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Development Finance Review Weekly - December 2, 2021

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Development Finance Review Weekly
December 2, 2021
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CDFA Development Finance Review Weekly

Features

CDFA Recognizes Shirlynn Fortson, DFCP
CDFA is pleased to announce Shirlynn Fortson, Economic Development Director for the City of Brookhaven in Georgia, as the newest graduate of the prestigious Development Finance Certified Professional (DFCP) program. As a new graduate, Mrs. Fortson joins the ranks of fellow graduates who are recognized as the most qualified leaders in the development finance industry.

Denver, CO Housing Program So Successful, Federal Government Offers Millions to Expand It
Five years ago, Denver made a list of people most often involved with jail, detox centers, and emergency rooms — and then offered them housing. The program was so successful at keeping people in stable housing and out of jail, that the U.S. Treasury Department has offered the city more than $6 million in new federal aid, if the program can demonstrate a comparable drop in Medicare and Medicaid billings over the next seven years.

Register for Preserving Local Food Systems With Federal Financing
Traditional development finance tools can be used to support food-related businesses and projects, leveraging further investment to catalyze local and regional food systems. Food can be a powerful tool for revitalization, in terms of both economic growth and improvements to the built environment. Register today for the last Federal Financing Webinar of 2021.

With Trillions in Build Back Better Funds in the Works, Here's Some of What Next City is Watching
The Senate has said it aims to pass the Build Back Better Act before Christmas. Here are some of those less visible slices of spending that Next City is keeping an eye on, along with some ways we keep informed about these programs as they move through the process to implementation.

Finding the Funding for Rural Outposts in America's EV Grid
To accelerate the transition to electric vehicles, every burg along our "blue highways" is going to need a place for motorists to plug in. For states, that means tax credits, matching grants, or similar incentives. But we're not talking big money.

USDA Invests $222M in Rural Community Infrastructure to Help People in 44 States, Guam, and Puerto Rico
The USDA is investing $222 million to build and improve critical community facilities in 44 states, Guam, Northern Mariana Islands, and Puerto Rico. This community infrastructure funding will benefit nearly 2.5 million people in rural communities. It also includes $132 million to support health care, food security, and emergency response services for more than 850,000 rural residents in 37 states.

Expansion of Qualified Private Activity Bond Categories Under the Infrastructure Investment and Jobs Act
The Act amends the tax-exempt bond provisions of the Internal Revenue Code (Code) to enhance the financing options available to state and local governments to address the highlighted infrastructure needs. Specifically, the package adds two new categories of exempt facility private activity bonds (PABs) and additional volume cap for transportation PABs.

Lessons From Research: The California Rebuilding Fund is Helping Small Businesses Recover From the Pandemic
The California Rebuilding Fund is a partnership between state and local governments and private organizations that provides loans to small businesses in underserved communities. Through this partnership, California leverages private sector resources toward addressing the pandemic's impact rather than relying on public resources alone to support the enormous needs of California's small businesses.

Upcoming Events

Fundamentals of Economic Development Finance Course
January 26-27, 2022 - Daily: 12:00 - 5:00 PM Eastern
CDFA's Fundamentals of Economic Development Finance Course is the foundation for all of CDFA's educational offerings. This course helps attendees understand the variety of development finance tools available, from bonds, tax credits and TIF, to federal financing programs, RLFs, and access to capital lending resources.

News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

Private Dollars, Flexible Rules Key to Infrastructure Program's Success
Private investment and flexible federal rules will be key to ensuring that the new $1.1 trillion infrastructure program perseveres beyond a 10-year horizon, governors said Tuesday during the National Governors Association Infrastructure Summit.

PAB Limits Fall Short in Addressing Affordable Housing Shortage
The 2022 private activity bond caps have increased from 2021, though industry advocates say that Congress needs to enact historic investments in housing credits via the Democrats' Build Back Better legislation to affect meaningful change. In Revenue Procedure 2021-45, the Internal Revenue Service provided the per capita and state minimum levels for Housing Credit and Private Activity Bond (PAB) volume caps for 2022.

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: Preserving Local Food Systems with Federal Financing
Tuesday, December 14, 2021 - 2:00 PM - 3:30 PM Eastern
During this installment of the CDFA Federal Financing Webinar Series, hear from experts at the USDA about their various programs available for rural food systems and agricultural producers to recover from the pandemic.

CDFA // BNY Mellon Development Finance Webcast Series: Affordable Housing Finance - Market Rate/Affordable/Low-Income
Tuesday, December 21, 2021 - 2:00 PM - 3:00 PM Eastern
Affordable Housing has been a hot button issue over the last few years with a focus on what percentage of affordable housing should comprise a residential development. This session will discuss how various tools such as Low Income Housing Tax Credits and Private Activity Bonds play a role in how these decisions are made.

Legislative & Federal Affairs

A look at the latest legislative news impacting the development finance industry:

New Federal Legislation Eases Access to Financing for Broadband Projects with Qualified Private Activity Bonds
Congress has passed the Infrastructure Investment and Jobs Act of 2021, which President Biden signed on November 15, 2021. The Act includes approximately $65 billion in funding opportunities for the deployment of broadband services in rural areas. In addition to the creation of a broadband grant program, the new legislation modifies Section 142(a) of the Internal Revenue Code to add broadband as an allowable use for qualified private activity bonds.

Visit CDFA's Advocacy Center to view the latest legislative and federal updates, explore CDFA's Policy Agenda, track legislation relevant to development finance, get involved in CDFA-led initiatives, and more.

Job & RFP Postings

CDFA Now Hiring a Coordinator of Development
CDFA seeks a motivated, well-organized and energetic individual to fill the position of Coordinator, Development. The Development Coordinator is responsible for assisting with CDFA's membership and sponsorship efforts to ensure that organizations and sponsors receive the highest level of customer service.

CDFA Now Hiring a Coordinator of Programming
CDFA seeks a motivated, well-organized and energetic individual to fill the position of Coordinator, Programming. This position will be responsible for helping to coordinate the day-to-day administration of various CDFA programming events.

Washington State Department of Commerce Hiring Brownfield Revolving Loan Fund Program Manager
This position is responsible for the management of the statewide Brownfield Revolving Loan Fund (BRLF) program and provides advanced professional level program administration, technical assistance and contract management activities for the BRLF program in support of community and economic development activities through the redevelopment of brownfield sites.

This Week's Headlines

$200M in ARPA Money Sent to Local Governments Across WI
Wisconsin Examiner | Dec. 1 | Disaster Recovery & Relief | Economic Development | Infrastructure Finance | U.S. Dept. of Transportation (DOT)

Dept. of Energy Awards Over $16M for 23 Projects That Will Reduce Carbon Emissions Across the Manufacturing Sector
U.S. Department of Energy | Nov. 30 | Energy Finance | Federal | Green Finance | U.S. Dept. of Energy (DOE)

JEDA Financing Helps Facilitate Affordable Housing Complex in Spartanburg, SC
SC JEDA | Nov. 30 | Bond Finance | Housing Finance | Member News

USDA Begins Accepting Applications for $1.15B in Loans and Grants to Help Rural Communities Get High-Speed Internet
USDA Rural Development | Nov. 30 | Federal | Infrastructure Finance | Rural Development | U.S. Dept. of Agriculture (USDA)

EPA: Initial $20M Cleanup of Former Mclouth Steel Site in Trenton, MI Is Complete
Detroit Free Press | Nov. 29 | Brownfield Financing | Economic Development | Redevelopment | U.S. Environmental Protection Agency (EPA)

University of Pittsburgh Gets $100M Infusion to Build Biomanufacturing Hub
Pittsburgh Tribune-Review | Nov. 29 | Brownfield Financing | Economic Development | Innovation Finance | Redevelopment

​During Tough Times, C-PACE Financing Offers More Potential Ever, Experts Say
Energy News Network | Nov. 29 | Disaster Recovery & Relief | Energy Finance | Green Finance | Property Assessed Clean Energy (PACE)

Reclaiming The Waste: Money May Come to Find, Clean Contaminated Sites
Journal-News | Nov. 28 | Brownfield Financing | Green Finance | Infrastructure Finance | Redevelopment | Urban Development

Infrastructure Investment and Jobs Act: Selected Changes Impacting P3s
The National Law Review | Nov. 24 | Bond Finance | Economic Development | Energy Finance | Green Finance | Infrastructure Finance | Legislative | Public-Private Partnership (P3) Financing | Water Finance

Now That Countries Have Made Their Climate Pledges, How Will They Pay for Them?
ABC News | Nov. 24 | Energy Finance | Green Finance | Infrastructure Finance | Legislative | Public-Private Partnership (P3) Financing

Social Bonds – A Tool to Effect Positive Social Change
Investors' Corner | Nov. 24 | Bond Finance | Social Finance

Water Agency in Wyoming Seeks $281M for Dams, Other Projects
Laramie Boomerang | Nov. 24 | Agriculture Finance | Infrastructure Finance | Water Finance

Beswick Building, RI Redevelopment Gets $246,000 in Financing
The Valley Breeze | Nov. 23 | Bond Finance | Community Development | Infrastructure Finance | Property Assessed Clean Energy (PACE)

USDA Awards $90.2M in Grants to Strengthen Local and Regional Markets for U.S. Agricultural Products
USDA | Nov. 23 | Agriculture Finance | Federal | Food Systems Finance | U.S. Dept. of Agriculture (USDA)

Bill Would Allow Tax Credit on Investments in Michigan-Based Businesses
MiBiz | Nov. 22 | Access to Capital | Food Systems Finance | State Finance Program | Tax Credits

Keystone Communities Partnership Receives $196K in Tax Credits
The Sentinel | Nov. 22 | Community Development | Housing Finance | Redevelopment | State Finance Program | Tax Credits

SBA Announces Updated Guidance Regarding Applicant Deadlines for COVID Economic Injury Disaster Loan Program
U.S. SBA | Nov. 22 | Access to Capital | Disaster Recovery & Relief | Federal | U.S. Small Business Administration (SBA) | COVID-19

Senators Discuss Rezoning of St. Croix Agricultural Lands for RT Park Development
Virgin Islands Daily News | Nov. 22 | Agriculture Finance | Economic Development | Opportunity Zones

USDA Invests $86M to Improve Equitable Access to Jobs, Education, Health Care and Housing for Rural Communities
USDA | Nov. 22 | Access to Capital | Community Development | Economic Development | Federal | Rural Development | Tribal Finance | U.S. Dept. of Agriculture (USDA)

Boulder County, CO Latino Businesses Confront Challenges, Alternative Solutions to Funding
Daily Camera | Nov. 21 | Access to Capital | Disaster Recovery & Relief | Revolving Loan Funds (RLFs) | Revolving Loan Funds (RLFs) | COVID-19

Improved Public Transit, Lead Pipe Replacement, Clean Water Protections on the Way, Thanks to Infrastructure Bill
Cleveland.com | Nov. 21 | Economic Development | Energy Finance | Green Finance | Infrastructure Finance | Water Finance

Developing WIFIA's Guarantee Capabilities for Taxable Municipal Bonds
Water World | Nov. 20 | Bond Finance | Energy Finance | Green Finance | Infrastructure Finance | Legislative | Water Finance

UCSF Launches Community Investment Program to Support Housing and Minority-Owned Small Businesses
Eureka Alert | Nov. 18 | Access to Capital | Revolving Loan Funds (RLFs) | Social Finance


New Additions to the Online Resource Database

Brief On U.S. Economic Development Administration Programs and Project Types
Economic Development | Access to Capital | Community Development | Infrastructure Finance | Innovation Finance | Revolving Loan Funds (RLFs)
This brief analyzes U.S. EDA data from 2010 to 2019 to paint a broad picture of the agency's programs and grantmaking activities. During this period, EDA invested an average of $361 million a year across its programs.

Promoting Employee Ownership Through SSBCI
Access to Capital | Crowdfunding | Economic Development | Social Finance | State Small Business Credit Initiative (SSBCI)
The Employee Ownership Expansion Network and Ownership America gave this presentation on how the State Small Business Credit Initiative (SSBCI) can be used to promote employee ownership of small businesses.

Minority Business Development Agency Awards $3.9M to Serve Indigenous Community
Economic Development | Infrastructure Finance | Innovation Finance | Public-Private Partnership (P3) Financing | Tribal Finance
The U.S. Department of Commerce's Minority Business Development Agency (MBDA) awarded $3.9 million in federal funding to thirteen grant recipients to establish MBDA American Indian, Alaska Native, and Native Hawaiian (AIANNH) projects. To support Tribal and native business growth, the AIANNH Projects aim to address one or more of three strategic initiatives: innovation and entrepreneurship; strategic planning; and/or transformative projects.

How Tulsa Remote is Harnessing the Remote Work Revolution to Spur Local Economic Growth
Disaster Recovery & Relief | Economic Development | Incentives | Innovation Finance | Local Finance Program | Social Finance
Tulsa Remote, one of the nation's first and largest remote worker relocation initiatives, has brought more than 1,200 remote workers to the city since 2018 by offering a $10,000 grant and additional support services to eligible workers who move to Tulsa to live and work remotely from there for at least one year.


National Sponsor Spotlight

Bryan Cave Leighton Paisner LLP Bryan Cave Leighton Paisner LLP
Formed by the combination of Bryan Cave and Berwin Leighton Paisner, global law firm Bryan Cave Leighton Paisner LLP is purposely structured in a way few other law firms are, as a fully integrated international team that provides clients with clear,...
Business Oregon 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...
CohnReznick CohnReznick
With origins dating back to 1919, CohnReznick is the 11th largest accounting, tax and advisory firm in the United States, combining the resources and technical expertise of a national firm with the hands-on, entrepreneurial approach that today's...

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 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.

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
  • BNY Mellon
  • Bricker & Eckler LLP
  • Brownfield Superfund Advisory, Inc
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
  • CohnReznick
  • FBT Project Finance Advisors LLC
  • Frost Brown Todd LLC
  • gener8tor
  • Hawkins Delafield & Wood LLP
  • Ice Miller LLP
  • KeyBanc Capital Markets
  • Kutak Rock LLP
  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
  • PGAV Planners, LLC
  • SB Friedman Development Advisors
  • Stern Brothers
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
Become a Sponsor