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CDFA & NCOSAFP Rural & Agricultural Development Finance Update - June 21, 2016

Rural Development Finance Update
June 21, 2016
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Rural Development Finance Update

Features

HR 5335 Expands Exceptions for First Time Farmers
Representative David Young (R-IA) has introduced a bill that will expand certain exceptions to private activity bond rules for first time farmers. H.R. 5335, which was drafted and first supported by the National Council of State Agricultural Finance Programs, would expand first time farmer exceptions through amendment of the Internal Revenue Code of 1986.

Senate Committee Discusses Farm Credit Reform
Representatives of the commercial banking industry claim that they are unable to compete, because of favorable components built in to the federal cooperative system. Those in support of federal assistance argue that commercial banks and the Farm Credit Services can, and do regularly work together to finance borrowers.

FSA to Provide $300M for Cotton Producers
The U.S. Department of Agriculture Farm Service Agency will provide an estimated $300 million in cost-share assistance payments to cotton producers through a new cotton ginning cost-share program intended to expand and maintain the domestic marketing of cotton.

TN Passes Rural Development Legislation
Gov. Bill Haslam signed into law the Rural Economic Opportunity Act, which gives $10 million to help rural communities develop industrial sites and tourism spots. The law also makes it easier for businesses moving to rural counties to receive tax credits for their move.

Hawaii Receives $500K for Rural Microloans
The USDA Rural Business-Cooperative has given $500,000 to the Feed the Hunger Foundation to make microloans to rural microentrepreneurs and microenterprises.

USDA Invests $5.8M to Support Small Businesses in 11 States
The U.S. Department of Agriculture awarded $5.8 million in grants and loans to support rural economic development projects and create jobs in 11 states including Arizona through its Rural Microentrepreneur Assistance Program (RMAP) and Intermediary Relending Program (IRP).

SMIF Creates Grow a Farmer Fund
The Souther Minnesota Initiative Foundation, in conjunction with Renewing the Countryside, announced the launch of the Grow a Farmer Fund. The fund will first be capitalized through donation-based fundraising efforts, and will eventually become a self-replenishing evergreen fund.

The REED Fund
Angie Neises of the Rural Electric Economic Development, Inc. describes the process of operating a loan fund for infrastructure and economic base improvement in rural areas.

Genesee Co, NY Launches Ag RLF
The Genesee County Economic Development Center has launched the GAIN Initiative for local farms and agribusinesses. The Initiative is designed to follow existing revolving loan funds that return investments directly back into a pool for the next round of projects. Projects can receive between $25,000 and $200,000 in gap financing at a 1 percent interest rate.

Rural Development Headlines

SW FL Counties Designated as Promise Zones
Naples Daily News | Jun. 20 | Access to Capital | Economic Development | Federal | Infrastructure Finance | Rural Development

Mesa County, CO Lands New Business Through Tax Credit Program
Grand Junction Daily Sentinel | Jun. 8 | Economic Development | Incentives | Rural Development | Tax Credits

USDA Announces over $8M in Payments to Support Biofuel Production
Economic Development HQ | Jun. 7 | Energy Finance | Rural Development

Deschutes Co., OR Approves Rural Enterprise Zone
The Bend Bulletin | May. 18 | Incentives | Rural Development

USDA Awards Fleming and Iliff, CO Research and Infrastructure Grants
South Platte Sentinel | May. 18 | Access to Capital | Infrastructure Finance | Rural Development

USDA Announces EE/RE Grant for the Pacific Northwest
USDA | May. 17 | Access to Capital | Energy Finance | Green Finance | Rural Development



The Council of Development Finance Agencies (CDFA) 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 www.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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