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CDFA New York/New Jersey Financing Roundtable Newsletter - July 2017
July 5, 2017
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CDFA New York/New Jersey Financing Roundtable Newsletter


Hudson Companies Closes Second Phase of $107M Brooklyn Project
Developer Hudson Companies has closed on the $24 million debt acquisition of the second phase of a large affordable housing preservation project in Brooklyn from BEC New Communities. The debt assumption rolls into the $107 million project cost, the balance of which is being financed by Richman Housing Resources and Citi Community Capital via tax-exempt bonds.

Gov. Cuomo Extends Tax Incentives to help Lower Manhattan
Governor Andrew Cuomo has signed a bill to extend tax incentives for office tenants and developers in Lower Manhattan for three years. The package, which includes the Commercial Revitalization Program, a tax break designed to encourage investment in buildings with commercial tenants, was extended during a special session in Albany.

NJ Hops Growers Jump Into Trendy 'Farm-to-Mug' Market
Oregon, Washington, and Idaho have the hops market wrapped up, but the Pacific Coast and Midwestern dominance may start to erode as consumer demand for sustainable, locally sourced food spills over to craft beers. There also is a surge in microbreweries in the Garden State and elsewhere across the country. Hops are poised to become the new hip crop in New Jersey. Tomatoes and corn may be forced to yield a bit of their dirt.

NY's MTA is in a State of Emergency, Says Cuomo
Gov. Andrew Cuomo announced a series of emergency actions for mass transit in New York City, including $1 billion to the Metropolitan Transportation Authority's capital program.

NY Expected to Set High Bar For Energy Storage After Target Bill Passage
New York legislature last week passed bills (SB 5190 and AB 6571) directing that state's Public Service Commission to develop an Energy Storage Deployment Program, including a storage procurement target for 2030. The program would be run by the New York Energy Research and Development Authority (NYSERDA) and the Long Island Power Authority (LIPA).

RI and Soon NY Using Incentives to Fund Offshore Wind Farms
Offshore wind power is in its infancy stage in the United States, but there are signs it is picking up. The first project is off the coast of Rhode Island and in January, another project was approved off the shores of New York's Long Island. Many projects rely on federal tax incentives which is cause for concern for some people given the current administrations lack of enthusiasm for renewables.

American Dream Bonds Price after Delays
American Dream's $1.1 billion tax-exempt revenue bonds priced after a week-long delay June 21, paving the way for completion of a New Jersey megamall 15 years after the project was conceived.

A Better Path for East Midtown Manhattan Includes TIF
Rezoning for East Midtown will require a tax increment district to help pay for construction of those improvements to the public realm that are not on private property.

Upcoming Events

CDFA Summer School
August 7 - 11, 2017 - Minneapolis, MN
CDFA Summer School is a week long series of courses presented by the CDFA Training Institute. These courses qualify for the CDFA Training Institute's Development Finance Certified Professional (DFCP) Program. Participants may register for one, two, or three courses during CDFA Summer School. Complete three courses, and you will have fulfilled half of the requirements for the DFCP Program.

CDFA New York/New Jersey Conference
September 14, 2017 - New York, NY
Join the CDFA New York/New Jersey Financing Roundtable for a special one-day conference hosted at the offices of BNY Mellon in New York City. This event will feature a number of economic development finance experts from around the states discussing development finance tools, authorities, resources and approaches, and how these can affect the New York and New Jersey economies going forward.


State Partner

New York State Economic Development Council

Venue Sponsor

BNY Mellon

Principal Sponsor

Hawkins Delafield & Wood LLP New Jersey Economic Development Authority Stradley Ronon

Premium Sponsor

NW Financial Group, LLC Stern Brothers & Co.

Supporting Sponsor

ThinkForward Financial, LLC

For information about sponsoring the CDFA New York/New Jersey Financing Roundtable, review the sponsor prospectus and complete our sponsorship agreement or contact CDFA.

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 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
  • Miles & Stockbridge P.C.
  • NW Financial Group, LLC
  • SB Friedman Development Advisors
  • Squire Patton Boggs
  • Stern Brothers & Co.
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Wilmington Trust
  • Z. The Bond Buyer
Become a Sponsor