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Development Finance Review Weekly
February 14, 2019
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CDFA Development Finance Review Weekly


Breaking Down the Federal Solar Tax Credit Before 2020 Step Down
As the Federal Solar Tax is scheduled to step down in 2020, SolarTech is booking more solar installations than ever for Southern California customers wanting to get the full 30% tax credit before it drops to 26%. "The number one complaint that I hear from customers after they've gone solar is that they regret that they didn't do it sooner," said Robert Shaw, Director of Marketing, SolarTech.

CDFI Fund Delays Allocation Announcements for NMTCs
Community Development Financial Institutions Fund (CDFI Fund) Director Jodie Harris recently indicated that CDFI Fund staff were reviewing each program's timelines and priorities in response to the recent government shutdown. The five-week shutdown requires the CDFI Fund to alter deadlines, and anticipated timelines, for compliance and reporting, awards announcements, and the opening of application rounds.

KeyBank Provides $11M for Affordable Housing in Cleveland, OH
KeyBank Community Development Lending and Investment announced $11.5 million in financing to Snavely Group for the creation of 38 affordable housing units at Forest City Square Apartments in Cleveland. The units target households earning between 30 percent to 60 percent of area median income.

Study Finds Multifamily Lending is Vital in Meeting CRA Requirements
As changes to Community Reinvestment Act (CRA) regulations are considered and developed, it is imperative to consider how those changes could affect regulated financial institutions and their investment and lending activities. A report from the Urban Institute's Housing Finance Policy Center sheds light on multifamily mortgage trends and how they can be instrumental in meeting CRA standards.

EPA Accelerates Investments in America's Water Infrastructure
Over the past year, EPA has moved President Trump's infrastructure agenda forward by working to get the financing, tools and resources EPA's state, local, tribal and other partners need to modernize outdated water infrastructure while improving local water quality, creating jobs and better protecting public health.

As Amazon Rethinks HQ2, Chicago, IL Officials Revive Incentive Package
Now that Amazon is reconsidering its HQ2 plans, Chicago officials are again hoping that a 62-acre riverfront parcel known as "The 78" could be selected as an alternative. The $7 billion megaproject earned zoning entitlements, unveiled plans for a new $300 million CTA station, and received preliminary approval for a TIF district worth more than $550 million.

Why Green Bonds May Be Our Best Hope For Tackling Climate Change
Municipalities have been selling bonds to pay for public works projects—fire stations, parking garages, sewage treatment systems—for 200 years. It's only in the past decade or so, however, that they've been selling them with an extra perk: helping the environment. In the absence of a global carbon pricing scheme, bond markets will be central to financing climate change and other environmental interventions. 

Upcoming Events
CDFA Federal Policy Conference
News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

CT Governor Proposes "Debt Diet"
Gov. Ned Lamont has proposed reducing Connecticut's borrowing by 39%, or hundreds of millions of dollars annually. Calling it a "debt diet," Lamont told the Waterbury Regional Chamber that such a move could save the state up to $2 billion over a decade.

NABL Suggests a Dozen Tax Tweaks for the Muni Market
The National Association of Bond Lawyers has a dozen suggestions for tax code tweaks that the Internal Revenue Service tax could make to benefit the municipal bond market, including clarification about the ability of local and state governments to engage in public-private partnerships.

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 Brownfields Webinar Series: Brownfields to Brightfields - Redevelopment for a Brighter Future
Thursday, March 7, 2019 - 2:00 PM Eastern
Join CDFA, in partnership with Brownfield Listings, as we host experienced Brownfield redevelopment professionals to examine where Brownfields and Brightfields collide!

This Week's Headlines

AIDEA Board Names New Executive Director
AIDEA | Feb. 14 | Member News

Measuring a Downtown's Touristic Appeal: An Update
EconomicDevelopment.org | Feb. 14 | Urban Development

Onalaska, WI Approves $1.6M in TIF Funds for Waterfront Housing Project
La Crosse Tribune | Feb. 13 | Community Development | Local Finance Program | Tax Increment Finance (TIF)

Charlotte, NC Revitalization Projects Spurred by NMTC
Charlotte Business Journal | Feb. 13 | Redevelopment | Tax Credits | Urban Development

Grand Island, NE Creates TIF for Housing Project, Parking District Assessment
The Grand Island Independent | Feb. 12 | Community Development | Local Finance Program | Special Assessment Districts | Tax Increment Finance (TIF)

Looking at the AL Historic Tax Credit One Year Later
Birmingham Business Journal | Feb. 12 | Historic Preservation | Tax Credits

Manitowoc County, WI Half-Penny Sales Tax Could Reduce Dependence on Debt
Herald Times Reporter | Feb. 12 | Special Assessment Districts

Tax Credits Proposed to Spur Angel Investments in MN
StarTribune | Feb. 12 | Tax Credits

Westfield, IN Pitches TIF Plan to Fund Construction of $35M Downtown Park
Indianapolis Business Journal | Feb. 12 | Bond Finance | Tax Increment Finance (TIF)

New Markets Tax Credits Spurs Nashville, TN Revitalization Projects
Nashville Business Journal | Feb. 12 | Community Development | Tax Credits

Expanded TIF District Requested for Major Project in St. Louis, MO
St. Louis Post-Dispatch | Feb. 11 | Redevelopment | Tax Increment Finance (TIF) | Urban Development

OR to Issue $518M in Bonds for Projects
KTVZ | Feb. 10 | Bond Finance | Community Development

Rare Financing Could Be Key to $1B Bridge Project
The Advocate | Feb. 10 | Public-Private Partnership (P3) Financing

TAD Funding Proposed for GA Soccer Stadium Development
Statesboro Herald | Feb. 9 | Economic Development | Tax Increment Finance (TIF)

Illinois Housing Development Authority Launches Initiative to Attract Bond Investors
Prairie State Wire | Feb. 9 | Bond Finance | Incentives

P3 and TIF District Lead to $50M Expansion of Tulsa, OK Business Park
Tulsa World | Feb. 8 | Economic Development | Incentives | Public-Private Partnership (P3) Financing | Redevelopment | Reshoring Manufacturing | Tax Increment Finance (TIF)

PA Considers Up to $30M Annually for Historic Tax Credit
The Inquirer | Feb. 8 | Historic Preservation | Tax Credits

Seed Money Kick Starts New RLF in SC
The Pilot | Feb. 8 | Access to Capital | Revolving Loan Funds (RLFs)

Crowdfunding Platform Launches Campaigns for Two Startups in St. Louis, MO
St. Louis Business Journal | Feb. 8 | Access to Capital | Innovation Finance

High-Yield Bonds Party Like There's No Tomorrow
Bloomberg | Feb. 8 | Bond Finance

National Sponsor Spotlight

Frost Brown Todd, LLC Frost Brown Todd, LLC
Across their eight-state footprint, Frost Brown Todd, LLC offers a deep, talented roster of legal professionals. Committed to their clients, the firm leverages technical and legal knowledge and experience to serve a diverse client base, from global...
Grant Thornton LLP Grant Thornton LLP
Grant Thornton LLP is the U.S. member firm of Grant Thornton International Ltd, one of the world's leading organizations of independent audit, tax and advisory firms. They are one of the five most prestigious accounting firms in the world and the...
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...

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 Practitioner's Guide to Economic Development Finance 2nd Edition
The Practitioner's Guide provides the insight and practical information needed to critically understand how economic development is financed and the tools, strategies and techniques used to build strong communities.

New Members

McKinley Partners - San Diego, CA

Project Management Consultants - Cleveland, OH

Parker Poe Adams & Bernstein LLP, SC - Columbia, SC

Norfolk Redevelopment and Housing Authority - Norfolk, VA

City of Albuquerque - Albuquerque, NM

Chickasaw Nation - Ada, OK

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

  • Alaska Industrial Development and Export Authority
  • Baker Tilly Virchow Krause
  • Ballard Spahr LLP
  • BNY Mellon
  • Bricker & Eckler LLP
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
  • CohnReznick
  • FBT Project Finance Advisors LLC
  • Frost Brown Todd, LLC
  • Grant Thornton LLP
  • 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
  • Squire Patton Boggs
  • Stern Brothers
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Wilmington Trust
  • Z. The Bond Buyer
Become a Sponsor