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CDFA Rural Development Finance Update - April 19, 2022

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Rural Development Finance Update
April 19, 2022
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Rural Development Finance Update


Check Out Water Finance 101
CDFA partnered with Frost Brown Todd LLC and its affiliate FBT Project Finance Advisors LLC to present the Infrastructure Finance Series. This in-depth series focuses on the characteristics of infrastructure, the innovative tools for financing various infrastructure projects, and how the private sector impacts the landscape of infrastructure investment. Watch Water Finance 101 now to learn more about financing water, wastewater, and stormwater infrastructure projects.

Biden Administration Releases Rural Playbook, Launches Building a Better America Rural Infrastructure Tour
The White House released a Bipartisan Infrastructure Law Rural Playbook to help state, local, Tribal, and territorial governments in rural areas unlock the benefits from the historic investments in our nation's infrastructure and launched a rural infrastructure tour led by the President and other senior administration officials to engage rural communities across the country.

Regional Utility Districts Can Help Fill Gaps in Broadband Service
Bringing broadband to rural areas is difficult because of the economics; the infrastructure is expensive to deploy, and sparse populations mean a small customer base for traditional internet service providers. Creating regional districts raises aggregate demand by combining the populations of multiple towns.

What the Revitalization of EB-5 Financing Means for Real Estate Developers and Entrepreneurs
On March 15, President Biden signed the Omnibus Spending Bill, which included the "EB-5 Reform and Integrity Act of 2022." This bipartisan bill restores viability to EB-5 by reauthorizing the lapsed Regional Center Program, a component essential to the success of EB-5. The character of available financing and the projects most desirable for EB-5 investment are directly influenced by program requirements that must be met to qualify investors for a green card.

USDA Announces Intent to Establish Subcommittee on Rural Community Economic Development for Its Equity Commission
 The USDA announced it will establish a Rural Community Economic Development (RCED) Subcommittee as part of the recently launched Equity Commission. "The Rural Community Economic Subcommittee (RCED) will be crucial to addressing issues of persistent poverty in rural communities," said Agriculture Secretary Tom Vilsack.

Rural Rising: Economic Development Strategies for America's Heartland
There is no one-size-fits-all economic development strategy for rural communities. How can local leaders—including governments, businesses, and individuals—put rural regions on track to thrive? This article examines the types of rural communities in the United States and suggests that attention to three foundational elements—sectors, workforce, and community and connectivity—can promote economic success.

Should States Fund Municipal Broadband and Cooperatives?
Municipal broadband is booming, growing 600 percent since 2018. Yet over 30 percent of American households do not have broadband at home, while as many as 42 million do not have the option to purchase it in the first place, especially in rural areas. Alternatives to private-sector Internet service promise better access and affordability to communities. But are they really cost-effective?

Upcoming Events
Advanced Tax Increment Finance WebCourse

CDFA Food Systems Finance Webinar Series: Where's the Beef? Financing Meat Processing Infrastructure
Tuesday, May 10, 2022 - 2:00 PM - 3:30 PM Eastern
During this installment of the CDFA Food Systems Finance Webinar Series, we will highlight financing solutions to reinvest in local meat processing facilities to expand market opportunities for livestock farmers across the country.

Exploring Equitable Capital Technology (EC-Tech) in Development Finance
Tuesday, May 24, 2022 - 2:00 PM - 3:00 PM Eastern
CDFA is launching our new Equitable Capital Technology Initiative, which will combine technology solutions with training and technical assistance for lenders to help increase the flow of capital to minority entrepreneurs. Equitable capital technology (or EC-Tech) is emerging as a driver of unlocking capital for small and medium-sized businesses not a fit for venture capital, nor large enough for a traditional bank loan.

USDA Rural Development News

USDA Forest Service Announce More Than $238 Million to Support Rural Schools, Roads, Other Services
President Biden and the U.S. Department of Agriculture's Forest Service announced investment of more than $238 million to support public schools, roads, and other municipal services through the Secure Rural Schools Program, which will deliver payments to 742 eligible counties in 41 states and Puerto Rico. The program was reauthorized for fiscal years 2021 through 2023 by the Bipartisan Infrastructure Law.

Shifting Populations and Remote Work Trends Give Borrowers More Options
Census data shows Indiana's annual net population growth was the lowest since 2015, adding only 20,341 residents in 2021. However, due to the in-migration of over 19,000 residents, there were robust population gains across dozens of rural counties. To see this trend in action, you can look at Marion County, which is home to the state capital of Indianapolis.

Riverton Medical District Receives $37M Loan to Build New Hospital
The Riverton Medical District announced that they have been awarded a USDA Rural Development loan of $37 million dollars for the building of a new hospital. This is the largest award it has ever provided in Wyoming. The Riverton Medical District team is looking forward to creating a new, locally owned, and governed health care facility.

Increases in Rural Housing Programs Depend on Fast Congressional Action
The Biden administration's budget request for fiscal year 2023, released last week, includes increases in many of the USDA's rural housing programs and also key programs of HUD that serve rural communities. Congress will now start to act on the proposals.

USDA Announces April 2022 USDA Tribal Consultation on Barriers and Equity
The U.S. Department of Agriculture announced the "Tribal Consultations on Barriers/Equity: Annual Progress Report & Feedback for Next Steps." This five-day consultation series will highlight progress made since last year's consultation and discuss potential solutions for ongoing issues with tribal nation representatives in the areas of economic development, food, farming, and more.

USDA Extends Application Deadline for Meat and Poultry Processing Expansion Program
U.S. Department of Agriculture (USDA) Secretary Tom Vilsack announced the Department is extending to May 11, 2022, the application deadline for the Meat and Poultry Processing Expansion Program (MPPEP), which provides funding to expand meat and poultry processing capacity.

Closing on $21M for Rehabilitation of USDA Rural Development 515 Portfolio in Georgia
Churchill Stateside Group, LLC announced the closing of the financing for the rehabilitation of a three-property USDA Rural Development 515 portfolio in Georgia. The units will be rehabilitated utilizing 4% Federal & State Low Income Housing Tax Credit Equity, USDA Rural Development 538 long term debt, transfer of existing USDA RD 515 debt, and issuance of short-term cash collateralized bonds.

Rural Development Finance News

Arizona Launches Critical Effort to Enhance Infrastructure
Office of Gov. Doug Ducey | Apr. 14 | Infrastructure Finance | Rural Development

Nebraska Rural Development Tax Credit Increased
Unicameral Update | Apr. 14 | Agriculture Finance | Rural Development | State Finance Program | Tax Credits

New Workforce Housing Development Sees Great Progress in Spearfish, SD
NewsCenter1 | Apr. 14 | Community Development | Housing Finance | Rural Development | Tax Increment Finance (TIF)

Rural Texas Promised 10% State Bonds for Water Projects, but Report Shows Less Than 1%
The Texas Tribune | Apr. 7 | Agriculture Finance | Bond Finance | Infrastructure Finance | Rural Development | State Finance Program | Water Finance

Bill to Cap South Carolina's Affordable Housing Tax Credit Program Advances to Senate
WRDW | Mar. 30 | Housing Finance | Legislative | Rural Development | Tax Credits

Fiberglass Manufacturer in Park Rapids, MN to Receive $90K Revolving Loan
Park Rapids Enterprise | Mar. 28 | Access to Capital | Economic Development | Revolving Loan Funds (RLFs) | Rural Development

Illinois Fund Launches Program to Help Young Farmers 'Starting from Scratch'
My Journal Courier | Mar. 26 | Access to Capital | Agriculture Finance | Food Systems Finance | Revolving Loan Funds (RLFs) | Rural Development

U.S. DOT Announces $2.9B for Major Infrastructure Projects
Transportation Today | Mar. 25 | Access to Capital | Federal | Infrastructure Finance | Rural Development | U.S. Dept. of Transportation (DOT)

Transforming Rural Communities Through BIPOC Homeownership
Forbes | Mar. 25 | Access to Capital | Community Development | Housing Finance | Rural Development | Social Finance

Pennsylvania Invests $1.52M in Funding to Support Agricultural Projects
PennWATCH | Mar. 24 | Access to Capital | Agriculture Finance | Economic Development | Revolving Loan Funds (RLFs) | Rural Development

Proposed Legislation Offers Incentives for Investing in Rural Missouri Businesses
Columbia Missourian | Mar. 22 | Incentives | Rural Development | State Finance Program | Tax Credits

Idaho Senate Approves Gap Financing Fund for Workforce Housing
Idaho Capital Sun | Mar. 22 | Community Development | Housing Finance | Rural Development | State Finance Program

Rethinking Rural: Leveraging Community Assets By Investing in People and Places
Forbes | Mar. 16 | Access to Capital | Community Development | Federal | Revolving Loan Funds (RLFs) | Rural Development

CDFA Resources

Investing in Rural Prosperity: The TRIC Framework
Economic Development | Education | Infrastructure Finance | Rural Development

Investing in Rural Prosperity: Small Business and Entrepreneurship
Access to Capital | Economic Development | Education | Federal | Innovation Finance | Rural Development

Investing in Rural Prosperity: Inclusive Rural Development
Community Development | Economic Development | Federal | Housing Finance | Redevelopment | Rural Development

Investing in Rural Prosperity: Economic Resilience
Energy Finance | Federal | Incentives | Resiliency | Rural Development

Investing in Rural Prosperity: Capacity-Building
Community Development | Economic Development | Federal | Historic Preservation | Redevelopment | Resiliency | 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


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