The Council of Development Finance Agencies (CDFA) is pleased to announce that Representatives Stephanie Murphy (D-FL) and Darin LaHood (R-IL) have introduced the Modernizing Agricultural and Manufacturing Bonds Act (MAMBA) in the U.S. House of Representatives as H.R. 5422. MAMBA would modernize the Internal Revenue Code (IRC) as it relates to small issue bonds, specifically the private activity bond rules for first-time farmers and manufacturing bonds.

The U.S. Department of Agriculture's Natural Resources Conservation Service (NRCS) awarded $700,000 in funding for a $1.5 million multi-stakeholder initiative led by the Croatan Institute aimed at developing an innovative, place-based financing model to support the adoption of farming systems. CDFA is a project partner and will assist in developing the concept of rural regenerative organic agricultural districts, also known as ROADs, to help agricultural producers and landowners finance soil wealth using land-secured financing mechanisms.

Communities benefit from investments in local food systems. And those investments are growing—from large retailers to incubator kitchens, farmers markets, and urban farms— opportunities to create ownership and access centered on fresh food are increasing. Several leadership organizations and initiatives–from large to small–are working to improve access to healthy food and creating economic opportunities in the food system, focusing specifically on communities of color.

Rural communities face many challenges, and climate change is only making matters worse. This issue brief identifies ways climate policy can address the needs of rural communities by focusing on supporting rural livelihoods; protecting natural lands and farmland from development; and keeping water clean.

In 2019, the Department collaborated with many partners and invested $28.6 billion to spark business development and create jobs in all 50 states and all U.S. territories. USDA worked to bring high-speed internet capacity, modern community facilities, and upgraded water and wastewater infrastructure to rural areas. USDA helped provide homeownership opportunities and reliable electricity.

A more than $3.1 million project in Milwaukee's near west side would create an urban farm to grow spring mix for salads and basil, and in the process create education and job training opportunities for local residents. Planet to Plate intends to raise money for the project through the federal opportunity zone program, which offers tax breaks to investors supporting projects in low-income areas.

Kraft Heinz Food Company will invest $25 million in an expansion of its Garland, TX operations, and plans to add approximately 250 new full time jobs to its current workforce of 843 employees. Kraft's 266,000-square-foot plant on more than 50 acres of land will positively impact several Enterprise Zones, as well as one Federal Opportunity Zone in Garland.

A local lending club has raised $21,000 to bolster its no-interest, revolving loan fund aimed to help local farmers and small scale food producers in Southwest Colorado and Northern New Mexico finance farm and business improvements. Sandhya Tillotson of Four Corners Slow Money said the small nonprofit group raised $11,000 by its Sunday deadline to match a $10,000 matching grant from the Slow Money Institute and an anonymous donor.

CDFA // BNY Mellon Development Finance Webcast Series: Forecasting the Bond Market in 2020
Tuesday, January 21, 2020 - 1:00 PM Eastern

Fundamentals of Economic Development Finance WebCourse
January 29-30, 2020 - Daily: 12:00 - 5:00 PM Eastern

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This report addresses questions often asked by caring people who shepherd resources that could be channeled to advance rural people and places — foundation leaders, individual investors and government officials.

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