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CDFA Rural Development Finance Update - March 15, 2022

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Rural Development Finance Update
March 15, 2022
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Rural Development Finance Update


Investing in Rural Prosperity
The Federal Reserve has created this book to bring together community and economic development researchers, practitioners, philanthropists, and others to showcase the great work happening across this country and to outline a framework for conducting community and economic development that, if applied, can help more communities achieve shared economic prosperity.

How Consistent Capital Flow Can Save Rural America
In a world where money + power = respect, the Partners for Rural Transformation are changing the equation. Capital + consistency = Change. CDFIs, like those that constitute Partners for Rural Transformation, can harness funds and aptly position them to support the initiatives of local leaders. With current and anticipated funding already accounted for, take a look at how the Partners maximize capital flow to improve the livelihood of their service areas.

Rural Investment in America Act Introduced in the House
The Rural Investment in America Act, H.R. 6975, which has four original cosponsors, would authorize the SBA to provide loans to businesses that manufacture key critical infrastructure goods in rural industrial parks by offering partial loan forgiveness to cover payroll, permitting, and other capital costs associated with site development.

The Biden Administration's Historic Investments to Create Opportunity and Build Wealth in Rural America
The Biden Administration has made historic investments in rural communities through the American Rescue Plan: slashing poverty and lowering costs, creating jobs and new economic opportunities, and expanding access to health care. In the year ahead, the Biden Administration will partner with rural America to determine how best to invest these federal resources to support local priorities.

Farmer Mac Reports 2021 Results
The Federal Agricultural Mortgage Corporation (Farmer Mac), the nation's secondary market provider that increases the availability and affordability of credit for the benefit of rural America, announced its results for the fiscal quarter and year ended December 31, 2021.

Maryland Governor Announces New $50M Rural Maryland Economic Development Fund
Governor Larry Hogan announced that $50 million in grant funds will be made available to boost economic development activity, stimulate private sector investment, and grow jobs in the state's rural regions. The grant program is designed to be flexible and allow each rural council to determine the best use of funds within the program's guidelines in coordination with the counties they represent.

ECAP Program Helps Nebraskans Create Communities They Want
Through a series of surveys, townhall meetings, and the creation and execution of locally designed projects, the Entrepreneurial Communities Activation Process program helps rural Nebraska communities revitalize their towns through entrepreneurship and business development.

Investing in Culturally Sensitive Medical Care: How Mission-Based Financing Fills a Gap
When tribal developers shared their vision for the Ko-Kwel Wellness Center with the CDFI Craft3, the regional lender stepped forward with a New Markets Tax Credit allocation to secure the necessary equity. The unique financing package for the Ko-Kwel Wellness Center also includes several private grants and two long-term, affordable loans.

Upcoming Events
Intro Revolving Loan Fund WebCourse

CDFA Food Systems Finance Webinar Series: Cultivating Equitable Lending Models in Agriculture Finance
Tuesday, March 22, 2022 - 11:00 AM - 12:30 PM Eastern
During this installment of the CDFA Food Systems Finance Webinar Series, join us to learn about strategies to expand access to capital for underserved farmers.

CDFA Federal Financing Webinar Series: Affordable Housing Financing Resources from HUD
Tuesday, April 12, 2022 - 2:00 PM - 3:30 PM Eastern
This session of the Federal Financing Webinar Series will highlight the resources available at the U.S. Department of Housing and Urban Development to support projects in affordable housing and disaster relief on both the state and local levels. Featured programs include the HOME Investment Partnerships Program, Choice Neighborhoods Program, Section 108 Loan Guarantee Program, as well as Community Development Block Grants.

USDA Rural Development News

USDA Plans for $250M Investment to Give U.S. Farmers More Choices in the Marketplace
The U.S. Department of Agriculture (USDA) is announcing $250 million available through a new grant program to support independent, innovative, and sustainable American fertilizer production to supply American farmers. To address growing competition concerns in the agricultural supply chain, USDA will launch a public inquiry seeking information regarding seeds and agricultural inputs, fertilizer, and retail markets.

USDA Announces American Rescue Plan Technical Assistance Investment to Benefit Underserved Farmers, Ranchers, and Forest Landowners
The U.S. Department of Agriculture announced that it is accepting grant applications for the American Rescue Plan (ARP) Technical Assistance Investment Program to provide historically underserved farmers, ranchers, and forest landowners technical support in accessing USDA programs and services.

USDA Updates Farm Loan Programs to Increase Equity
The U.S. Department of Agriculture (USDA) is updating its farm loan programs to better support current borrowers, including historically underserved producers. These improvements are part of USDA's commitment to increase equity in all programs, including farm loans that provide important access to capital for covering operating expenses and purchasing land and equipment.

USDA-NIFA Invests Over $15M in Agricultural Economics and Rural Communities
The U.S. Department of Agriculture (USDA) National Institute of Food and Agriculture (NIFA) announced an investment of over $15 million in critical research to support building new and better markets for U.S. agriculture and rural communities. This investment addresses challenges facing the agricultural sector, including implications for food production and consumption, and natural resources management to protect the environment in the face of increasing global demands for food production.

USDA Makes Available Additional $80M in Funding to Support Long-Term Resilience in the Dairy Industry
The U.S. Department of Agriculture (USDA) announced an additional investment of $80 million in the Dairy Business Innovation (DBI) Initiatives to further support processing capacity expansion, on-farm improvements, and technical assistance to producers.

USDA Commits $215M to Enhance the American Food Supply Chain
U.S. Department of Agriculture (USDA) Secretary Tom Vilsack announced that USDA is making available up to $215 million in grants and other support to expand meat and poultry processing options, strengthen the food supply chain, and create jobs and economic opportunities in rural areas.

Rural Development Finance News

Strategies to Promote Affordable Commercial Space
Next City | Mar. 14 | Access to Capital | Community Development | Federal | Revolving Loan Funds (RLFs) | Rural Development | Social Finance

Congress Reauthorizes EB-5 Regional Center Program and Increases EB-5 Investment Minimums
Fragomen | Mar. 11 | EB-5 Visa | Federal | Legislative | Rural Development

EPA Releases Memo Outlining Strategy to Equitably Deliver Clean Water Through the Bipartisan Infrastructure Law
U.S. EPA | Mar. 8 | Access to Capital | Federal | Infrastructure Finance | Revolving Loan Funds (RLFs) | Rural Development | U.S. Environmental Protection Agency (EPA) | Water Finance

Tax Credit Program Helps Beginning Iowa Farmers Rent Land
Successful Farming | Mar. 2 | Access to Capital | Agriculture Finance | Rural Development | Tax Credits

Missouri Agricultural Economic Development Bills Advancing
Fulton Sun | Feb. 28 | Access to Capital | Agriculture Finance | Legislative | Revolving Loan Funds (RLFs) | Rural Development | State Finance Program | Tax Credits

Florida Governor Awards $11M to Support Infrastructure in Rural Communities
Gov. DeSantis | Feb. 28 | Community Development | Federal | Infrastructure Finance | Rural Development

Coloradans Band Together to Find a Solution in Housing-Starved Kit Carson, CO
The Colorado Sun | Feb. 28 | Community Development | Housing Finance | Rural Development | State Finance Program

Two Projects Pending on the Outcome of the Missouri Rural Workforce Development Act
The Missouri Times | Feb. 27 | Economic Development | Rural Development | State Finance Program | Tax Credits

New Water Authority Could Change How Arizona Funds Major Projects
AZ Central | Feb. 25 | Infrastructure Finance | Rural Development | State Finance Program | Water Finance

Michigan Banks on Sustainable Farming Plans Worth $8.6M
mLIVE Michigan | Feb. 24 | Access to Capital | Agriculture Finance | Rural Development | State Finance Program

California Rolls Out Forest Biomass Initiatives
California Forward | Feb. 24 | Access to Capital | Energy Finance | Revolving Loan Funds (RLFs) | Resiliency | Rural Development

Georgia Senate Considers Renewal of Rural Tax Credit Despite Slow Return on Investment
The Citizens | Feb. 23 | Agriculture Finance | Rural Development | State Finance Program | Tax Credits

Illinois Conservation Fund Launches Program to Help Young Farmers
The Center Square | Feb. 21 | Access to Capital | Agriculture Finance | Revolving Loan Funds (RLFs) | Rural Development

NC Rural Center Prepares to Deploy $202M for Small Businesses Through Loans, VC Fund Investments
The Caswell Messenger | Feb. 21 | Access to Capital | Innovation Finance | Revolving Loan Funds (RLFs) | Rural Development | State Small Business Credit Initiative (SSBCI)

New CRA Boundaries and Rules Approved in Salem, OH
Salem News | Feb. 19 | Access to Capital | Community Development | Economic Development | Revolving Loan Funds (RLFs) | Rural Development | Community Reinvestment Act (CRA)

Nearly 73,000 Affordable Rental Homes Could be Financed with 30% LIHTC Rural Basis Boost Proposal
Novogradac | Feb. 17 | Housing Finance | Rural Development | Tax Credits

A CDFI Helps Rural Residents Start Child Care Businesses in Maine
The Daily Yonder | Feb. 17 | Community Development | Education | Rural Development | U.S. Dept. of Health & Human Services (HHS)

$50M Development in Berwick, ME Passes Key Hurdle to Move Ahead
Maine Biz | Feb. 16 | Access to Capital | Economic Development | Rural Development | Tax Increment Finance (TIF)

Revision of Utah's Rural Jobs Act Would Incentivize New Small Businesses
KSL News Radio | Feb. 16 | Rural Development | State Finance Program | Tax Credits

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


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