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LAFCO updates on public banking work; green‑bank financing study to follow
Summary
LAFCO reported completion of the Reinvestment Working Group work product and submitted it to local and federal regulators; staff said a two‑phase green‑bank financing study will seek EPA GGRF and other federal funds and that establishing a municipal finance corporation now would improve competitiveness for future federal awards.
LAFCO’s executive officer and policy staff updated commissioners on public banking work and plans for a green‑bank financing study tied to the Reinvestment Working Group’s recommendations.
Jeremy Pollack said LAFCO will provide semiannual oversight updates and has posted a public tracking dashboard. Policy analyst Khaled Samurai reported the working group’s final plans were submitted to the Board of Supervisors and to federal regulators, including the Federal Reserve, FDIC and California regulatory offices, for feedback.
Samurai outlined the green‑bank financing study as a two‑step scope: a narrower phase 1 focused on capitalization and residential (R3) battery storage issues and a later phase to address multifamily, front‑of‑meter storage and workforce questions. He identified the EPA’s greenhouse gas reduction fund (GGRF) as an important potential source: Samurai said the EPA’s clean communities investment accelerator could distribute several large grants from a roughly $6 billion program; initial rounds may fund regional entities with capitalization amounts discussed in guidance (example figures cited in the discussion included up to $10 million per lender and $1 million for technical assistance, with application deadlines referenced for fall 2023 and awards in spring 2024).
Commissioners discussed regulatory readiness and competitiveness for federal grants. Samurai said San Francisco could form a municipal finance corporation (MFC) now if there is political will and funding and that having such an entity in place would strengthen future grant applications. The update was informational; no formal LAFCO action was required.
