Development Finance Review Weekly - October 22, 2020

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Feature

Senate Fails to Pass $500B COVID-19 Stimulus Package as Relief Talks Continue

The Senate on Wednesday failed to pass a $500 billion COVID-19 stimulus package as relief negotiations drag on less than two weeks before Election Day. The bill would have given a federal boost to weekly unemployment benefits, sent $100 billion to schools, and allocated funding for testing and vaccine development.

Big Ideas for Small Business

This report provides a five-step roadmap towards a more inclusive, dynamic, and productive small-business sector. The authors break down the five steps into ten major policy recommendations with detailed policy proposals. The report was authored by the Drexel University Nowak Metro Finance Lab and the Yale Institution for Social and Policy Studies.

DOT Awards $220M for Port Infrastructure

The U.S. Department of Transportation awarded $220 million in grants to improve port infrastructure, including facilities used by freight vehicles. Transportation Secretary Elaine Chao announced the funding, through the Maritime Administration's Port Infrastructure Development Program, on Oct. 15.

Economics in Brief: The Depleted CARES Act Leaves More in Poverty Than Before Pandemic

Two new studies, one by Columbia University's Center on Poverty and Social Policy, the other by researchers at Universities of Chicago and Notre Dame, have found that since that federal aid from the CARES Act has dried up, poverty rates have risen to higher levels than before the pandemic. The latter study found that poverty rates have affected Black families disproportionately.

SBA, Treasury Announce ‘Simpler' PPP Forgiveness Process

The U.S. Small Business Administration and the U.S. Treasury Department are trying to simplify the forgiveness application process for Paycheck Protection Program loans of $50,000 or less. Announced this past week, the changes are aimed at streamlining the PPP forgiveness process to provide financial and administrative relief to America's smallest businesses.

To Better Address COVID, States Need to Use Data Better

The pandemic exposed many fault lines in our society, including our governments' failures to share and use data to help keep people safe. In many cases, this lack of information was due to holes in existing data gathering and sharing infrastructure. The systems that states use to report deaths often rely on hospitals, coroners, or even funeral directors using paper-based reporting.

Virginia Water Reuse Project Awarded $225M WIFIA Loan

The EPA has awarded a $225 million Water Infrastructure Finance and Innovation Act (WIFIA) loan to the Hampton Roads Sanitation District (HRSD). This WIFIA loan represents the first loan provided under an agreement that will commit $1.05 billion in WIFIA assistance to help finance one of the first major water reuse programs on the east coast of the United States.

Once-Bankrupt Detroit, MI Sells $80M of Debt for Projects

Detroit, which went bankrupt seven years ago, is putting the municipal bond market's appetite for new debt to the test. The city sold $80 million in general obligation bonds, marking the second sale of bonds backed by the city's creditworthiness since 2013 when it filed what was at the time the nation's largest municipal bankruptcy ever.

Upcoming Events

CDFA Virtual National Summit: Financing Our COVID Recovery

News from

The latest municipal finance headlines from The Bond Buyer.

Fed Will Wait to Decide on MLF Extension

Municipal market conditions at the end of this calendar year will determine whether the Federal Reserve and Treasury decide to continue to operate the Fed's Municipal Liquidity Facility beyond Dec. 31. That was the message delivered by Kent Hiteshew, deputy associate director of the Fed's Division of Financial Stability.

Healthcare, Taxable Deals Push Muni New-Issue Slate up to $16.4B

The new-issue calendar is stuffed with all types of healthcare deals and taxable offerings, inflating its size up to almost $16.5 billion, once again the largest supply slate of 2020. Healthcare deals and taxable sales feature prominently on the list of new deals, but offerings from the states of California, Hawaii, Illinois as well as tobacco bonds round out the slate along with some big competitive issues.

SEC Enforcement Approach May Hinge on Election Results

The next appointed SEC is likely to be more polarizing, and the SEC's approach to enforcement will differ depending on who wins the presidential election. Current SEC Chair Jay Clayton, widely considered a centrist and who is reportedly not interested in continuing in the role, will likely not be reappointed as both President Donald Trump and former Vice President Joe Biden are likely to pick chairs more aligned with their political parties.

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

Reframe, Build, Plan: Restoring America's Local Food Systems
Thursday, October 29, 2020 - 1:00 PM Eastern

CDFA recently released the final publication of the CDFA Food Finance White Paper Series, Advancing Local Food Systems Through Development Finance. Join us for an overview of this publication as we review CDFA's framework for expanding traditional...

CDFA // BNY Mellon Development Finance Webcast Series: Financing Resilient Infrastructure
Tuesday, November 17, 2020 - 1:00 PM Eastern

During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will analyze how to finance the built environment to mitigate disaster and protect human life.

This Week's Headlines

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New Additions to the Online Resource Database

Income and Poverty in the COVID-19 Pandemic
Community Development | Disaster Recovery & Relief | Economic Development | Social Finance

This paper addresses the economic impact of the COVID-19 pandemic by providing timely and accurate information on the impact of the current pandemic on income and poverty to inform the targeting of resources to those most affected and assess the success of current efforts.

Monthly Poverty Rates in the United States during the COVID-19 Pandemic
Community Development | Disaster Recovery & Relief | Economic Development | Social Finance

This report from Columbia University presents monthly poverty rates in the U.S. before and throughout the Covid-19 pandemic. In contrast to measures of poverty based on a family's annual resources, the study projects poverty rates based on a family's monthly resources. The study found that the monthly poverty rate increased from 15% to 16.7% from February to September 2020, even after taking the CARES Act's income transfers into account.

>>> SEARCH ONLINE RESOURCE DATABASE

National Sponsor Spotlight

	Bricker & Eckler LLP Bricker & Eckler LLP, is one of Ohio's leading law firms. Located in Columbus, Cleveland and Cincinnati-Dayton, the firm represents corporations, nonprofit organizations, government agencies, health care facilities, school districts, and...
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	Business Oregon Business Oregon works to create, retain, expand and attract businesses that provide sustainable, living-wage jobs for Oregonians through public-private partnerships, leveraged funding and support of economic opportunities for Oregon companies and...

Partner Spotlight

informANALYTICS by Center for Governmental Research

The Center for Governmental Research (CGR) is a nonprofit organized under section 501(c)(3) of the Internal Revenue Code. CGR brings expertise to issues spanning economics and public finance, government management, health and human services and...

CDFA Bookstore

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

D.A. Davidson & Co. - New York, NY

Oregon City - Oregon City, OR

Lake Martin Economic Development Alliance - Alexander City, AL

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