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CDFA Legislative and Federal Affairs Update - February 2, 2021

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Legislative and Federal Affairs Update
February 2, 2021
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Legislative and Federal Affairs Update

Spotlight

Announcing the CDFA Federal Financing Webinar Series
The CDFA Federal Financing Webinar Series is an exclusive, seven-part online offering that will convene finance experts, federal agencies, and local practitioners to discuss the variety of federal programs available to restore local economies, preserve small businesses, invest in our communities, and protect our environment. In light of the new administration and an evolving federal financing landscape, CDFA will be featuring timely and in-depth conversations with federal financing leaders throughout 2021, with the first webinar taking place on February 9.

Legislative Features

Republicans Propose $618B COVID-19 Stimulus Plan
A group of 10 Senate Republicans released new details of their roughly $618 billion coronavirus-relief proposal Monday, including a round of $1,000 direct checks for many adults, ahead of a meeting later in the day with President Biden.

The Value of Predevelopment Investment for Strengthening, Sustaining U.S. Infrastructure
The Milken Institute and its coalition of partners are urging Congress to provide predevelopment capital to close the funding gap that prevents infrastructure projects from moving from concept to construction through the creation of a Federal Predevelopment Fund. This Fund could be for technical assistance grants and loans focused on critical community infrastructure and inclusive economic growth.

Biden Pushes for $1.9T Coronavirus Relief Package
President Joe Biden began lobbying Congress to quickly approve a $1.9 trillion COVID-19 aid plan to improve vaccine distribution, provide direct payments to Americans, and bolster state and local government coffers. In a televised speech, Biden delivered a message that appeared tailored for Republicans and more fiscally moderate Democrats.

Senate Democrats Weigh Merging Coronavirus Relief and Infrastructure Into a Massive Multi-Trillion-Dollar Package
Senate Democrats are weighing whether to combine an infrastructure bill and coronavirus relief legislation into a single, massive multi-trillion-dollar package that could pass without Republican votes, two Democratic aides familiar with the discussions tell Business Insider.

Congress Considering Money to Unbuild Freeways and Rebuild Communities
An economic-justice bill in the Senate could spell the end for urban freeways through low-income and minority neighborhoods in a number of cities. The program's formal title is the Restoring Neighborhoods and Strengthening Communities Program; advocates are calling it the "Highways to Boulevards" initiative.

Democrat-Run Congress Bolsters Odds of State, City Aid
A Democrat-controlled Congress will allow President Joe Biden to push for another stimulus bill that would extend aid to states, cities, and local transit agencies whose revenue was diminished after shutdowns to contain the virus sent the economy into the worst recession since World War II. Republicans have opposed such aid, characterizing it as a bailout for Democratic strongholds even though the impacts are being felt broadly across the country.

U.S. Senate Flip Puts $2T Infrastructure and Green Energy Stimulus Into Play
The reality of a Democrat-controlled US Senate following the Georgia run-off elections puts a massive wave of fiscal stimulus back on the table. This includes higher amounts of direct stimulus payments to individuals and President Joe Biden's $2 trillion infrastructure and green energy plan.

Democrats Begin Laying Groundwork for Big Budget Plans
Democratic leaders began outlining a bold agenda for the coming year Wednesday as they prepared for their party's takeover of the Senate. Neera Tanden, Biden's pick to head the White House Office of Management and Budget, outlined priorities that include climate change, infrastructure, broadband access, small-business assistance, housing aid, and unemployment insurance.

Upcoming Events
CDFA Federal Financing Webinar Series: Restoring Local Economies with Federal Partners

CDFA Federal Financing Webinar Series: Expanding Capital Access to Preserve Small Businesses
Tuesday, March 9, 2021 - 2:00 PM Eastern
During this installment of the CDFA Federal Financing Webinar Series, experts from the SBA, EDA, and USDA will provide an analysis of its small business support programs and discuss strategies for distributing capital to small businesses in disadvantaged areas.

Federal Features

$40B Available for Innovative Technologies through Energy Department's Loan Program Office
A variety of proposals have been floated about the best way for Congress to enact legislation to help in the fight against climate change, but certain actions can be taken immediately. One such action is to deploy $40 billion in loan capacity that was previously allocated to the Department of Energy as part of the 2009 stimulus package. This money is already available to the Department of Energy's Loan Program Office to spend at any time as a loan or a loan guarantee for qualified projects.

Biden Administration to Give Debt Relief to 12,000 Farmers
The Biden administration will announce debt-relief measures Wednesday for more than 12,000 financially distressed farmers. The U.S. Department of Agriculture will temporarily suspend past-due debt collections and foreclosures for farmers borrowing under two major loan programs administered by the Farm Service Agency, administration officials said.

EPA Announces Over $72M for Clean Water Projects in Texas
The U.S. Environmental Protection Agency (EPA) recently awarded the Texas Water Development Board $72,632,000 to provide low-interest loans to fund clean water projects in Texas. EPA provides the grant under the Clean Water Act's Clean Water State Revolving Fund, a federal-state partnership that provides communities low-cost financing for a wide range of water quality infrastructure projects.

Federal Reserve Seeks a Permanent Muni Expert
The Federal Reserve is looking to add a municipal market specialist to its ranks following a tumultuous year for munis in which the Fed saw a need to quickly create programs to help state and local governments. In a job posting, the Federal Reserve Bank of New York said it is looking for a permanent municipal markets specialist.

SBA Takes Steps to Improve First Draw Paycheck Protection Program Loan Review
The U.S. Small Business Administration is taking steps to improve the First Draw Paycheck Protection Program loan review so that small businesses have as much time as possible to access much needed PPP funds. While reviewing the initial draw of PPP loans, anomalies – mostly data mismatches and eligibility concerns – were identified in approximately 4.7% of the lender-submitted data.

Yellen Highlights the Importance of State and Local Emergency Aid
The Biden administration's nominee for Treasury secretary highlighted the need for another round of federal aid to state and local governments on Tuesday. Former Federal Reserve Chair Janet Yellen told members of the Senate Finance Committee during her confirmation hearing that "it was a tremendous drag on the economy" during the Great Recession when states and local governments were forced to lay off workers.

SBA Launches COVID-19 Small Business Funding Portal
The SBA has created a free, curated list of thousands of funding sources at the national, state, regional, and local levels designed to support small businesses in accessing capital to recover from COVID-19. The opening page captures programs that are available nationally. Visitors then only need to enter a ZIP code of interest to see which programs their area may be eligible for.

Treasury Nominee Janet Yellen Voices Support for State and Local Relief Funding
The federal government will need to "act big" to address the financial fallout from the coronavirus pandemic and efforts should include funding for state and local governments, said Treasury Secretary nominee Janet Yellen during a Senate confirmation hearing Tuesday.

Energy Department Announces $123.6M in Funding to Bolster Domestic Manufacturing
The U.S. Department of Energy's (DOE's) Office of Energy Efficiency and Renewable Energy (EERE) announced approximately $123.6 million in funding, as well as $44.7 million of cost-share, for 46 projects in 23 states to stimulate technology innovation, improve the energy productivity of American manufacturing, and enable the manufacturing of cutting-edge products in the United States.

HUD Announces $10M in Capacity Building Grants for Rural America
HUD has awarded $10 million in capacity-building grants to five national non-profit organizations which will, in turn, fund rural housing development organizations, Community Development Corporations, Community Housing Development Organizations, local governments, and Indian tribes to carry out affordable housing and community development activities in rural areas for hard-working, low-income families and individuals.

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

Agency Seal Appalachian Regional Commission (ARC)

ARC Project Grants
ARC awards grants to projects that address one or more of ARC's five identified goals: Business Development and Entrepreneurship, Education and Training, Health Care, Physical Infrastructure,...

Agency Seal Delta Regional Authority (DRA)

Community Infrastructure Fund (CIF)
The DRA created the Community Infrastructure Fund (CIF) to target physical infrastructure projects that help build safer, more resilient communities in the Delta region.

Agency Seal Denali Commission

Energy & Bulk Fuel Program
Recognizing the critical role energy plays in the quality of life and economic development of Alaska's rural communities, the Denali Commission has made energy and bulk fuel its primary...

Agency Seal Export-Import Bank of the United States (EXIM Bank)

Working Capital Loan Guarantee Program
Working Capital Loan Guarantees can empower exporters to unlock cash flow and take on new business abroad. Exporters can borrow more with the same collateral, secure performance, bid bonds needed to...

Legislative and Federal Headlines

USDA Freezes $2.3B Supplemental Coronavirus Food Assistance Program Payments
Ag Web | Jan. 27 | Agriculture Finance | Disaster Recovery & Relief | Federal | Food Systems Finance | U.S. Dept. of Agriculture (USDA) | COVID-19

USDA Temporarily Suspends Debt Collections, Foreclosures, and Other Activities on Farm Loans
USDA | Jan. 27 | Access to Capital | Agriculture Finance | Disaster Recovery & Relief | Federal | U.S. Dept. of Agriculture (USDA) | COVID-19

IRS Notice Provides COVID-19 Relief to QOFs, OZ Investors, OZ Businesses
Novogradac | Jan. 20 | Federal | Internal Revenue Service (IRS) | Opportunity Zones

EPA Announces $96M WIFIA Loan to King County, Washington to Improve Water Quality in Puget Sound
U.S. EPA | Jan. 20 | Federal | U.S. Environmental Protection Agency (EPA) | Water Finance

SBA and Treasury Announce PPP Re-Opening; Issue New Guidance
U.S. SBA | Jan. 8 | Access to Capital | Disaster Recovery & Relief | Economic Development | Federal | U.S. Dept. of Treasury | U.S. Small Business Administration (SBA) | COVID-19

New PPP Guidance Issued by SBA, Treasury
Journal of Accountancy | Jan. 7 | Disaster Recovery & Relief | Federal | Revolving Loan Funds (RLFs) | U.S. Dept. of Treasury | U.S. Small Business Administration (SBA) | COVID-19



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


Council of Development Finance Agencies
100 E. Broad Street, Suite 1200
Columbus, OH 43215
(614) 705-1300
info@cdfa.net

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