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Development Finance Review Weekly - September 29, 2022

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Development Finance Review Weekly
September 29, 2022
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CDFA Development Finance Review Weekly


Join Us in Denver, CO for the CDFA National Development Finance Summit
The CDFA National Development Finance Summit, Presented by CHFA, is happening in Denver, CO on November 2-4. This in-person event will bring together the leaders and dealmakers in the development finance industry to discuss best practices, trends, and project financing solutions. After a long three years, we can't wait to see you there!

Alaska to Receive Over $14M for Recreation Infrastructure
The U.S. Forest Service announced that it will invest $37.8M to improve recreation-related infrastructure on national forests and grasslands, including $14.4M specifically for projects within the Tongass and Chugach National Forests. These investments are made possible by the bipartisan Infrastructure Investment and Jobs Act.

Inland Green Capital Originates $21.1M in C-PACE for Multifamily Property in New Lenox, IL
Inland Green Capital LLC, an environmental finance and investment company, has originated $21.1 million in Commercial Property Assessed Clean Energy (C-PACE) financing for environmental improvements in the construction of a 220-unit multifamily property located at 232 N. Prairie Road in New Lenox. The C-PACE capital will help fund HVAC, LED lighting, roof, building envelope, air sealing, windows, water conservation and hot water system improvements.

New York, NY Preps Inaugural ‘Social' Bonds as Part of $1.4B Debt Sale
New York City plans to sell about $1.4 billion of debt next month, in part to address its deepening housing crisis. The deal includes $400 million of taxable debt that will be the city's first-ever issuance of bonds explicitly earmarked to tackle social issues. Proceeds from these social bonds are expected to finance more than 3,000 units of affordable housing. The remaining $950 million will be sold as tax-exempt debt, and will be used for general capital purposes. 

EPA Launches New National Office to Advance Environmental Justice and Civil Rights
The US EPA announced that it is establishing the Office of Environmental Justice and External Civil Rights. The new office will oversee the implementation and delivery of a $3B climate and environmental justice block grant program created by the Inflation Reduction Act, a critical component of the law's historic $60 billion investment in environmental justice.

Mason City, IA Housing Project Gets State Tax Credits
A Mason City housing project is getting a boost thanks to state tax credits. The Iowa Economic Development Authority (IEDA) says it has awarded $344,183 in workforce housing tax credits to the Federal Avenue Rowhomes project in Mason City.

New Projects Expected to Create More Than $318.4M in Investments in Ohio
Ohio Governor Mike DeWine and Lt. Governor Jon Husted announced the approval of assistance for 10 projects set to create 767 new jobs and retain 2,032 jobs statewide. Collectively, the projects are expected to result in more than $68 million in new payroll and spur more than $318.4 million in investments across Ohio.

USDA to Spend $500M for High-Speed Internet in Rural America
The U.S. Department of Agriculture will send more than $500M in loans and grants to telecommunications providers to bring high-speed internet to rural areas across 20 states. The department will spend $360M in grants and $141M in loans through its ReConnect Program to benefit sparsely populated communities, including in Alaska, Colorado, Kansas, Nebraska, Michigan, Minnesota, Iowa, Missouri, Montana, North Carolina, Oregon and Tennessee.

Upcoming Events
CDFA National Development Finance Summit
News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

Senate Advances Government Spending Bill with Disaster Aid
The Senate Tuesday advanced a government funding bill ahead of a midnight Friday deadline that includes disaster aid for the water crisis in Jackson, Mississippi, Hurricane Ian's looming landfall in Florida and other natural disasters.

States Ready to Begin Work on National EV Charging System
The U.S. Department of Transportation Tuesday gave approval to the final 17 states' EV charging station plans, and announced that now all 50 states, the District of Columbia and Puerto Rico have now received approval to move forward.

CDFA is proud to partner with The Bond Buyer as our Official Media Sponsor. The Bond Buyer offers CDFA State and Local Members a 55% discount off of the Issuer Rate. Contact CDFA for more information.

Upcoming Webcasts

CDFA Infrastructure Finance Learning Series: Reviewing the Guidance
Tuesday, October 4, 2022 - 1:00 PM - 4:00 PM Eastern
Experts will provide a detailed review of the released guidance on the Infrastructure Investment and Jobs Act. Presentations will cover the steps to apply, provide an overall timeline for when communities can expect to access funding, and discuss using IIJA funds in coordination with local funding through bond finance, tax credits, tax increment financing, and other development finance approaches.

CDFA // BNY Mellon Development Finance Webcast Series: Financing Tools to Invest in Clean Energy
Tuesday, October 18, 2022 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, experts will provide an overview of the resources and financing tools - such as PACE financing, green bonds, and energy tax credits - that can help communities seize the benefits of investing in clean energy.

CDFA Federal Financing Webinar Series: Tools for Rural Communities from USDA
Tuesday, October 25, 2022 - 2:00 PM - 3:30 PM Eastern
This session of the Federal Financing Webinar Series will highlight the resources available at the U.S. Department of Agriculture for financing broadband, food systems, healthy food access, and small businesses – all with a focus on rural areas.

Job & RFP Postings

Kroll-Senior Associate, Site Selection and Incentives Advisory
Kroll is seeking a Senior Associate, Site Selection and Incentives Advisory who helps the company select sites that meet future workforce needs and secure value from business incentives. This position will help deliver clarity to our clients' most complex governance, risk, and transparency challenges.

CDFA-Marketing & Communications Manager
The Council of Development Finance Agencies (CDFA at www.cdfa.net) seeks a motivated, well-organized, and energetic individual to fill the position of Marketing & Communications Manager. This position will be responsible for working with fellow CDFA team members to coordinate and execute the organization's various activities related to outreach, marketing, communication, and quality control.

This Week's Headlines

Harrisburg, PA Voters Pass $30M Bond for New Elementary School
Argus Leaser | Sep. 28 | Bond Finance | Community Development | Education

Pennsylvania Receives $240M to Improve Water Infrastructure
Water & Wastes Digest | Sep. 28 | Access to Capital | Federal | Infrastructure Finance | Legislative | Water Finance | Water Finance | Drinking Water | Sewage & Waste

EDA Invests $1.1M for Infrastructure Improvements in Watertown, SD
EDA | Sep. 27 | Access to Capital | Development Finance Toolbox | Economic Development | Federal | Infrastructure Finance | U.S. Economic Development Administration (EDA) | Understanding Access to Capital

The Devaluation of Entire Black Neighborhoods, Not Just Homes
Next City | Sep. 27 | Access to Capital | Community Development | Economic Development | Social Finance | Tax Increment Finance (TIF) | Urban Development

USDA Providing Up to $20M for Construction of On-Farm Grain Storage Facilities Damaged in Natural Disasters
DRG News | Sep. 27 | Access to Capital | Agriculture Finance | Disaster Recovery & Relief | Federal | Rural Development | U.S. Dept. of Agriculture (USDA) | COVID-19 | Case Studies

$64M Affordable Supportive Housing Development Was Announced in Rochester, NY
Governor Kathy Hochul | Sep. 27 | Brownfield Financing | Green Finance | Housing Finance | Redevelopment | State Finance Program

Soltage and Melink Announce 28 MW Solar Project at Cincinnati Zoo
Yahoo! Finance | Sep. 26 | Energy Finance

USDOT Announces $59M in Grant Awards to Improve Safety at Highway-Railway Crossings
U.S. Department of Transportation Federal Highway Administration | Sep. 26 | Economic Development | Infrastructure Finance

Brewery Coming to Downtown Yorkville, IL
Shaw Local News Network | Sep. 25 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

How to Make the Most of the New U.S. Climate Tax Credits
Wired | Sep. 25 | Energy Finance | Legislative | Tax Credits

USDA Rural Development for MN Accepting Applications for Rural Broadband
Grand Rapids Herald Review | Sep. 25 | Access to Capital | Economic Development | Federal | Infrastructure Finance | Rural Development | U.S. Dept. of Agriculture (USDA) | Understanding Access to Capital | Broadband | Case Studies

$37M Were Invested to Improve Recreational Sites and Cabins by USDA
DRG News | Sep. 25 | Access to Capital | Federal | Infrastructure Finance | Rural Development | U.S. Dept. of Agriculture (USDA) | Understanding Access to Capital | Case Studies

Georgia's Largest Ever Brownfield Cleanup Ends
Savannah Now | Sep. 24 | Brownfield Financing | Economic Development | Redevelopment

Five Massachusetts Economic Development Programs Gain Approval
The Center Square | Sep. 23 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Governor Urges Nebraskans to File for Tax Credit, Support Water Projects
Star Herald | Sep. 23 | Agriculture Finance | Infrastructure Finance | Tax Credits | Water Finance

Ohio Agency Poised to Approve $650M Intel Tax Break
The Columbus Dispatch | Sep. 23 | Economic Development | Incentives | Infrastructure Finance | State Finance Program | Tax Credits

SSBCI FAQs Document - September 2022
U.S. Department of the Treasury | Sep. 23 | Access to Capital | Economic Development | State Finance Program | State Small Business Credit Initiative (SSBCI)

Augusta, ME Officials Sign Off on New Western Avenue Housing Development
Spectrum Local News | Sep. 22 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Grappone, NH Receives $18M New Markets Tax Credit to Build New Facility
NH Business Review | Sep. 22 | Community Development | Economic Development | Education | Redevelopment | Rural Development | Tax Credits

National Sponsor Spotlight

Kutak Rock LLP Kutak Rock LLP
Kutak Rock LLP is a national law firm of more than 500 lawyers with offices from coast to coast. Their firm serves local, regional and national clients in a practice that spans a wide range of disciplines. They encourage their attorneys to take...
McGuireWoods McGuireWoods
With 1000 lawyers and 21 strategically located offices worldwide, McGuireWoods LLP uses client-focused teams to serve public, private, government, and nonprofit clients from virtually every area of the law. To complement their services, they offer...
MuniCap, Inc. MuniCap, Inc.
MuniCap, Inc. is a public finance consulting firm based in Columbia, Maryland that specializes in the public finance aspects of redevelopment. MuniCap is headquartered in Columbia, Maryland, with additional offices located in Dallas, Texas,...

CDFA Bookstore

Cover thumbnail Tax Increment Finance Best Practices Reference Guide 2nd Edition
The Tax Increment Finance Best Practices Reference Guide 2nd Edition addresses what TIF is, why it should be used, and how best to apply the TIF tool. This guide highlights both TIF and special assessment projects across the country and how they can be applied to address common economic development issues.

New Members

Summit County Department of Development - Akron, OH

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


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CDFA National Sponsors

  • BNY Mellon
  • Bricker & Eckler LLP
  • 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
  • Raza Development Fund
  • SB Friedman Development Advisors
  • Stern Brothers
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
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