunity Zone Summit
The Opportunity Zones Priority Projects Committee, the Governor, mayors, and legislative leadership convened in an Opportunity Zones Summit to update the island's municipal leaders on opportunity zone developments in Puerto Rico. The Summit was held to educate mayors on OZ's and other tools to achieve greater economic development.

Wind, Solar Finance Alternatives Rise as Sector Anticipates Looming Tax Credit Expiration
Expiring tax credits for wind and solar projects offer near-term promise and long-term uncertainty, with the U.S. wind industry on track to become the nation's fastest-growing source of electricity generation by the end of 2020 and the solar industry potentially soon following. Both face bursting bubbles due to the loss of tax incentives, but ideas are emerging on how to finance the projects, which could propel them into the next decade.

Las Vegas, NV to Los Angeles, CA High-Speed Train is Realistic if Bonds Approved
Virgin Trains USA appears ready to bring the long-discussed Las Vegas to Southern California high-speed rail project to life. Virgin is seeking $800 million in bonds to issue $2.4 billion in debt: half the amount needed to finance the trains and the 185 miles of dual tracks along Interstate 15. The amount includes $600 million in bonds from California and $200 million from Nevada.

Tax-Exempt Loan Helps Structure a RAD Deal in New York, NY
The story and great lesson of the $192.2 million Hope Gardens portfolio acquisition and renovation can be summarized in seven words: Where there's a will, there's a way. The "way" involves the enabling Rental Assistance Demonstration (RAD) conversion of 1,321 New York City public housing units to clear the way for an ambitious and desperately needed renovation program.

CA Governor Newsom Signs 18 Bills to Boost Housing Production
Building on the state's historic actions and investments this year to tackle the housing affordability crisis, Governor Gavin Newsom signed 18 bills designed to help jumpstart housing production. Included was SB 330, major legislation aimed at removing local barriers to housing construction and speeding up new development.

HUD Releases 2 New NOFAs for the Section 811 PRA and Supportive Housing Programs
HUD has released two new NOFAs for Section 811 programs. The Section 811 Project Rental Assistance (PRA) Program seeks to identify, stimulate, and support sustainable state approaches that will transform the provision of housing for persons with disabilities while providing access to appropriate supports and services.

How Governors are Shaping the Opportunity Zone Landscape
Governors must decide whether and how Opportunity Zones fit into their priorities. Given competing demands for state funds, governors must consider the benefits of creating and modifying programs and policies against their costs to ensure they are worthwhile.

Upcoming Events
CDFA National Development Finance Summit
News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

Taxable Bonds Helped Issuance Soar in September
Municipal bond volume continues to accelerate, closing out the month of September 39.1% higher and the quarter 17.8% higher than a year earlier, as issuers flocked to market with taxable deals. September volume rose to $35.38 billion of municipal bonds sold in 894 transactions, from $25.43 billion in 768 issues in September 2018.

Regulatory Guidance on Libor Transition Welcomed
The municipal bond industry will have a window of more than two years to adjust to the phase-out of Libor under the proposed transition regulations announced by Treasury and the IRS. The long-awaited rules announced Tuesday and published in the Federal Register are subject to public comment through Nov. 25.

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 Federal Financing Webinar Series: Opportunity Zones and Small Business featuring SBA and EDA
October 24, 2019 - 2:00 PM Eastern
In this webinar, CDFA will convene financing experts from the Small Business Administration and Economic Development Administration to discuss how their respective financing and grant programs can leverage Opportunity Fund investments in Opportunity Zones. CDFA will center the discussion around SBA 504 and 7(a) Loan programs, as well as the funding programs offered by the EDA.

CDFA-Bricker PACE Webinar Series: New Construction PACE
November 18, 2019 - 11:00 AM - 1:00 PM Eastern
In this webinar, the discussion will focus on the use of PACE financing as a tool in new construction projects. Learn from industry leaders and finance experts about how C-PACE can be a tool for new commercial development. PACE as a new form of capital provides unique alternatives to close financing gaps and to replace developer equity in projects under development.

This Week's Headlines

Report Outlines Tax Incentives Available for Certain OR Housing Developers
East Oregonian | Oct. 17 | Access to Capital | Housing Finance | Incentives | Opportunity Zones

Major Credit Agency Upgrades CA's Credit Rating
Lake County News | Oct. 16 | Bond Finance

CleanFund Provides $36M to Hospital in San Francisco, CA with C-PACE
Cision | Oct. 16 | Energy Finance | Green Finance | Property Assessed Clean Energy (PACE)

MD Camp Goes Green, Gets Quick ROI with Microgrid
Microgrid Knowledge | Oct. 16 | Energy Finance | Green Finance | Property Assessed Clean Energy (PACE)

USDA Invests $201M in Rural Water and Wastewater Infrastructure
USDA | Oct. 16 | Access to Capital | Rural Development | U.S. Dept. of Agriculture (USDA) | Water Finance

New Leaf Community Markets in CA Introduces the Partner Fund Microloan
Patch | Oct. 15 | Access to Capital | Food Systems Finance

Brownfield Listings to Host Opportunity Zone Boot Camp & Pitch Competition with NJIT
Brownfield Listings | Oct. 15 | Economic Development | Opportunity Zones

KY Dairy Parlor Reconstruction and Farmland Loans Approved
The Lane Report | Oct. 14 | Access to Capital | Agriculture Finance | Food Systems Finance

New Seasons Market in OR Launches Microloan Program
Grocery Dive | Oct. 14 | Access to Capital | Food Systems Finance | Social Finance

Historic Hobbs Building May Use Tax Credits, TIF
Chicago Tribune | Oct. 14 | Historic Preservation | Infrastructure Finance | Special Assessment Districts | Tax Credits | Tax Increment Finance (TIF)

Hard Hat Tours Fundraising of Egyptian Theatre
Daily Chronicle | Oct. 14 | Tax Increment Finance (TIF)

St. Louis, MO Airport Revenue Bonds Upgraded to A from A-
St. Louis American | Oct. 11 | Bond Finance | Infrastructure Finance

Erie, PA Receives $500K Grant to Provide Free Wi-Fi in Opportunity Zones
GoErie.com | Oct. 11 | Community Development | Infrastructure Finance | Opportunity Zones

St. Paul, MN Seeks Development Ideas for OZ atop Downtown Convention Center
Minneapolis / St. Paul Business Journal | Oct. 11 | Opportunity Zones | Urban Development

Rethinking the Opportunity in Opportunity Zones
Crain's Cleveland Business | Oct. 11 | Access to Capital | Opportunity Zones


National Sponsor Spotlight

Alaska Industrial Development and Export Authority Alaska Industrial Development and Export Authority
AIDEA is a public corporation of the State of Alaska, created in 1967 by the Alaska Legislature "in the interests of promoting the health, security, and general welfare of all the people of the state, and a public purpose, to increase job...
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...
Wilmington Trust Wilmington Trust
Wilmington Trust Corporation provides financial, wealth advisory, corporate, and institutional client services. The company's wealth advisory services include personal trust administration, financial planning, fiduciary, private banking, and family...

Partner Spotlight

Association of Development Financing Institutions in Asia and the Pacific Association of Development Financing Institutions in Asia and the Pacific
The Association of Development Financing Institutions in Asia and the Pacific (ADFIAP) is the focal point of all development banks and other financial institutions engaged in the financing of development in the Asia-Pacific region. Its mission is to...

CDFA Bookstore

Cover thumbnail Unlocking Capital: A Handbook for Becoming a High Performing Development Finance Agency
The Handbook is designed to be a starting point for local leaders to engage in the creation or acceleration of a DFA to build and utilize the development finance toolbox.

New Members

Southeast Missouri Regional Planning Commission - Perryville, MO

City of Lorain - Lorain, OH

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

  • Alaska Industrial Development and Export Authority
  • 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
  • Petros PACE Finance
  • SB Friedman Development Advisors
  • Stern Brothers
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Wilmington Trust
  • Z. The Bond Buyer
Become a Sponsor