The City of Dayton plans to sue Wright-Patterson Air Force Base and the U.S. Department of Defense to prevent the continued chemical contamination of drinking water. While Wright-Patt responded that it is taking an “aggressive” approach to addressing the issue, and is collaborating with state authorities, the City of Dayton threatened to file a lawsuit in early May if the situation is not addressed.

Read more in the Dayton Daily News here.

A pair of proposed laws may soon protect Akron tenants from eviction both by stopping evictions for tenants who are able to pay back rent through pandemic assistance, and by prohibiting landlords from using particular sources of income (such as child support, housing vouchers, welfare and other income subsidies) as sole grounds for denying rental applications. The laws will continue to be debated through April.

Read more on the Akron Beacon Journal website here.

A partnership of JobsOhio, Ohio Development Services Agency, Team NEO, Western Reserve Port Authority, Youngstown-Warren Regional Chamber of Commerce and Macy’s Corporate Services LLC, operating as a distribution and logistics center for Macy’s Inc. in North Jackson, has announced plans to expand at the facility to operate a fulfillment center. Macy’s will add 417 new jobs and retain 55 employees.

The project will include a $29.9 million capital investment to accommodate this growth. Macy’s corporate executives chose to leverage North Jackson’s logistical excellence and access to skilled employees for its new center.

See full article on Ohio Economic Development Association (OEDA) website here.

Information about OEDA Membership can be found here.

 

The Western Reserve Community Fund (WRCF), which is managed by the Development Finance Authority of Summit County (DFA), received official certification as a Community Development Financial Institution (CDFI) from the CDFI Fund, a program overseen by the U.S. Treasury. All CDFI’s share a common goal of expanding economic opportunity in Low-Income Communities by providing access to financial products and services for local residents and businesses, striving to foster economic opportunity and revitalized neighborhoods.

See full report by Chris Burnham Executive Director of the Development Finance Authority of Summit County in the Ohio Economic Development Association news (OEDA) here. A link to membership in the OEDA can be found here.

In response to this growing issue the problem of Ohioans in Appalachia without stable internet, Ohio Capital Finance Corporation, with funding support from CareSource, a Dayton Ohio-based multistate nonprofit managed care plan, created the $5 million investment fund, the CareSource Fund for Appalachia.

Through this fund, OCFC will leverage resources to assist LMI residents with access to the internet with goals of improving health and education outcomes. By providing low cost (1.5%) bridge financing, the fund will generate additional equity and cost savings to support real estate improvements. In turn, this will advance residents’ access to digital resources, including the installation of building-wide internet service, individual unit Wi-Fi hotspots, dedicated space for tele-health services and other supportive opportunities. To learn more about this innovative funding source, please contact Aaron Murphy (amurphy@occh.org) or Jon Welty (jwelty@occh.org). See full press release here

Ohio Capital Finance Corporation (OCCH), in partnership with CareSource, Nationwide Children’s Hospital, Robert Wood Johnson Foundation and Partners For Kids, announced in January a $4 million effort to build and rehabilitate affordable, high-quality rental housing in Columbus.

Healthy Homes, the affordable housing arm of Nationwide Children’s Healthy Neighborhoods Healthy Families initiative is serving as the developer of this effort. OCFC assisted in structuring these investments to create a capital stack comprised solely of funding from nonprofit organizations with a 10-year term. The rental housing units will sit on lots that were provided by the City of Columbus Land Bank. Upon completion, the 20 units will serve households at or below 80% of AMI.

Read the OCCH press release here.

Sen. Martin Heinrich, D-New Mexico, Sen. Susan Collins, R-Maine, and 10 other senators have introduced legislation to amend the existing investment tax credit (ITC) law for solar energy to include the deployment of energy storage. The Energy Storage Tax Incentive and Deployment Act of 2021 (S. 627) would add storage to ITC-eligible resources. An identical bill (H.R. 1684) was introduced in the House of Representatives by Rep. Michael Doyle, D-Pennsylvania, Earl Blumenauer, D-Oregon, and Vern Buchanan, R-Florida. The legislation would apply to property placed in service or expenditures paid or incurred after Dec. 31, 2020.

The Federal Housing Finance Agency (FHFA) announced the authorization of more than $1 billion in affordable housing allocations to Fannie Mae and Freddie Mac, the largest disbursement in history. HUD’s National Housing Trust Fund (NHTF) will receive $711 million and the Department of the Treasury’s Capital Magnet Fund (CMF) will receive $383 million. The HTF allocates money to states and state-designated entities for the production or preservation of affordable housing. The CMF competitively awards money to finance affordable housing activities and related economic development activities and community service facilities.

The Biden administration unveiled a plan in early March to invest $9 billion in minority communities. The source of funds for the “Emergency Capital Investment Program of the US Treasury Department is funds that were approved in the $900 billion stimulus package that was passed in December and signed by former President Donald J. Trump.

Community Development Financial Institutions and minority lending institutions, which provide affordable lending options to low-income consumers and businesses, will see infusions of capital as part of the Biden administration’s strategy to achieving a more inclusive community.

The new program will make direct investments in local lenders that support small businesses and consumers in low-income communities. The total investments in minority communities will be $9 billion. The US Treasury is also putting in place two separate programs to that will provide an additional $3 billion in grants and other support to the lenders. See full New York Times article here.

The U.S. Treasury and the Internal Revenue Service have once again extended the temporary guidance that was originally provided in Rev. Proc. 2020-21, published in May of 2020 during the COVID pandemic. That temporary guidance allowed issuers of private activity bonds to hold the public hearings required by the TEFRA rules by teleconference until December 31, 2020. The release on November 4, 2020 of Rev. Proc. 2020-49 extends the period during which issuers may hold telephonic hearings to September 30, 2021.

Private activity bonds (PAB) are tax-exempt bonds issued by or on behalf of a local or state government for the purpose of providing financing benefits for qualified types projects such projects of as 501(c)3 organizations pursuing their charitable purposes.  As the financing is most often used for projects of a private user, the government generally does not pledge its credit. Private activity bonds are sometimes referred to as conduit bonds.