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CDFA Legislative and Federal Affairs Update - May 7, 2024

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Legislative and Federal Affairs Update
May 7, 2024
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Legislative and Federal Affairs Update

Legislative Features

U.S. EPA Announces $3B for Lead Pipe Replacement to Advance Safe Drinking Water
The U.S. Environmental Protection Agency (EPA) announced $3 billion to help every state and territory identify and replace lead service lines, preventing exposure to lead in drinking water. Lead can cause a range of serious health impacts, including irreversible harm to brain development in children. It is funded by the Bipartisan Infrastructure Law and available through EPA's successful Drinking Water State Revolving Fund (DWSRF).

West Virginia Secures $1.2B in Broadband Funding
West Virginia has secured $1.2 billion in Broadband Enhancement Access and Deployment (BEAD) funding, which will be used to improve reliable high-speed internet for residents statewide. The Office of Broadband, which is part of the West Virginia Department of Economic Development, helped obtain these funds, and West Virginia is among the first states in the nation to secure this National Telecommunications and Information Administration (NTIA) approval. 

Portland, OR Celebrates $485M Federal Award to Restore Black Neighborhood
Decades after a historically Black neighborhood in Portland, OR was separated by the installation of Interstate 5, national and local leaders are working to rejuvenate the area thanks in part to new federal funding. The U.S. Department of Transportation's $485 million award will help reverse the damage that was done near the Rose Quarter and the Albina Neighborhood. As part of this effort, the Oregon Department of Transportation, Portland, OR, and Albina Vision Trust are all working together to make it happen. 

White House Announces Actions to Boost Clean Energy and Cut Pollution
The White House announced key actions to deliver clean electricity to more homes and businesses, helping lower energy costs for American families and power the U.S. manufacturing renaissance, while providing cleaner air and water to communities long overburdened by pollution from fossil fuel power plants.

USDA Awards $5.2M in Technical Assistance to Support Rural Broadband
The U.S. Department of Agriculture (USDA) announced partnerships with rural cooperatives, local organizations, and tribes to support high-speed internet deployment in 11 states. USDA is awarding $5.2 million in cooperative agreements through the Broadband Technical Assistance Program, which is funded through the Bipartisan Infrastructure Law. This funding will extend the reach of other high-speed internet programs to meet the Administration's goal to connect every community in America with affordable, reliable, high-speed internet. 

U.S. DOT Awards $76M to Modernize Airports, Runways
The U.S. Department of Transportation's (DOT) Federal Aviation Administration (FAA) is awarding another $76.1 million from the previously allocated $9 billion, for 45 airport-related infrastructure projects in 22 states. The projects are funded under the Bipartisan Infrastructure Law Airport Infrastructure Grants (AIG) program, part of the $25 billion total included in the law for airport improvements, including front-of-house projects such as terminal expansions and baggage system upgrades. 

U.S. DOT Announces $148M to Help Reduce Truck Air Pollution Near America's Ports
The U.S. Department of Transportation's (DOT) Federal Highway Administration is announcing $148 million in grants to 11 states and Puerto Rico under the first round of a new $400 million program to improve air quality and reduce pollution for truck drivers, port workers, and families that live in communities surrounding ports. The Reduction of Truck Emissions at Port Facilities Grant Program, which was created by the Bipartisan Infrastructure Law (BIL), invests in port electrification and efficiency improvements. 

USDA Invests $238M for Clean Energy and Domestic Biofuels
The U.S. Department of Agriculture (USDA) is funding more than 700 clean energy projects to lower energy bills, expand access to domestic biofuels, and create jobs and new market opportunities for U.S. farmers, ranchers, and agricultural producers. Many of the projects are funded by the Inflation Reduction Act. In all, USDA is providing $238 million in funding through the Rural Energy for America Program and the Higher Blends Infrastructure Incentive Program.

U.S. EPA Announces $7B in Solar For All Awards
The U.S. Environmental Protection Agency (EPA) announced 60 selectees that will receive $7 billion in awards through the Solar for All grant competition. The grant competition is funded by the Inflation Reduction Act (IRA), which created EPA's $27 billion Greenhouse Gas Reduction Fund (GGRF). The 60 selections will provide funds to states, territories, tribal governments, municipalities, and nonprofits across the country to develop long-lasting solar programs.

USDA Invests $232M for Schools, Roads, Other Services
The United States Department of Agriculture's (USDA) Forest Service announced more than $232 million to support public schools, roads, and other municipal services through the agency's Secure Rural Schools program. The program was reauthorized for fiscal years 2021 through 2023 through the Bipartisan Infrastructure Law.

Upcoming Events
Advanced Revolving Loan Fund WebCourse

CDFA // BNY Mellon Development Finance Webcast Series: AI & Bonds
May 21, 2024 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, panelists will unravel the multifaceted dimensions of AI's role in the municipal market, potential advantages and challenges that arise from embracing AI, and its impact on development finance.

2024 CDFA Equitable Lending Learning Series: Strategic Partnerships for Sharing Financial Risk
May 28, 2024 - 1:00 PM - 3:00 PM Eastern
In this installment of the CDFA Equitable Lending Learning Series, speakers will explore how leveraging the strengths and expertise of various capital partners, technical assistance providers, and philanthropic supporters can help build successful and sustainable programs.

Federal Features

Join CDFA for the Return of the Revolving Loan Fund WebCourse Week!
Revolving Loan Fund WebCourse Week is returning with the intro level on May 13-14 followed by the advanced level on May 15-16. Register for one or both of these courses to learn from experts about developing, implementing, and managing efficient and impactful revolving loan fund programs.

Phoenix, AZ Approves $9M to Preserve or Expand Affordable Housing
The Phoenix, AZ City Council has approved the use of more than $9 million in federal grant funding to create more affordable housing options. The money is an annual allocation the city gets from the U.S. Department of Housing and Urban Development called HOME funds. It will go toward six different properties across the city to create or preserve 432 units of affordable housing in the area.

USDA Partners with Montana to Award $1M for Food Supply Chain Infrastructure
Under a cooperative agreement with the U.S. Department of Agriculture's (USDA) Agricultural Marketing Service (AMS), the Montana Department of Agriculture (MDA) has announced approximately $1 million in round two funding under the Resilient Food Systems Infrastructure Program (RFSI). Through this agreement, USDA and Montana are working together to offer approximately $1 million in competitive grant funding for projects designed to build resilience across the middle of the supply chain. 

U.S. EDA Provides $2.3M to Gonzales, LA for Clean Energy Business Growth
The U.S. Department's Economic Development Administration (EDA) is awarding a $2.3 million grant to Ascension Parish Government in Gonzales, LA, for roadway infrastructure improvements at the RiverPlex MegaPark. This grant will support clean energy business growth in the region. This EDA investment will be matched with $587,000 in local funds and is expected to create more than 450 jobs and generate $9.5 billion in private investment, according to grantee estimates.

U.S. EDA Invests $2.1M for Infrastructure and Manufacturing in Clarksdale, MS
The U.S. Economic Development Administration (EDA) is awarding a $2.1 million grant to the Coahoma County Board of Supervisors in Clarksdale, Mississippi, for roadway and water infrastructure improvements to support manufacturing and job growth. This grant will support the local boat manufacturing sector and will be matched with $2.5 million in state and local funds and is expected to create 56 jobs and generate $8.3 million in private investment, according to grantee estimates.

USDA Partners With Reinvestment Fund to Increase Equitable Access to Healthy Foods
The U.S. Department of Agriculture (USDA) is partnering with the Reinvestment Fund to help organizations strengthen local food financing programs and improve access to healthy foods in underserved communities across the country. The Reinvestment Fund has selected 16 public-private partnerships to receive $40.3 million in grants under the Healthy Food Financing Initiative (HFFI) Local & Regional Healthy Food Financing Partnerships Program in 20 states and Washington, D.C.

U.S. EDA Invests $2M for Water Infrastructure in Peru, IL
The U.S. Department of Commerce's Economic Development Administration (EDA) awarded the city of Peru, IL with a $2 million grant. The money will be used for water infrastructure improvements, which will increase water and sewer access to 50 businesses through the new North Trunk Line Deep Sewer Project. The project is expected to create 80 jobs and generate $2 million in local investments.

U.S. EDA Awards $2M to Thomasville, GA for Wastewater Plant Improvements
The city of Thomasville, GA was awarded an Economic Development Administration grant of $2 million from the U.S. Department of Commerce to improve the city's wastewater treatment plant and to support current and future business needs. The grant is expected to spur $28.8 million in private investment while supporting approximately 260 jobs.

Rural America Losing Affordable Housing at Crisis Pace
The lack of affordable housing in the United States is well-documented in the nation's urban markets. That same dire need for affordable housing for the least prosperous among us, however, also is a serious problem in rural America. The U.S. Department of Agriculture (USDA) administers one of the main programs providing housing for low-income households in rural America. This USDA program, however, is in serious trouble and faces a wave of mortgage maturities and payoffs on the thousands of affordable housing complexes it has helped to finance over the years.

U.S. DOT Approves Grant for Capacity Expansion for Port of Baltimore
The U.S. Department of Transportation (DOT) and Baltimore County, MD signed a revised grant agreement to enable Tradepoint Atlantic (TPA), a facility in the county, to use a previously awarded $8.3 million DOT grant to accommodate more cargo at TPA's terminal on Sparrows Point at the Port of Baltimore. This revision was undertaken to tackle supply chain disruptions caused by collapse of the Francis Scott Key Bridge.

Federal Financing Clearinghouse Spotlight

CDFA's Federal Financing Clearinghouse is the only online resource cataloging the development finance programs offered by the federal government. Check out our featured agencies and programs below. >>> Learn More

Agency Seal U.S. Dept. of Defense (DOD)

Community Economic Adjustment Assistance for Reductions in Defense Industry Employment Program
The Department of Defense's (DOD) Community Economic Adjustment (CEA) Assistance for Reductions in Defense Industry Employment helps states and communities to prepare and carry out community...

Agency Seal U.S. Dept. of Education (DoED)

Historically Black College and University (HBCU) Capital Financing Program
The goal of the program is to provide low-cost capital to finance improvements to the infrastructure of the nation's historically black colleges and universities (HBCUs).

Agency Seal U.S. Dept. of Energy (DOE)

Utility Energy Services Contracts
In a UESC, a utility arranges financing to cover the capital costs of the project, which are repaid over the contract term from cost savings generated by the energy efficiency measures.

Agency Seal U.S. Dept. of Health & Human Services (HHS)

HRSA National Health Services Corps
HRSA National Health Services Corps (NHSC) offers primary care medical, dental, and mental health clinicians loan repayment awards of as much as $170,000 for five years of full-time service, $60,000...

Legislative and Federal Headlines

U.S. Treasury Publishes 2024 Racial Equity Progress Report
U.S. Department of the Treasury | May. 1 | Access to Capital | Disaster Recovery & Relief | Legislative | Social Finance | State Small Business Credit Initiative (SSBCI) | U.S. Dept. of Treasury

U.S. Interior Announces $71M to Electrify Tribal Homes with Clean Energy
U.S. Department of the Interior | May. 1 | Access to Capital | Energy Finance | Green Finance | Legislative | Tribal Finance

U.S. DOT Announces Closing of First Loan to Support Transit-Oriented Development
U.S. Department of Transportation | May. 1 | Access to Capital | Federal | Infrastructure Finance | U.S. Dept. of Transportation (DOT)

Maryland Receives $485K for Pedestrian, Bicycle Infrastructure
Office of U.S. Senator Cardin | Apr. 30 | Access to Capital | Development Finance Toolbox | Infrastructure Finance | Legislative | U.S. Dept. of Transportation (DOT)

U.S. DOT Grant of $548K Aims to Revitalize Pine Bluff, AR
University of Arkansas | Apr. 23 | Access to Capital | Community Development | Economic Development | Federal | Historic Preservation | Redevelopment | U.S. Dept. of Transportation (DOT) | Urban Development

U.S. DOT Awards $19.3M to Coconino County, AZ Flood Control District
My Radio Place | Apr. 23 | Access to Capital | Federal | Infrastructure Finance | Resiliency | U.S. Dept. of Transportation (DOT)

Understanding the Greenhouse Gas Reduction Fund
Next City | Apr. 17 | Energy Finance | Green Finance | Legislative | U.S. Environmental Protection Agency (EPA) | Greenhouse Gas Reduction Fund

USDA and Reinvestment Fund Help Expand Food Programs in Rural Kansas
KRSL 95.9 | Apr. 17 | Access to Capital | Agriculture Finance | Federal | Food Systems Finance | Rural Development | U.S. Dept. of Agriculture (USDA)

U.S. DOT Awards $23.6M for Thriving Communities Program
U.S. Department of Transportation | Apr. 15 | Access to Capital | Infrastructure Finance | Legislative | Tribal Finance | U.S. Dept. of Transportation (DOT)

New Jersey Economic Development Authority Creates New Jersey Green Bank
Office of New Jersey Governor | Apr. 15 | Access to Capital | Energy Finance | Green Finance | Legislative | U.S. Environmental Protection Agency (EPA) | Greenhouse Gas Reduction Fund

Reauthorizing U.S. Economic Development Administration Crucial to Business
Forbes | Apr. 10 | Access to Capital | Legislative | U.S. Economic Development Administration (EDA)

Brown, Braun Introduce Bipartisan Bill to Lower Food Costs by Strengthening Supply Chains
Sherrod Brown | Apr. 10 | Access to Capital | Agriculture Finance | Federal | Food Systems Finance | U.S. Dept. of Agriculture (USDA)

U.S. EDA Awards $1.7M to Central Louisiana Regional Port for Resiliency
5 KALB | Apr. 9 | Economic Development | Federal | Rural Development | U.S. Economic Development Administration (EDA)

U.S. DOT Provides $24.4M to Coastal Virginia for Flood Resiliency
Office of U.S. Senator Warner | Apr. 8 | Infrastructure Finance | Legislative | Resiliency | U.S. Dept. of Transportation (DOT)

$1.5B Available to Help Farmers Advance Conservation, Climate-Smart Agriculture
USDA | Apr. 3 | Access to Capital | Agriculture Finance | Federal | Resiliency | U.S. Dept. of Agriculture (USDA)


New Additions to the Online Resource Database

IRS Notice 2024-36 - Allocation of Section 48C(e) Qualifying Advanced Energy Project Credit Program
Energy Finance | Green Finance | Incentives | Legislative | Tax Credits
This notice provides additional guidance to clarify and amplify the procedures for the allocation of credits under Section 48C of the Internal Revenue Code regarding the qualifying advanced energy project credit program.

Treasury, IRS Release Final Rule on Transferrable Tax Credits Under Inflation Reduction Act
Energy Finance | Green Finance | Legislative | Tax Credits
The U.S. Department of the Treasury and the Internal Revenue Service released final guidance describing rules and definitions for transferrable tax credits/incentives in the Inflation Reduction Act. They will be published in the April 30, 2023, edition of the Federal Register.

IRS Notice 2024-19 - Tax Treatment for Energy Efficient Property
Energy Finance | Green Finance | Incentives | Legislative | Tax Credits
This announcement addresses the Federal income tax treatment under the Internal Revenue Code of amounts paid toward the purchase of energy efficient property and improvements under the Department of Energy Home Energy Rebate Programs pursuant to the Inflation Reduction Act of 2022.


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 visit CDFA.net or email info@cdfa.net


Council of Development Finance Agencies
100 E. Broad Street, Suite 1200
Columbus, OH 43215
(614) 705-1300
info@cdfa.net

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CDFA National Sponsors

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  • BNY Mellon
  • Bricker Graydon LLP
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  • Raza Development Fund
  • SB Friedman Development Advisors
  • Stifel Nicolaus
  • The Bond Buyer
  • U.S. Bank
  • Wells Fargo Securities
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