HomeFrom the MayorDevelopment Finance Review – May 24, 2018

Development Finance Review – May 24, 2018

CDFA Development Finance Review Weekly

Transformational Brownfield Plan Driving MSF Investments in Detroit, MI

The Michigan Strategic Fund board has authorized vital funds for Bedrock Management Services’ long-anticipated transformation of some of the highest profile brownfield properties in the state.

Opportunity Zones – Driving Community Development Finance Through Equity Investments

In this blog post, CDFAs own Katie Kramer discusses the basics of Opportunity Zones and how this tax incentive could be used to spur investment into low-income and underserved communities across the country.

Using State Revolving Funds for Land Conservation

States can now apply an emerging and innovative use of SRFs known as “sponsorship” that allows public, nonprofit and private entities access to financing necessary to implement land conservation and restoration projects that benefit local water quality.

Commonwealth Infrastructure Fund Names Managing Director

Veteran financier Jacob Schirmer has been named Managing Director of the Commonwealth Infrastructure Fund (CIF), a privately managed fund formed last year to support investments in public-private partnerships (P3s) in Kentucky.

$100K in Catalytic Investment Awards Announced By MGFF

The Michigan Good Food Fund is offering $100,000 in new Catalytic Investment Awards to grow Michigan food businesses. Applications must be completed online by June 1, 2018 with awards announced mid-June.

Federal Reserve Bank Releases New Opportunity Zones Explorer

The new Opportunity Zones Explorer, released by the Federal Reserve Bank of St. Louis, allows you to view designated opportunity zones for each state. The Explorer also includes data on displacement risk and investment score.

Central Servicing Agent Completes Major Modernization of SBA 504 Program

This migration – accomplished in February of 2018 – marks the completion of a second major step in SBA’s long-term strategy to streamline the SBA 504 loan process for small business borrowers and the nation’s Certified Development Companies (CDCs).

House Farm Bill Fails As Conservatives Revolt Over Immigration

The House rejected the $867 billion farm bill — after spending days negotiating with key conservatives in an attempt to pass the bill without the support of Democrats.
Upcoming Events
Intro Public-Private Partnership (P3) Finance WebCourse
News from The Bond Buyer
The latest municipal finance headlines from The Bond Buyer.

Congress Sends Bill to Make Some Munis HQLA to Trump

President Trump is expected to sign a bill passed by Congress on Tuesday that will make tradable, investment-grade municipal securities high-quality liquid assets under bank liquidity rules.

A Narrow Win for Bondholders Still Sets an Ominous Precedent in IL

Harvey, Illinois, revenue bondholders won a partial victory this week when the state comptroller concluded they will continue to get first crack on local home rule sales tax collections.

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.

CDFA Spotlight
CDFA Releases Redevelopment Financing Roadmap for City of Fresno

CDFA staff and technical assistance providers traveled to Fresno, California to provide financing suggestions for the Saint Rest Baptist Church (St. Rest) campus along the Elm Avenue Corridor in Southwest Fresno. Among desired campus amenities are green space, recreational facilities for youth, and housing for seniors within the community. The team also consulted with the City of Fresno to provide financing strategies for redevelopment of other sites throughout the Elm Avenue corridor.
Upcoming Webcasts
A New Paradigm: Impact Investing Through Development Finance Agencies
May 30, 2018 – 2:00 – 3:30 PM Eastern

During this webinar you will hear from several pioneer DFAs about how they are working with foundations to leverage impact investments. This webinar is free for all CDFA members so tune in and learn more about this exciting new prospect for DFAs across the country!

CDFA Federal Financing Webinar Series: U.S. Department of Agriculture (USDA)
June 14, 2018 – 2:00 PM Eastern

In this webinar, experts on USDA financing programs will be on hand to discuss the myriad rural development finance programs offered by the USDA, as well as how rural communities can effectively access and deploy USDA grants and loans. The focus of the webinar will be on the Community Facilities (CF) Program, the Rural Energy for America Partnership (REAP), and Rural Business Development Programs.
Job & RFP Postings
Hiring: East Field Director – The National Development Council

The National Development Council is hiring a new East Field Director that will provide expert technical assistance and development services for commercial and residential development and small business expansion in the New York tristate area.
This Week’s Headlines
State Funding to Support Nine Energy Projects in PA
PA DCED | May. 23 | Energy Finance

IIUSA Announces Leadership Change for EB-5 Industry Trade Association
PR Web | May. 22 | EB-5 Visa

Council Panel Advances $2.9M in Financing for new Duke Realty Headquarters in Indianapolis, IN
Indianapolis Business Journal | May. 21 | Tax Increment Finance (TIF)

Broadway Hotel TIF Agreement Includes Job Target in Columbia, MO
Columbia Tribune | May. 21 | Tax Increment Finance (TIF)

Greenway Business Improvement District (BID) Approved By City Council in Boston, MA
North End Waterfront | May. 21 | Tax Increment Finance (TIF)

Minneapolis, MN Makes Affordable Housing a Priority
Next City | May. 21 | Community Development

OH Tax Credits Will Attract $312M in Investments Across the State
Office of the Governor of Ohio | May. 21 | Tax Credits

Draft Plan for Woonasquatucket Corridor Includes Financing, Envisions Mixed Use in Providence, RI
Providence Journal | May. 21 | Brownfield Financing | Tax Increment Finance (TIF)

Plan to Finance AES Purchase Moves Forward with EIFD in Redondo Beach, CA
Easy Reader News | May. 21 | Tax Increment Finance (TIF)

Waller Creek Will Transform into Austin’s ‘Central Park’ Under Ambitious $355M Plan
Culture Map Austin | May. 21 | Tax Increment Finance (TIF)

Epelboim Development Group Awarded $21.5M Construction Loan for Tru by Hilton
Digital Journal | May. 21 | EB-5 Visa

Harvey Law Group Offers an Exclusive Investment in Hollywood, CA
Tempo | May. 21 | EB-5 Visa

New York City Regional Center Closes First New Markets Tax Credit Transaction
Globe News Wire | May. 21 | EB-5 Visa | Tax Credits

JDS Scores Miami’s Largest Condo Construction Loan in Nearly a Year
The Real Deal | May. 21 | EB-5 Visa

Board Approves $2.4 Million for Westside TAD Resident Retention Effort in Atlanta, GA
Invest Atlanta | May. 21 | Tax Increment Finance (TIF)

New Low-Interest Loan Approvals Will Support PA Family Farms
PA DCED | May. 20 | Access to Capital | Agriculture Finance

State College, PA to Receive $600K in Grants for Affordable Housing | May. 19 | Community Development

National Sponsor Spotlight
Alaska Industrial Development and Export Authority Alaska Industrial Development and Export Authority

AIDEA is a public corporation of the State of Alaska, created in 1967 by the Alaska Legislature “in the interests of promoting the health, security, and general welfare of all the people of the state, and a public purpose, to increase job…
Wells Fargo Securities Wells Fargo Securities

Wells Fargo Securities offers a comprehensive set of capital markets services, including originating and distributing public debt and equity, hedging interest rates and commodity and equity risks, advising on mergers and acquisitions, and…
Wilmington Trust Wilmington Trust

Wilmington Trust Corporation provides financial, wealth advisory, corporate, and institutional client services. The company’s wealth advisory services include personal trust administration, financial planning, fiduciary, private banking, and family…
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 Tax Credit Finance Reference Guide

The Tax Credit Finance Reference Guide provides an exploratory overview of how communities can use tax credit finance programs to support economic growth. This guide examines how to effectively apply tax credits to development opportunities, and explains the basics of tax credits and the fundamentals of using these tools.
New Members
IFF – Detroit, MI
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 or e-mail
Council of Development Finance Agencies
100 E. Broad Street, Suite 1200
Columbus, OH 43215
(614) 705-1300