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Development Finance Review Weekly - April 18, 2019

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Development Finance Review Weekly
April 18, 2019
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CDFA Development Finance Review Weekly

Feature

Treasury Releases Second Tranche of Proposed Regulations for Opportunity Zones
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.

White Paper 2: Food Systems & Access to Capital
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.

CDFA Recognizes Isabel Cyr, DFCP
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.

Review of HUD Policy in Opportunity Zones
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 Past, Present and Future of CDFIs
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.

Cities and Investors De-Mystify the Opportunity Zone Capital Stack
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.

Growth Potential in New Construction for PACE Industry
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. 

IRS Clarifies General Public Use Requirements for Rental Projects Tax-Exempt Bonds
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).

Upcoming Events
CDFA Summer School
News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

Taxable Munis Take Center Stage
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.

Columbus, OH Airport Taps New Credit for Car-Rental Center Project
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.

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 // BNY Mellon Development Finance Webcast Series: Emerging Structures for Investing in Low-Income Communities
Tuesday, April 23, 2019 - 1:00 PM Eastern
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.

This Week's Headlines

TIF to Fund Major Downtown Improvements in Great Falls, MT
Great Falls Tribune | Apr. 18 | Access to Capital | Tax Increment Finance (TIF) | Urban Development

Roberts Riverwalk Hotel in Detroit, MI Becomes Redevelopment Play
Crain's Detroit Business | Apr. 18 | Economic Development | Opportunity Zones | Property Assessed Clean Energy (PACE)

Hermiston, OR Breaks Ground on New Water Tower
East Oregonian | Apr. 18 | Access to Capital | Infrastructure Finance | Water Finance

Owensboro, KY Set to Receive First Reimbursement from State for TIF Districts
Owensboro Times | Apr. 17 | State Finance Program | Tax Increment Finance (TIF)

Pocatello, ID to Discuss Potential TIF for Urban Project
Local News 8 | Apr. 17 | Tax Increment Finance (TIF) | Urban Development

Austin, TX Conducts Study on Financing Infrastructure in South Shore District
Austin Monitor | Apr. 16 | Bond Finance | Economic Development | Infrastructure Finance | Tax Increment Finance (TIF) | Urban Development

How Blockchain Can Change the Food Industry
Food Dive | Apr. 16 | Agriculture Finance | Food Systems Finance

Arable Capital Partners is Scouting the Next Opportunity in Ag
425 Business | Apr. 16 | Agriculture Finance | Food Systems Finance

Financing the Aquaculture Revolution
Conservation Finance Network | Apr. 15 | Access to Capital | Food Systems Finance

Home Sale Prices in Opportunity Zones Jump 25%
The Real Deal | Apr. 15 | Opportunity Zones

Brightmark Closes Financing for First U.S. Plastics-to-Fuel Plant
Waste Today | Apr. 15 | Bond Finance | Energy Finance | Green Finance

The Dairy Business Association Visits WI Capitol
The Country Today | Apr. 15 | Agriculture Finance | Food Systems Finance | Infrastructure Finance

BlackRock: Investors Underpricing Impact of Climate-Related Risks
IR Magazine | Apr. 14 | Bond Finance | Resiliency

RI Mobile Market Promotes Fresh Produce
The Brown Daily Herald | Apr. 12 | Agriculture Finance | Food Systems Finance

More IA Farmers Face Financing Trouble
Des Moines Register | Apr. 12 | Access to Capital | Agriculture Finance | Food Systems Finance

Stark County, OH Approves Tax Incentives for Manufacturing Project
Akron Beacon Journal | Apr. 12 | Incentives | Tax Credits


National Sponsor Spotlight

Hawkins Delafield & Wood LLP Hawkins Delafield & Wood LLP
Hawkins Delafield & Wood LLP is the only national law firm in the U.S. whose practice is devoted primarily to public finance and public projects. The firm has more attorneys engaged in the full time practice of public finance and projects than any...
Ice Miller LLP Ice Miller LLP
Ice Miller is nationally recognized for its public-private partnerships (P3s), municipal bond and economic development experience. Ice Miller is a full service law firm dedicated to helping our clients stay ahead of a changing world. With over 340...
KeyBanc Capital Markets KeyBanc Capital Markets
KeyBanc Capital Markets is an investment banking firm serving issuers of tax-exempt debt for over 40 years. Their team identifies opportunities, designs financing structures and develops an array of solutions that meet and exceed clients' financial...

Partner Spotlight

Institute of Economic Development (IED) - United Kingdom Institute of Economic Development (IED) - United Kingdom
The Institute of Economic Development (IED) is the UK's leading independent professional body representing economic development and regeneration practitioners. Established over 30 years ago, the IED's key objective is to represent the interests of...

CDFA Bookstore

Cover thumbnail Innovation Finance Reference Guide
The Innovation Finance Reference Guide explores the growing seed, venture capital and angel investment industry, and gives development finance agencies a roadmap for building an innovation finance intiative that supports entrepreneurship, business investment and job creation.

New Members

City of Brookhaven - Brookhaven, 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

  • 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
  • Frost Brown Todd, LLC
  • Hawkins Delafield & Wood LLP
  • Ice Miller LLP
  • KeyBanc Capital Markets
  • Kutak Rock LLP
  • MB Financial Bank, NA
  • McCarter & English, LLP
  • McGuireWoods
  • NW Financial Group, LLC
  • SB Friedman Development Advisors
  • Stern Brothers
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Wilmington Trust
  • Z. The Bond Buyer
Become a Sponsor