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CDFA Rural Development Finance Update - February 21, 2023

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Rural Development Finance Update
February 21, 2023
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Rural Development Finance Update


Announcing the CDFA-NASDA Foundation Socially Disadvantaged Farmers & Ranchers Access to Capital Program
The Council of Development Finance Agencies (CDFA) and the National Association of State Departments of Agriculture (NASDA) Foundation are excited to announce their partnership to create the CDFA-NASDA Foundation Socially Disadvantaged Farmers & Ranchers Access to Capital Program in response to the USDA Office of Partnerships and Public Engagement 2501 Grant Program. This program will assist socially disadvantaged farmers and ranchers in building successful operations by accessing sustainable business capital.

Ohio Lawmakers Seek $1B for Rural Highways
Ohio lawmakers could earmark $1 billion for rural highways and throw up a roadblock to Cleveland's plan to build bike lanes down the middle of Superior Avenue under the latest version of the state's two-year transportation budget bill. The changes will be part of the debate around a budget bill that, under state law, must be passed by March 31.

Coming Up Next Month: CDFA's Intro and Advanced Bond Finance Courses!
Join CDFA for our upcoming Bond Finance Week! The Intro Bond Finance Course will take place on March 13-14 followed by the Advanced Bond Finance Course on March 15-16. Register for one or both of these courses to learn from experts about how to bring economic growth to your community by utilizing the vast resources of the bond finance industry.

USDA Invests $63M in High-Speed Internet for Rural Americans
The U.S. Department of Agriculture (USDA) is investing $63 million to bring high-speed internet access to people living and working in rural areas in Illinois, Michigan, Minnesota, and Mississippi. The investments include funding from the Bipartisan Infrastructure Law, which provides $65 billion to expand reliable, affordable, high-speed internet to all communities across the U.S., and the ReConnect Program, in which USDA invested a total of $1.7 billion.

$262M to Rural Partners Network for Jobs Access, Healthcare, and Infrastructure
The U.S. Department of Agriculture (USDA) is providing $262 million to improve access to jobs, healthcare, and infrastructure for historically underserved communities across the Rural Partners Network (RPN), which was established to transform the way federal agencies partner with and serve rural people and places, including Native American communities. RPN includes funding from the American Rescue Plan Act, the Bipartisan Infrastructure Law, and the Inflation Reduction Act.

USDA Invests More than $291M to Improve Rural Electric Infrastructure in Ohio
U.S. Department of Agriculture (USDA) Rural Development Ohio State Director, Jonathan McCracken, announced that USDA is investing more than $291 million through the Electric Loan Program to help four electric cooperatives and utilities expand, modernize the electric grid, and increase grid security. This funding will benefit nearly 149,000 rural people and businesses throughout Ohio.

Two Colorado Utilities Receive $48.5M from USDA for Grid Upgrades
Two rural Colorado electric cooperatives will receive $48.5 million in loans from the USDA to modernize electric grids and increase security. The loans are part of a $2.7 billion federal program to assist 64 electric cooperatives and utilities serving more than 2 million people. The funds also include $613 million for rural utilities and cooperatives to install or upgrade smart grid technologies, which can enable broadband and other telecommunications services in unserved and underserved rural areas.

Mountainburg, AR to Receive $7.4M from USDA for Water Infrastructure
Mountainburg, AR, has received the money it needed to provide drinking water to about 625 households. Mayor Susan Wilson told residents at a public meeting that the U.S. Department of Agriculture (USDA) Rural Development awarded the town $7.4 million for its proposed water infrastructure project. This includes $5.7 million in grants and $1.7 million in loans.

Upcoming Events
Intro Bond Finance Course

CDFA Food Systems Finance Webinar Series: Bonds & Food Systems
February 28, 2023 - 2:00 PM - 3:30 PM Eastern
During this installment of the CDFA Food Systems Finance Webinar Series, we take a deeper look at a method of financing that has been building infrastructure, industry, and agriculture for over a century and explore its applications within the food system.

CDFA Tribal Finance Webinar Series: Tribal Community-Driven Economic Development Solutions
March 14, 2023 - 2:00 PM - 3:30 PM Eastern
During this installment of the CDFA Tribal Financing Webinar Series, speakers will discuss how tribal governments and their partner organizations are working collaboratively to drive sustainable economic development.

USDA Rural Development News

USDA Highlights Investments in Rural Communities
As the 2023 State of the Union approaches, it is clear that President Biden's plan to lower costs for families and grow the economy from the bottom up and the middle out is working – we've seen the strongest two years of job growth in U.S. history, wages are up, inflation is moderating and the administration is making the biggest investment in America's infrastructure since the 1950s.

USDA Proposing Section 538 Guarantee Rural Rental Housing Program Rule Change
The Rural Housing Service, a Rural Development agency of the U.S. Department of Agriculture (USDA), proposes to amend the current regulation for the Multifamily Family Housing Section 538 Guaranteed Rural Rental Housing Program. This change is expected to improve the customer experience with more timely and proactive responses to housing market demands and Administration priorities.

USDA Renewable Energy Grants and Low-Interest Loans Available
The U.S. Department of Agriculture (USDA) Rural Development program provides guaranteed loan financing and grant funding to agricultural producers and rural small businesses for renewable energy systems or to make energy efficiency improvements. Agricultural producers can also apply for new energy-efficient equipment and new system loans for agricultural production and processing. 

USDA Investing $2.7B for Rural Electric Infrastructure
The U.S. Department of Agriculture (USDA) is investing in 64 projects through the Electric Loan Program. The loans include $613 million to help rural utilities and cooperatives install and upgrade smart grid technologies. This funding will benefit nearly 2 million rural people and businesses and nearly half of the awards will help finance infrastructure improvements in underserved communities.

Rural Development Finance News

Federal Program to Aid Hinton Town in West Virginia with Affordable Housing
Yahoo!News | Feb. 20 | Community Development | Economic Development | Federal | Historic Preservation | Housing Finance | Rural Development

$15M Invested into New Shelby, NC Rural Academy
WCNC | Feb. 20 | Federal | Rural Development

Bill Would Expand Economic Development Efforts to Rural Communities in Nebraska
Norfolk Daily News | Feb. 17 | Economic Development | Federal | Infrastructure Finance | Legislative | Rural Development

Aurora, NC Receives $1.25M to Begin Industrial Park Construction
Washington Daily News | Feb. 17 | Economic Development | Infrastructure Finance | Rural Development

Three Buildings and Water System in Triad Land Funds from North Carolina Rural Grants
FOX 8 | Feb. 16 | Economic Development | Infrastructure Finance | Redevelopment | Rural Development

Manchin, Capito Announce $902K for Eight West Virginia Rural Development Projects
Joe Manchin | Feb. 16 | Economic Development | Energy Finance | Rural Development | Water Finance

Dairy Among Iowa Rural Projects Receiving Federal Funding
Star Herald | Feb. 5 | Access to Capital | Agriculture Finance | Rural Development

Kansas Encourages Rural Housing With Massive Influx of Funds
Flatland | Feb. 2 | Federal | Historic Preservation | Housing Finance | Revolving Loan Funds (RLFs) | Rural Development | State Finance Program | Tax Credits

Investing in the ‘Thin Green Line' That Secures America's Food Supply
The Hill | Feb. 1 | Agriculture Finance | Food Systems Finance | Rural Development

The Wait for Rural Broadband in Sonoma County, CA May Not Be Much Longer
Sonoma County Gazette | Feb. 1 | Federal | Infrastructure Finance | Rural Development | State Finance Program

Texas A&M Expands Agricultural Economics Educational Reach into Rio Grande Valley
AGRILIFE TODAY | Jan. 30 | Agriculture Finance | Education | Rural Development

Compeer Financial Awards General Use Grants to Midwest Organizations
Morning AgClips | Jan. 30 | Access to Capital | Agriculture Finance | Rural Development | Social Finance

Legislators Seek Funding Solutions for Rural Schools Across Colorado
Steamboat Pilot & Today | Jan. 26 | Education | Legislative | Rural Development

Committee in Indiana Advances Measure to Fund Housing Revolving Fund
Indiana Capital Chronicle | Jan. 25 | Economic Development | Federal | Housing Finance | Infrastructure Finance | Legislative | Revolving Loan Funds (RLFs) | Rural Development

Funding Helps New Farmers Purchase Land in Minnesota
The Land | Jan. 25 | Access to Capital | Agriculture Finance | Rural Development | State Finance Program

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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