May 21, 2021 | Jobs
The Council of Development Finance Agencies (CDFA at www.cdfa.net) seeks a motivated, well- organized and energetic individual to fill the position of Coordinator, Programming. This position is critical to the continued success of CDFA’s education, advocacy, research, resources and networking efforts. This position is responsible for assisting with CDFA’s various events including state conferences, training courses, webinars and the CDFA National Summit. This is an exciting opportunity for an energetic and enthusiastic person to contribute to a great organization, working to create economic prosperity across the country. This position is located in Columbus, OH and reports to the Director of Programming.
May 19, 2021 | Events, News, Newsletter
The Ohio Economic Development Association is sponsoring a complimentary webinar on bringing equity and diversity to neighborhoods on July 26, 2021, 3 to 4:30pm. Sponsored in collaboration with the International Economic Development Council and the Brookings Institute, the Community-rooted Economic Inclusion Strategic Action Playbook argues that now is the time for community, city, and regional leaders to advance bold place-based solutions that foster long-overdue investment and opportunity within disinvested communities—and to do so in a way that benefits existing residents and small businesses within these communities.
May 19, 2021 | Advocacy
State News:
State Controlling Board creates new fund accounts to accept federal stimulus: On April 19, the Controlling Board approved Ohio OBM’s request for three new funds to accept the American Rescue Plan Act’s state and local government stimulus payments:
• State Fiscal Recovery Fund (5CV3) – To accept funds allocated to the state of Ohio from the State Fiscal Recovery Fund from the American Rescue Plan Act. Ohio is estimated to receive approximately $5.5B from the U.S. Treasury to be used for costs incurred through December 31, 2024. Payments are to be made to the State from the U.S. Treasury within 60 days of certification of need by Governor DeWine.
• Local Fiscal Recovery Fund (5CV4) – To accept funds allocated through the State of Ohio from the American Rescue Plan Act to non-entitlement units of local government. Ohio local governments are estimated to receive $815MM in funds to be distributed within 30 days of receiving the funds to the local governments. Counties and metro cities will receive Local Fiscal Recovery Fund allocations directly from U.S. Treasury and will not pass through the Ohio OBM.
• Coronavirus Capital Projects Fund (5CV5) – To accept funds allocated to the State of Ohio from the Coronavirus Capital Projects Fund from the American Rescue Plan Act. Ohio is estimated to receive $274MM to carry out critical capital projects directly enabling work, education, and health monitoring, including remote options, in response to the public health emergency. The U.S. Treasury is required to establish the application process for the funds no later than 60 days after the legislation’s enactment.
May 19, 2021 | Advocacy
Federal News:
Searching for the signal within the white noise of economic data: The change in the Consumer Price Index (CPI) in April unexpectedly jumped 4.2% year-to-year, its fastest pace of change since 2008. On a monthly change basis, inflation rose by 0.8%. The Federal Reserve Board, which has vowed action to keep inflation under control, was “surprised” by this recorded change in prices.
The Fed and the Biden Administration’s economic advisors note that short-term inflation is to be expected as the economy awakens after a pandemic (which it has never done before). Unlike previous eras of big government spending, the Fed now operates under a new mindset: accommodating a certain amount of short-term inflation, intervening to raise interest rates only if (1) inflation rises by 2% on a sustained basis over time, and (2) the economy reaches full employment (i.e., < 5% unemployment).
May 19, 2021 | News, Newsletter
While this May has been cold, transportation funding opportunities are starting to heat up. The month of May brings with it funding opportunities for Ohio’s Transportation Improvement Districts (TIDs). Ohio has 51 TIDs covering large areas of the state. These intergovernmental agencies are designed to foster planning and cooperation among different counties and local governments to plan for regional transportation priorities. TIDs have local, state and federal transportation funding sources upon which they can access.
