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Development Finance Review Weekly - August 13, 2020

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Development Finance Review Weekly
August 13, 2020
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CDFA Development Finance Review Weekly


CDFA Releases the Mt. Vernon, WA Roadmap to Redevelopment
The City of Mount Vernon is a small, picturesque city situated at the foothills of the Cascade Mountain Range in Northern Washington located nearly halfway between Seattle and Vancouver British Columbia. Its quaint streets are lined with small businesses that keep its downtown lively and its citizens happy. However, the current library is approaching the end of its lifetime as the citizens need more out of the library than the building can provide.

Fed to Lower Rates for Cities, States Seeking Short-Term Loans
The Federal Reserve said it would reduce the rates it charges cities and states seeking short-term loans from an emergency lending program that has seen little takeup so far. Changes to the program must be agreed upon by the Treasury Department, which has approved $35 billion to cover losses on up to $500 billion in loans extended by the Fed.

Facing Pandemic Squeeze, Universities Worldwide Hit Bond Markets for Cheap Cash
Universities, waiting to see how hard the coronavirus pandemic will hit overseas enrolments and government grants, have gone on a borrowing spree in the bond markets this year that outpaces a rise in companies' bond sales.

The Falcone Group Appoints Alfonso Costa Jr. EVP
The Falcone Group, led by mega-developer Art Falcone, has announced that Alfonso Costa Jr. has been hired as Executive Vice President of Falcone Residential's newest division focused on affordable and workforce housing. In his new role, Costa will be responsible for leading Falcone Residential's workforce and affordable housing platform, as well as the firm's Opportunity Zones strategy. Costa most recently served as Deputy Chief of Staff at HUD.

President Signs Executive Orders To Extend COVID-19 Economic Relief
President Trump has signed executive orders to extend economic relief after lawmakers were unable to reach an agreement on a new stimulus package. The orders include extending enhanced unemployment benefits and the federal eviction moratorium, imposing a payroll tax holiday, and further suspending federal student loan payments.

HUD Awards $472M to Public Housing Authorities to Help Keep Residents Housed
HUD announced $472 million in CARES Act funding to help low-income families during the coronavirus pandemic. This funding can be used by Public Housing Authorities to help families assisted by Housing Choice Vouchers and Mainstream vouchers prevent, prepare for, and respond to the coronavirus. The funding, made available by the CARES Act, will be awarded to Public Housing Authorities across the Nation.

Restaurant Revolution: How the Industry Is Fighting to Stay Alive
As a result, of the COVID-19 pandemic, the restaurant industry that emerges from the global pandemic will likely look fundamentally different from the one that existed in early March. How will the COVID-19 crisis change the landscape of the industry, and what do restaurants need to do to survive?

SBA Issues Additional PPP Loan Forgiveness Guidance
The SBA has published additional guidance regarding the forgiveness of Paycheck Protection Program (PPP) loans. The new FAQs clarify previous SBA guidance, provisions of the CARES Act, and the PPP loan forgiveness application.

Upcoming Events
CDFA Federal Financing Webinar Series: Federal Recovery Resources from NIST and MEP

Intro Infrastructure Finance WebCourse
September 23-24, 2020 - Daily: 12:00 - 5:00 PM Eastern
The Intro Infrastructure Finance WebCourse, in partnership with Frost Brown Todd and its affiliate FBT Project Finance Advisors, will help communities understand the fundamental concepts behind infrastructure projects with a focus on raising capital to achieve local and regional needs.

News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

Florida Passenger Train Developer Scraps Deal to Use Virgin Trains Brand
Virgin Trains USA borrowed billions from investors last year, and now the name is disappearing before it ever appears on Florida's privately owned high-speed passenger trains. The name will now revert to Brightline, the company said in a Revenue and Ridership Report posted on the Municipal Securities Rulemaking Board's EMMA filing system Aug. 7.

Senate Finance Chairman Introduces Bill to Extend CARES Act Spending Deadline
Senate Finance Committee Chairman Chuck Grassley (R-Iowa) and Sen. Maggie Hassan (D-N.H.) introduced the State and Local Coronavirus Relief Fund Extension Act on Tuesday to lengthen CARES Act funding for municipalities by one year to the end of 2021. The deadline to use COVID-19 funding is by the end of 2020.

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-PFM Capital Markets Webinar Series: Today's Bond Regulatory Environment
August 20, 2020 - 2:00 - 3:30 PM Eastern
During this installment of the CDFA-PFM Capital Markets Webinar Series, experts will analyze how recent regulatory actions will impact how banks buy bonds and how deals are priced.

CDFA-Bricker PACE Webinar Series: Policy and the Future of PACE
Tuesday, August 25, 2020 - 11:00 AM - 1:00 PM Eastern
This webinar will examine the next decade of PACE with a forward-looking view of how PACE will continue to evolve nationwide. PACE experts will explore ways in which the industry can expand PACE use to places that have yet to take advantage of this modern development finance tool. Learn how to tackle public policy hurdles and how to educate community leaders on the pros of PACE while ensuring accountability, transparency, and program effectiveness.

CDFA // BNY Mellon Development Finance Webcast Series: Investing in Childcare Facilities
Thursday, August 27, 2020 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will showcase various childcare facilities financing programs from across the country and highlight projects that have successfully utilized these tools.

Job & RFP Postings

Arctaris Impact Investors Launches $25M Opportunity Zone Initiative RFP + FAQs
Arctaris Impact Investors is inviting you to participate in our $25M Place-Based Opportunity Zone Fund Investment Initiative. This initiative intends to improve the quality of life for all Americans by providing Opportunity Zone investment capital for community development programs that would otherwise go unfunded. Arctaris will award each recipient $25 million or more of Opportunity Zone capital in combination with localized match dollars from government, philanthropic, or private sector partners.

Invest Atlanta Seeking a Compliance/Asset Management Specialist
The Compliance/Asset Management Specialist for Invest Atlanta is responsible for managing all matters pertaining to the real estate owned, operated, and/or managed by the Invest Atlanta, URFA, and any of their affiliate entities.

Eastern Maine Development Corporation is Seeking a New Loan Officer
Eastern Maine Development Corporation, a private, non-profit, mission-based lender, is seeking a new Loan Office to join its Lending Department team. The application deadline is August 24.

This Week's Headlines

City of Whitefish, MT Approves $11M in State Revolving Fund Loans for Water Project
Whitefish Pilot | Aug. 12 | Infrastructure Finance | Revolving Loan Funds (RLFs) | Rural Development | State Finance Program | Water Finance | Water Finance | Case Studies | Case Studies | Drinking Water

Fannie Mae Expands Green Bond Program
Globe St. | Aug. 12 | Bond Finance | Energy Finance | Green Finance | Housing Finance

How the Pandemic is Debunking Myths in the Energy Industry
CNBC | Aug. 12 | Energy Finance | Green Finance

More Long Bonds From the U.S.? Not a Problem for the Fed
Bloomberg | Aug. 12 | Bond Finance | Disaster Recovery & Relief | COVID-19

U.S. Department of Transportation Awards $464M in Grants to Revitalize National Bus Infrastructure
U.S. Department of Transportation | Aug. 12 | Federal | Infrastructure Finance | U.S. Dept. of Transportation (DOT)

Business Oregon Offers $10M in Grants for Broadband Access
Business Oregon | Aug. 11 | Disaster Recovery & Relief | Infrastructure Finance | Member News | Rural Development | State Finance Program | COVID-19 | Broadband

Massachusetts Governor Signs $1.8B Bond Bill to Improve IT and Public Safety
Security Newswire | Aug. 11 | Bond Finance | Infrastructure Finance | State Finance Program

$50B Bill to Fund Clean Energy Economy Proposed by Illinois Senator Dick Durbin
North American Wind Power | Aug. 11 | Energy Finance | Federal | Green Finance | Legislative

An Update on the WIFIA Loan Program
Water Finance & Management | Aug. 10 | Federal | Infrastructure Finance | Revolving Loan Funds (RLFs) | Water Finance

Minneapolis, MN Seeks ‘Inclusive' Financing for Energy Efficiency Improvements
Energy News Network | Aug. 10 | Energy Finance | Local Finance Program | Social Finance

Amid Pandemic, Baltimore's Black-owned Businesses Struggle, but Some Are Finding New Support
Baltimore Sun | Aug. 7 | Access to Capital | Disaster Recovery & Relief | Food Systems Finance | Revolving Loan Funds (RLFs) | COVID-19

Miami-Dade County, FL Receives $235M EPA Loan to Upgrade Wastewater Infrastructure
Miami Herald | Aug. 7 | Green Finance | Infrastructure Finance | U.S. Environmental Protection Agency (EPA) | Water Finance | Water Finance | Water Infrastructure Finance and Innovation Act (WIFIA)

New York City Drops Goldman Sachs from Underwriting Group
The Boston Globe | Aug. 7 | Bond Finance | Economic Development

Innovative Energy-Saving Financing Programs Seek to Lessen Racial Divides
E&E News | Aug. 6 | Energy Finance | Green Finance | Social Finance

$10M Available to Support Pennsylvania's Food System
The Shippensburg News-Chronicle | Aug. 6 | Agriculture Finance | Disaster Recovery & Relief | Food Systems Finance | State Finance Program | COVID-19

New Additions to the Online Resource Database

Recreation Economy at USDA: Economic Development Resources for Rural Communities
Access to Capital | Community Development | Economic Development | Infrastructure Finance | Innovation Finance | Revolving Loan Funds (RLFs) | Rural Development | Social Finance | Water Finance
USDA's Forest Service (FS), Rural Development (RD), and the National Institute for Food and Agriculture (NIFA) have developed this resource guide for rural communities to identify resources that develop the recreation economy.

National Sponsor Spotlight

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,...
NW Financial Group, LLC NW Financial Group, LLC
NW Financial Group LLC is the premier Financial Advisory / Municipal Underwriting firm in the Northeast whose experienced professionals provide unparalleled expert advice to States, Local Governments and Authorities.The professionals that make up NW...

Partner Spotlight

PORTFOL by Philadelphia Industrial Development Corporation PORTFOL by Philadelphia Industrial Development Corporation
The Philadelphia Industrial Development Corporation (PIDC) is Philadelphia's city-wide economic development corporation. Founded in 1958 as a non-profit, joint venture between the City of Philadelphia and the Greater Philadelphia Chamber of...

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.

New Members

Androscoggin Valley Council of Governments - Auburn, ME

MidAmerican Global Ventures, LLC - Columbus, OH

Wirtz Family Foundation - San Francisco, CA

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

  • 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
  • McCarter & English, 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