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Development Finance Review Weekly - January 21, 2021

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Development Finance Review Weekly
January 21, 2021
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CDFA Development Finance Review Weekly

Spotlight

Announcing the Opportunity Appalachia Investor Convening
CDFA is pleased to partner with Opportunity Appalachia to bring their Investor Convening to a national audience on February 23-24, 2021. The virtual event will include 16 Opportunity Zones projects ready for investment in West Virginia, Virginia, and Ohio along with panel discussions about the importance of linking capital to rural Appalachian communities. Registration is now open and all interested stakeholders are encouraged to attend.

Announcing the CDFA Community Facilities Technical Assistance Program
The Council of Development Finance Agencies is pleased to announce the CDFA Community Facilities Technical Assistance Program, funded by the U.S. Department of Agriculture. This program is targeted at rural communities that faced a recent natural disaster and need assistance using the USDA Community Facilities Program.

Features

CDFA Recognizes Adam Johnson, DFCP
CDFA is delighted to congratulate Adam Johnson, Finance Director for the Scott County Community Development Agency in Shakopee, MN, as the newest graduate of the prestigious Development Finance Certified Professional (DFCP) program. As a new graduate, Mr. Johnson has gained valuable knowledge and experience within the complex development finance industry.

IRS Notice Provides COVID-19 Relief to QOFs, OZ Investors, OZ Businesses
The IRS issued a notice providing relief to qualified opportunity funds and their investors due to the COVID-19 pandemic, extending opportunity zones relief provided by an earlier notice. Notice 2021-10 provides relief for the 180-day investment requirement, the 30-month substantial improvement period, 90% investment standard for QOFs, a working capital safe harbor for OZ businesses, and a 12-month reinvestment period for QOFs.

Biden Pushes for $1.9T Coronavirus Relief Package
President-elect Joe Biden began lobbying Congress to quickly approve a $1.9 trillion COVID-19 aid plan to improve vaccine distribution, provide direct payments to Americans and bolster state and local government coffers. In a televised speech, Biden delivered a message that appeared tailored for Republicans and more fiscally moderate Democrats.

Fannie Mae Multifamily Has Completed $1.5B of LIHTC Investments
Fannie Mae's equity investments involve working with our LIHTC syndicator partners, developers, and housing experts to help preserve and increase the supply of affordable housing. Of the 576 LIHTC properties benefitting from Fannie Mae's equity investments, 177 are in rural communities in 38 states and 41 serve high-needs rural regions and populations, including Native American communities.

SBA Launches COVID-19 Small Business Funding Portal
The SBA has created a free, curated list of thousands of funding sources at the national, state, regional, and local levels designed to support small businesses in accessing capital to recover from COVID-19. The opening page captures programs that are available nationally. Visitors then only need to enter a ZIP code of interest to see which programs their area may be eligible for.

Treasury Nominee Janet Yellen Voices Support for State and Local Relief Funding
The federal government will need to "act big" to address the financial fallout from the coronavirus pandemic and efforts should include funding for state and local governments, said Treasury Secretary nominee Janet Yellen during a Senate confirmation hearing Tuesday.

Upcoming Events
Fundamentals of Economic Development Finance WebCourse
News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

Yellen Highlights the Importance of State and Local Emergency Aid
The Biden administration's nominee for Treasury secretary on Tuesday highlighted the need for another round of federal aid to state and local governments. Former Federal Reserve Chair Janet Yellen told members of the Senate Finance Committee during her confirmation hearing that "it was a tremendous drag on the economy" during the Great Recession when states and local governments were forced to lay off workers.

Muni Curves Stay Put; Investors Look Ahead to New Issues
Quiet and unchanged is how municipal traders described the municipal market on Tuesday, as Treasury yields rose slightly and the week got underway ahead of Wednesday's inauguration. "Tax-exempts remain ultra-rich on a muni/Treasury ratio and spread basis — despite last week's modest underperformance," Peter Block, managing director of credit strategy at Ramirez & Co. wrote in a report Tuesday.

Michigan's Pandemic-Induced Fiscal Stress is Easing
Michigan's COVID-19-caused tax revenue wounds will extend throughout fiscal 2021 but the pain won't run as deep as previously expected thanks to the federal government's helping hand and consumer spending habits.

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-Bricker PACE Webinar Series: Retroactive PACE
Tuesday, January 26, 2021 - 2:00 PM - 4:00 PM Eastern
Retroactive PACE allows property owners to refinance PACE-eligible expenses months or years after the improvements were installed. During this workshop, the speakers will provide in-depth considerations for making Retroactive PACE a reality for an...

CDFA Federal Financing Webinar Series: Restoring Local Economies with Federal Partners
Tuesday, February 9, 2021 - 2:00 PM Eastern
The first installment of the 2021 CDFA Federal Financing Webinar Series will cover the various forms of financing programs available to state and local governments through Treasury, HUD, and EDA for restoring local economies.

CDFA // BNY Mellon Development Finance Webcast Series: Rural Broadband and Telehealth Financing
Tuesday, February 16, 2021 - 2:00 PM Eastern
During this webinar, experts will explain how rural communities can embrace the challenges of financing high-speed internet for the economic and societal gains provided by broadband.

This Week's Headlines

60K Paycheck Protection Program Loans Approved in First Week of Program's Re-Opening
U.S. SBA | Jan. 20 | Access to Capital | Disaster Recovery & Relief | Economic Development | Federal | COVID-19

Biden Administration Pledges Billions for Transportation as COVID Continues to Wreck Budgets
Next City | Jan. 20 | Bond Finance | Disaster Recovery & Relief | Economic Development | Federal | Infrastructure Finance | COVID-19

EPA Announces $96M WIFIA Loan to King County, Washington to Improve Water Quality in Puget Sound
U.S. EPA | Jan. 20 | Federal | U.S. Environmental Protection Agency (EPA) | Water Finance

JEDA Bonds Help Finance Acquisition, Rehabilitation of Workforce Housing in Columbia, SC
SC JEDA | Jan. 20 | Bond Finance | Housing Finance | Member News

PPP for 2021: Florida Nonprofits and Small Businesses Can Apply Through FCLF
Florida Community Loan Fund | Jan. 20 | Access to Capital | Disaster Recovery & Relief | Resiliency | State Finance Program | COVID-19

What Do Housing Advocates Expect from the Biden Administration?
Next City | Jan. 20 | Disaster Recovery & Relief | Federal | Housing Finance | COVID-19

After Rocky Start, Opportunity Zones Could Boom in 2021
Forbes | Jan. 19 | Opportunity Zones

EDA Invests $3.5M in New Jersey Opportunity Zone
New Jersey Business | Jan. 19 | Infrastructure Finance | Opportunity Zones | U.S. Economic Development Administration (EDA)

Maryland Dept. of Housing & Community Development Announces OZ Grants
Maryland DHCD | Jan. 19 | Community Development | Opportunity Zones

New "Transformational Mixed-Use Development" State Tax Credits in Ohio
Bricker & Eckler LLP | Jan. 19 | State Finance Program | Tax Credits

OZs Could Be the Place-Based Solution We Need to Tackle Food Deserts
Forbes | Jan. 19 | Food Systems Finance | Opportunity Zones | U.S. Dept. of Agriculture (USDA)

Reviewing Opportunity Zones With Steve Glickman and Ira Weinstein
Multi-Housing News | Jan. 19 | Housing Finance | Opportunity Zones

Stock Market Rally Spurs Investment in Opportunity Funds
Bloomberg | Jan. 19 | Opportunity Zones

Using Tax Policy to Promote Rural Development
The American Prospect | Jan. 19 | Opportunity Zones | Rural Development

Arizona Community Foundation and USDA Announce Partnership Serving Rural Arizona
Sedona Biz | Jan. 18 | Public-Private Partnership (P3) Financing | Revolving Loan Funds (RLFs) | Rural Development | U.S. Dept. of Agriculture (USDA)

New Farmer's Market Planned for West Dayton, OH
Dayton.com | Jan. 16 | Economic Development | Food Systems Finance | Public-Private Partnership (P3) Financing


New Additions to the Online Resource Database

698 Prospect Phase I: Opportunity Zone Investment Profile
Housing Finance | Opportunity Zones
This investment profile from the Economic Innovation Group showcases 698 Prospect, a multi-phase development in North Carolina that includes student housing, commercial, and retail space. Impact investor Woodforest CEI-Boulos Opportunity Fund was joined by community lender Self-Help Credit Union to capitalize Phase I of 698 Prospect.

Agile Space Industries: Opportunity Zone Investment Profile
Innovation Finance | Opportunity Zones
This investment profile from the Economic Innovation Group showcases Agile Space Industries located in Durango, CO. Agile designs, manufactures, and tests integrated aerospace propulsion systems, and has the only independent propulsion test facility in the United States. Opportunity Zones equity of approximately $950,000 has been invested in the company to date.

MLK Gateway I: Opportunity Zone Investment Profile
Opportunity Zones | Tax Credits
This investment profile from the Economic Innovation Group showcases the MLK Gateway in Washington, DC. Located in the Anacostia neighborhood, MLK Gateway will bring new life to a historic Main Street corridor through a center of commerce, culture, and technology; foster community prosperity; and provide a vibrant mix of neighborhood-serving retail. Financing on the project includes OZ equity, NMTC equity, grants, credit enhancement, pre-development loans, and construction loans.


National Sponsor Spotlight

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...
BNY Mellon BNY Mellon
BNY Mellon is the world's leading provider of corporate trust and agency services, administering $28.5 trillion in outstanding debt from 69 locations in 39 countries. Our clients include governments and their agencies, corporations, financial...
Bricker & Eckler LLP 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...

Partner Spotlight

informANALYTICS by Center for Governmental Research 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

Cover thumbnail Advanced Tax Increment Finance Reference Guide 2nd Edition
The Advanced Tax Increment Finance Reference Guide builds upon CDFA's introductory offerings by exploring in-depth the complexities and transformative potential of tax increment financing.

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 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
  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
  • SB Friedman Development Advisors
  • Stern Brothers
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
Become a Sponsor