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Development Finance Review Weekly - September 16, 2021

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Development Finance Review Weekly
September 16, 2021
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CDFA Development Finance Review Weekly

Spotlight

House Committee Advances Infrastructure Bill - CDFA to Host Free Legislative Briefing
Several CDFA legislative priorities have been approved by the House Committee on Ways and Means to include in the Build Back Better Act. Notably, the bill includes CDFA's Modernizing Agricultural and Manufacturing Bonds Act. It also includes the restoration of Advance Refunding Bonds, a Bond Category for Electric Vehicle Charging Stations, a permanent extension to the New Markets Tax Credits, and much more. A detailed section-by-section breakdown of provisions is available in the CDFA Advocacy Center. CDFA will host an important Legislative Briefing on Wednesday, September 22 at 4 pm (Eastern) with updates on the status of the bill and next steps.

Features

CDFA Recognizes Angela Blatt, DFCP
The Council of Development Finance Agencies (CDFA) is pleased to congratulate Angela Blatt, Program Manager for the Initiative for Food and AgriCultural Transformation (InFACT) at The Ohio State University, as the newest graduate of the prestigious Development Finance Certified Professional program. Ms. Blatt joins the ranks of fellow DFCP graduates who are recognized as emerging leaders in the development finance industry.

House Committee Advances Key Portion of Democrats' $3.5T Infrastructure Bill
The House Ways and Means Committee on Wednesday approved a major portion of Democrats' $3.5 trillion social spending package, including provisions that would raise taxes on high-income individuals and corporations in order to offset the cost of new spending. It would expand infrastructure financing tools, expand the low-income housing tax credit and extend and expand renewable energy tax credits.

SSBCI Learning Series Module II: Venture Capital, Angel Investments, Impact Investors, CDFIs, and More!
Module II of the SSBCI Learning Series takes place on Friday, September 24. Sessions will include a Program Deep-Dives on Venture Capital Programs, Capital Access Programs, and Loan Guarantee Programs. It will also discuss strategies for leveraging Private Financing through Venture Capital and Angel Investments, as well as Community Development Financial Institutions and Impact Investors.

HUD Opens Access to $5B in American Rescue Plan Grants to Prevent and End Homelessness
HUD has issued the HOME-ARP Implementing CPD Notice, Requirements for the Use of Funds in the HOME-American Rescue Plan Program. The new HOME-ARP notice is a critical step taken by HUD to expeditiously allow communities to begin accessing funds from the nearly $5 billion funds allocated from the American Rescue Plan.

Up Next in PACE Webinar Series: Best Practices for Marketing & Selling
Now that the PACE marketplace has been "built," how does it become mainstream so that property owners across all market sectors know about PACE? Join CDFA and Bricker & Eckler LLP for the next installation in the 2021 PACE Webinar Series on Tuesday, September 28th at 2 pm EST for a workshop exploring proven methods for marketing and selling PACE to contractors, economic development agencies, commercial real estate professionals, and property owners.

Employee Ownership Catalyst Fund Preserves Local Businesses and Jobs
After a second pandemic summer, this Labor Day feels unique, says Alison Lingane, co-founder of Project Equity, a nonprofit that supports the transition of businesses to employee ownership. "As a society, we've come to understand in the last year and a half that people who do 'essential' work are barely surviving." Project Equity and its partner Mission Driven Finance, an impact investment firm, used Labor Day to announce the launch of the Employee Ownership Catalyst Fund.

Ohio's $10M Loan Fund for Women-Owned Businesses Aims to Help Them Thrive
For the first time ever, Ohio has a $10 million loan fund dedicated to women-owned businesses in its operating budget - as well as a matching fund for microenterprise minority businesses. The fund was made possible by the efforts of the Ohio Women's Coalition, a non-profit organization that works towards improving the economic condition of women throughout the state of Ohio through advocacy with state legislators and corporate entities.

Governor Hochul Announces Start of Construction on $14.7M Affordable Housing in Niagara County, NY
Governor Kathy Hochul announced that construction has started on True Bethel Commons, a $14.7 million, 39-apartment affordable housing development in Niagara Falls with eight apartments fully adapted for people with physical disabilities. New York State Homes and Community Renewal provided $7.9 million in equity through the LIHTC Program, $2.3 million in Housing Trust Fund subsidy, $2.3 million in Federal HTC Equity, and $1.5 million in State HTC Equity.

Reimagining Healthy Food Access With the Virginia Good Food Fund
Foodshed Capital has partnered with Virginia Community Capital and the Virginia Food Access Investment Fund to build sustainable resiliency and equity into food systems. The Virginia Good Food Fund (VGFF) is envisioned to be a network of food system partners, lenders, funders, technical assistance providers, and other stakeholders who work together and combine our resources to support producers and suppliers.

Upcoming Events
Intro Tax Credit Finance WebCourse
News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

Gensler Testimony has Muni Market on Alert
SEC Chairman Gary Gensler has directed his staff to consider ways to bring efficiency and transparency to fixed income markets, though his priorities appear to differ from the approach of his predecessor and seem unrelated to the recommendations from 2012.

Time to Fight for Muni Tax Changes
Municipal market advocates got great news over the weekend when the House Committee on Ways and Means unveiled tax provisions granting all their major wish list items, and now they have to be prepared to fight for the continued inclusion of those items as Congress moves forward on the Democrats' massive budget reconciliation package.

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: Layering the Capital Stack
Tuesday, September 21, 2021 - 2:00 PM - 3:00 PM Eastern
The phrase "Capital Stack" is one that is pretty commonplace in the Development Finance nomenclature these days, but what does it truly mean to build the Capital Stack and how can it work for your project? This session will discuss how Bonds, Tax Increment Finance, Tax Credits as well as the litany of federal funding through recent legislation can work for your project and ultimately the community that is benefitting.

SSBCI Learning Series - Module II
September 24, 2021 - 1:00 PM Eastern
The second module of the SSBCI Learning Series will discuss the structure of Venture Capital Programs, Capital Access Programs, and Loan Guarantee Programs. It will also cover private financing strategies for engaging Angel Investors, Venture Capitalists, CDFIs, and Impact Investors.

CDFA-Bricker PACE Webinar Series: Best Practices for Marketing & Selling PACE Across All Market Sectors
Tuesday, September 29, 2021 - 2:00 PM - 4:00 PM Eastern
Now that the PACE marketplace has been "built", how does it become mainstream so that all property owners know about PACE? This workshop will explore proven methods for marketing and selling PACE to contractors, economic development agencies, commercial real estate professionals, and ultimately the property owner.

Job & RFP Postings

Boynton Beach CRA Seeking Financial Analysis for Infill Mixed-Use Redevelopment Project
The Boynton Beach CRA is seeking qualified individuals or firms to perform an independent third-party evaluation of development proposals from the 115 N. Federal Highway Infill Mixed-Use Redevelopment Project Request for Proposals and Developer Qualifications (RFP/RFQ) received by the CRA.

CIGP Requesting Proposals for Climate Guarantees
The Community Investment Guarantee Pool (CIGP) is publishing an RFP to solicit potential use cases for its climate change guarantee product. Proposals are due October 29, 2021. Those organizations who plan to propose are requested to let CIGP know and/or submit any questions by September 24 at 12:00 PM.

This Week's Headlines

Government Investment in Farmer-Led Catchment Groups Passes 150 Mark
Rural News | Sep. 15 | Access to Capital | Agriculture Finance | Rural Development

USDA Launches Resource Guide to Help Rural Communities Seeking Disaster Resiliency and Recovery Assistance
USDA | Sep. 15 | Disaster Recovery & Relief | Federal | Rural Development | COVID-19

New Fund to Support Black Farmers in Washtenaw County and Beyond
CLICKONDETROIT | Sep. 14 | Agriculture Finance | Community Development | Crowdfunding | Rural Development

Rural Businesses Could Receive Six Months of Loan Forgiveness
The Bradford Era | Sep. 14 | Community Development | Federal | Rural Development | U.S. Dept. of Agriculture (USDA)

60 More Units of Affordable Housing Going up in Marysville, WA
The Everett Herald | Sep. 13 | Economic Development | Federal | Housing Finance | Infrastructure Finance | Legislative | Tax Credits

Colorado Seeking Feedback for High Level 2021 SSBCI Deployment Plan
Colorado OEDIT | Sep. 13 | Access to Capital | State Finance Program | State Small Business Credit Initiative (SSBCI)

RFI for SSBCI Published by the Michigan Economic Development Corporation
MEDC | Sep. 13 | Access to Capital | State Small Business Credit Initiative (SSBCI)

San Francisco, CA Announces $50M in Tax Credits to Support Non-Profits, Businesses in Disadvantaged Communities
Post News Group | Sep. 13 | Access to Capital | Economic Development | Infrastructure Finance | Redevelopment | Tax Credits

The Limitations of South Carolina's New Affordable Housing Tax Credit
Mondaq | Sep. 13 | Access to Capital | Economic Development | Housing Finance | Innovation Finance | State Finance Program | Tax Credits

Waco, TX Pledges $700K More for Development Replacing Oak Lodge Motor Inn
Waco Tribune-Herald | Sep. 13 | Economic Development | Housing Finance | Redevelopment | State Finance Program | Tax Increment Finance (TIF)

White House Announces Steps to Increase Affordable Housing Supply
JD Supra | Sep. 13 | Economic Development | Federal | Housing Finance | Legislative | Tax Credits

Opportunities to Increase Housing Production and Preservation
HUD | Sep. 10 | Federal | Housing Finance | U.S. Dept. of Housing & Urban Development (HUD)

SBA Raises COVID Disaster Loan Cap to $2M, Makes Other Highly-Anticipated Changes
Dallas Morning News | Sep. 10 | Access to Capital | Disaster Recovery & Relief | Federal | Food Systems Finance | Revolving Loan Funds (RLFs) | U.S. Small Business Administration (SBA) | COVID-19

USDA Seeks Comments on Farm Bill Changes to Help Expand Access to Capital for Rural Broadband Infrastructure Deployment
USDA Rural Development | Sep. 10 | Federal | Infrastructure Finance | Rural Development | U.S. Dept. of Agriculture (USDA)

Using New Markets Tax Credits as a Tool to Build Affordable for-Sale Housing
East Liberty Development, Inc. | Sep. 10 | Access to Capital | Community Development | Economic Development | Housing Finance | Redevelopment | Tax Credits

Utah Department of Agriculture and Food Announces Disaster Relief Fund
Utah Business | Sep. 10 | Access to Capital | Agriculture Finance | Disaster Recovery & Relief | Food Systems Finance | Revolving Loan Funds (RLFs) | State Finance Program | COVID-19

DOE Releases Solar Futures Study Providing the Blueprint for a Zero-Carbon Grid
U.S. Department of Energy | Sep. 9 | Energy Finance | Federal | Green Finance | U.S. Dept. of Energy (DOE)

Natural Grocers Confirm TIF Agreement, Moves to Downtown Greeley, CO
Greeley Tribune | Sep. 9 | Food Systems Finance | Tax Increment Finance (TIF)

SBA Sets Workaround for Aiding Restaurants Left Empty-Handed by the RRF
Restaurant Business | Sep. 9 | Access to Capital | Disaster Recovery & Relief | Federal | Food Systems Finance | Revolving Loan Funds (RLFs) | U.S. Small Business Administration (SBA) | COVID-19

USDA Invests $464M in Renewable Energy Infrastructure to Help Rural Communities, Businesses, and Ag Producers Build Back Better
USDA | Sep. 9 | Access to Capital | Agriculture Finance | Energy Finance | Federal | Infrastructure Finance | Revolving Loan Funds (RLFs) | Resiliency | Rural Development | U.S. Dept. of Agriculture (USDA)


New Additions to the Online Resource Database

Disaster Resiliency and Recovery Resources: A Guide for Rural Communities
Disaster Recovery & Relief | Rural Development
USDA Rural Development (RD) developed this guide as a resource for rural communities seeking disaster resiliency and recovery assistance. The recent National Climate Assessment (NCA) identifies that more frequent and extreme weather and climate-related events, as well as changes in average climate conditions, are expected to continue to damage infrastructure, ecosystems, and social systems that provide essential benefits to communities.

How Innovative CDFIs Fund Equitable Food Oriented Development
Access to Capital | Agriculture Finance | Community Development | Economic Development | Food Systems Finance | Foundations | Revolving Loan Funds (RLFs) | Social Finance | Tribal Finance
This report describes how three CDFIs drive economic growth in low-income and historically marginalized communities through a model defined by the EFOD Collaborative as Equitable Food Oriented Development (EFOD). EFOD is a development approach that supports locally owned food-based economies. The report details systemic financial barriers that business owners and aspiring entrepreneurs face in marginalized communities.

California 2020 Report on Allocation of Qualified Private Activity Bonds
Bond Finance
This report from the California Debt Limit Allocation Committee (CDLAC) analyzes the allocation of the state's annual debt ceiling in 2020 and allocation of private activity bonds. Until recently, the state's debt ceiling wasn't reached. In 2020, however, California was incredibly over-subscribed.

Opportunities to Increase Housing Production and Preservation
Housing Finance | Resiliency | Urban Development
According to HUD's new research, without significant new supply, cost burdens are likely to increase as current home prices reach all-time highs, with the median home sales price reaching nearly $375,000 in July 2021. The research also makes clear the consequences that inadequate housing supply will have on homeowners and renters.


National Sponsor Spotlight

PGAV Planners, LLC PGAV Planners, LLC
PGAV is a global leader in planning, design, and development consultation to public, corporate, and institutional clients. For more than fifty years, PGAV has created unique approaches and solutions to community planning and development issues, and...
SB Friedman Development Advisors SB Friedman Development Advisors
SB Friedman Development Advisors is a real estate and development advisory firm specializing in development strategies and public-private partnerships. Founded in 1990, they work with public, private and institutional clients. Their mission is to...
Stern Brothers Stern Brothers
Stern Brothers is the nation's largest certified 100% woman-owned business enterprise ("WBE") investment bank. As one of the few remaining independent, private investment banks in the country, they provide successful Underwriting, Private Placement,...

CDFA Bookstore

Cover thumbnail Revolving Loan Fund Reference Guide
The Revolving Loan Fund Reference Guide offers an in-depth look at RLF program development, implementation and management. This guide demonstrates how an RLF program can complement economic development strategies, encourage investment and assist traditionally underserved businesses.

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