CDFA Legislative and Federal Affairs Update - August 3, 2021
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Spotlight |
Help CDFA Support Tax-Exempt Bond Provisions in the Infrastructure Bill
CDFA is continuing to work strategically with Congressional leaders to ensure the infrastructure bill contains a tax-exempt bonds section. As part of our ongoing efforts, we're re-issuing our coalition letter to Congress asking that several key bond financing provisions be included in the infrastructure package. Please sign our coalition letter to show your organization's support for tax-exempt bonds.
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Legislative Features |
Senate Prepares to Move Forward With Bipartisan Infrastructure Bill
The Senate on Monday began its push to pass the roughly $1 trillion bipartisan infrastructure bill hours after legislative language was completed and unveiled, with senators involved in crafting the proposal hoping it will clear the upper chamber in the coming days. Capping a rare weekend session, the bipartisan group of Senate negotiators announced Sunday night that they had finished writing the 2,702-page bill, which will provide $550 billion in new funding to improve the nation's roads, bridges, railways, and public transit systems.
What the Infrastructure Deal Means for Energy
The $550 billion infrastructure package that moved through Congress last week stops short of President Biden's climate ambitions but could still have broad ramifications for the country's energy sector. From new funds for transmission critical to renewables, the measure could influence what type of power comes online and where — and shape politics heading into the 2022 midterm elections.
Key Provisions for Land Revitalization in the Senate's Bipartisan Infrastructure Plan
The Senate has voted to take up a nearly $1 trillion national infrastructure plan after President Joe Biden and a bipartisan group of senators reached an agreement on major provisions of the package. Included in the bill is $21 billion to clean up superfund and brownfield sites, reclaim abandoned mine land, and cap obsolete gas wells.
Infrastructure Bill Advanced With $550B in New Spending
The Senate on Wednesday voted to advance bipartisan infrastructure legislation, capping weeks of late-night negotiations and launching the next step in what has become one of President Joe Biden's key domestic priorities. By a 67-32 vote, the Senate moved to invoke cloture on a motion to proceed to the legislative vehicle for a bipartisan infrastructure plan with $550 billion in new spending.
House Agriculture Committee Advances $8.5B Disaster Aid Bill
The House Agriculture Committee advanced a bill to provide as much as $8.5 billion in supplemental disaster aid for farmers and ranchers who faced disaster both in 2020 and 2021. The bill, passed unanimously, will expand coverage of losses under USDA's Wildfire Hurricane Indemnity Program-Plus (WHIP-Plus), the derecho that hit Midwestern producers last summer, producer losses from the polar vortex, and more.
Waters, Colleagues Introduce Three Bills to Invest Billions in Housing
Rep. Maxine Waters, D-California, and several colleagues in the House of Representatives introduced three bills that would represent a historic investment in housing, urging that the legislation be included in a budget reconciliation bill that may be considered by Congress. These bills are the Housing is Infrastructure Act of 2021, the Ending Homelessness Act of 2021, and the Downpayment Toward Equity Act of 2021.
House Committee Approves $43B Rural Broadband Bill
The House Agriculture Committee approved a bill to provide $43 billion over eight years to bring broadband service to hundreds of thousands of families and businesses that lack access now. Chairman David Scott said Democratic leaders were "looking to move this in an expeditious way to the Senate."
Senate Democrats Agree to $3.5T for Budget Reconciliation Infrastructure Bill
Senate Majority Leader Charles Schumer (D-NY) and Budget Committee Democrats, led by Sen. Bernie Sanders (I-VT), have reached a deal on a $3.5 trillion price tag for a Democratic-only infrastructure package. Schumer, emerging from an hours-long meeting with Budget Committee Democrats, said they had reached a deal on the budget resolution, which greenlights reconciliation, the process Democrats will use to bypass a GOP filibuster on the infrastructure bill.
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Upcoming Events |
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Federal Features |
EDA Announces American Rescue Plan Programs
U.S. Secretary of Commerce Gina M. Raimondo announced that the Department of Commerce's Economic Development Administration (EDA) will implement a series of programs, collectively called Investing in America's Communities, to equitably invest the $3 billion it received from President Biden's American Rescue Plan Act to help communities across the country build back better.
OMB Backs off Change to ‘City' Definition
The Office of Management and Budget backed off from a proposed change to the federal definition of "city" that could have scrambled billions of dollars in federal spending for more than 100 communities across the country. Each decade, OMB tweaks the definition of "metropolitan statistical area." In January OMB proposed doubling the threshold from 50,000 to 100,000 people, but members of Congress, business leaders, and communities themselves pushed back.
IRS Notice Provides Population Figures for Disaster-Zone LIHTC Allocation
Internal Revenue Bulletin 2021-31 provides state and territory low-income housing tax credit (LIHTC) allocating agencies with population figures to calculate disaster LIHTCs they can allocate under the Taxpayer Certainty and Disaster Tax Relief Act of 2020. Notice 2021-45 identifies the counties and parishes eligible for the disaster LIHTCs along with their combined populations.
SBA Reaches New Milestone Awarding $7.5B in Shuttered Venue Operators Grants to Over 10,000 Venues
The U.S. Small Business Administration reached a new milestone of successfully awarding over $7.5 billion in Shuttered Venue Operators Grants (SVOGs) to more than 10,000 hard-hit live entertainment small businesses, nonprofits, and venues. The SVOG program is designed to assist in getting the nation's cultural institutions, which are critical to the economy and were among the first to shutter, back on track.
USDA Invests $14M in Rural Economic Development Projects in 10 States
USDA is providing the funding through the Rural Economic Development Loan and Grant (REDLG) program. Through this program, USDA provides zero-interest loans and grants to utilities. The utilities then lend funds to local businesses for projects that create and retain employment in rural areas. Eligible applicants are USDA's Electric Program and Telecom Program borrowers.
Department of Energy Awards $127M to Bring Innovative Clean Energy Technologies to Market
The U.S. Department of Energy continues to power the clean energy revolution among American small businesses and entrepreneurs with awards totaling $127 million to support 110 innovative projects – each focused on tackling the climate crisis by harnessing market-oriented solutions and emerging technologies.
Treasury Department Publishes SSBCI Fact Sheet for Tribal Governments
The U.S. Department of the Treasury has published an SSBCI fact sheet for Tribal governments. Tribal governments may apply individually or jointly and may operate programs themselves or contract with third parties or other Eligible Jurisdictions to operate programs. Treasury encourages Tribal governments with limited experience in small business financing programs to consider joint applications and working with third parties with a strong track record operating small business financing programs.
Biden-Harris Administration Invests $307M in Rural Water and Wastewater Infrastructure in 34 States and Puerto Rico
The investments being announced today follow President Biden's announcement of a Bipartisan Infrastructure Framework that will make the largest investment in clean drinking water in American history. USDA is financing the projects through the Water and Waste Disposal Loan and Grant Program, improving rural infrastructure for 250,000 residents and businesses.
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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
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Legislative and Federal Headlines |
USDA Announces $16.6M in Funding Opportunities to Support Socially Disadvantaged and Veteran Farmers and Ranchers
USDA | Jul. 26 | Agriculture Finance | Federal | Social Finance | U.S. Dept. of Agriculture (USDA)
The American Rescue Plan Can Be a Lifeline for Business Districts
The Brookings Institute | Jul. 12 | Access to Capital | Disaster Recovery & Relief | Economic Development | Federal | Revolving Loan Funds (RLFs) | Rural Development | COVID-19
USDA Announces $500M for Expanded Meat & Poultry Processing Capacity
USDA | Jul. 9 | Access to Capital | Agriculture Finance | Disaster Recovery & Relief | Federal | Food Systems Finance | Revolving Loan Funds (RLFs) | Rural Development | U.S. Dept. of Agriculture (USDA) | COVID-19
New Data Shows a Small Fraction of Restaurant Revitalization Fund Recipients Ended Up with Chunk of Money
The Counter | Jul. 9 | Access to Capital | Disaster Recovery & Relief | Federal | Food Systems Finance | U.S. Small Business Administration (SBA) | COVID-19
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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
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info@cdfa.net
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