CDFA Legislative and Federal Affairs Update - July 2, 2019
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| Legislative Features |
CDFA to Hold Q2 2019 Legislative Update on July 10
The CDFA Legislative Team will be hosting its second Quarterly Legislative Update of 2019, where we'll discuss the latest news on CDFA advocacy efforts. The primary topics for discussion will include a progress report on pending CDFA legislation, a discussion of other pending development finance legislation, as well as what to expect from Congress in the coming months.
Senate Passes Indian Economic Development and Self-Governance Bills
Senator John Hoeven (R-ND), Chairman of the Senate Committee on Indian Affairs, announced that the United States Senate has approved two pieces of legislation he introduced to promote tribal economic development and self-governance: The PROGRESS for Indian Tribes Act (S.209), and The Indian Community Economic Enhancement Act of 2019 (S.212).
House Appropriations Bill Allocates $86.6B for Transportation
The House of Representatives passed a five-bill appropriations package allocating $86.6 billion to the Department of Transportation, $167 million more than in 2019. The funds would be dispersed to BUILD grants, the Federal Highway Administration, Federal Transit Administration, and port infrastructure among others.
Lawmakers Propose 'Neighborhood Homes' Tax Credit
NHIA tax credits would fuel rehabilitation of deteriorated single-family homes. Sponsors could use the credits to raise investment capital for their projects, and the investors could claim the credits against their federal income tax when the homes are sold and occupied by middle-income home buyers.
Proposed Legislation Would Extend NMTC and Increase CA LIHTC Allocation
H.R. 3301, The Taxpayer Certainty and Disaster Tax Relief Act of 2019, would extend the NMTC through the end of 2020 with an increase in allocation authority from $3.5 billion to $5 billion. The bill would also increase California's low-income housing tax credit allocation for 50% of the combined state ceilings for 2017 and 2018.
Bill Would Allow PAB Use for Carbon Capture
Sens. Rob Portman and Michael Bennet have introduced the Carbon Capture Improvement Act, which would allow PABs to finance the equipment necessary to capture carbon dioxide emissions and inject them into the ground.
Bipartisan Group of Lawmakers Introduce Affordable Housing Credit Improvement Act
A bipartisan group of lawmakers in the Senate and House just introduced the Affordable Housing Credit Improvement Act of 2019 (AHCIA). It is a comprehensive expansion of the Low-Income Housing Tax Credit Program. Six provisions are new, and twenty provisions are from previously introduced legislation.
What's in the Disaster Aid Package for States and Localities?
Congress has passed a $19 billion aid bill to help places recover from natural disasters that have struck over the last two years. The legislation includes nearly $2.5 billion for CDBG-DR, $3 billion for USDA farmer assistance programs, and $600 million for EDA grants for long-term recovery in areas affected by major disasters in 2018 and 2019.
Bill with CDRLF Funding, Increased CDFI Fund Passes House Subcommittee
The House Appropriations Subcommittee on Financial Services and General Government passed its legislation for the fiscal year 2020. The bill would fund the Treasury's Community Development Financial Institutions (CDFI) Fund at $300 million for FY2020, a $50 million increase from last year's $250 million.
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| Upcoming Events |
CDFA Quarterly Legislative Update: 2019 Q2
July 10, 2019 - 2:00 PM Eastern
The CDFA Legislative Team will be hosting its second Quarterly Legislative Update of 2019, where we'll discuss the latest news on CDFA advocacy efforts. The primary topics for discussion will include a progress report on pending CDFA legislation, a discussion of other pending development finance legislation, as well as what to expect from Congress in the coming months
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| Federal Features |
IRS to be Modernized with Passage of Taxpayer First Act
H.R. 3151 is now the law of the land. The Taxpayer First Act revises requirements for the Internal Revenue Service (IRS) regarding its organizational structure, customer service, enforcement procedures, cybersecurity and identity protection, management of information technology, and use of electronic systems.
SBA Releases FY18 Small Business Procurement Scorecard
The U.S. Small Business Administration's release of the Fiscal Year 2018 Small Business Federal Procurement Scorecard shows a record-breaking $120.8 billion in prime federal contracts – 25.05% of the federal contracting dollars - were awarded to small businesses.
EDA Invests $600K in OH Community that Lost GM Plant
The U.S. Department of Commerce's Economic Development Administration (EDA) is awarding a $600,000 grant to the Eastgate Regional Council of Governments of Youngstown, Ohio, to contract a recovery coordination team following the recent non-allocation of the General Motors Lordstown facility and the historic downturn of the coal economy.
USDA Farm Bill Implementation Progress Update
U.S. Secretary of Agriculture Sonny Perdue announced an update on the implementation status of the 2018 Farm Bill. President Trump signed this Farm Bill into law on December 20, 2018, and the U.S. Department of Agriculture (USDA) promptly began implementing key programs. In addition, USDA held several listening sessions with stakeholders and the public specific to each agency's respective mission areas.
OFA Launches Map Overlaying OZs with Congressional Districts
The Opportunity Funds Association, in partnership with OpportunityDB, has created a mapping tool that overlays congressional districts with each of the 8,761 Opportunity Zones.
U.S. EDA Prioritizes Applications for Projects Located in Opportunity Zones
The U.S. Economic Development Administration has added Opportunity Zones as an agency Investment Priority. This new Investment Priority will significantly increase the number of catalytic Opportunity Zone-related projects that EDA can fund to spur greater public investment in these areas.
Final IRS Rules Leave States Few Options for Evading the SALT Cap
The 2017 tax overhaul imposed a $10,000 cap on state and local tax (SALT) deductions. In response, some states changed their rules to let people "pay" some of their state and local taxes into a charitable trust because federal tax reform did not cap the deductibility of charitable contributions. The IRS has now closed the charitable deduction loophole - and did so in a way that charities say will have a far-reaching impact.
SBA Launches Growth Accelerator Fund Competition to Award $3M for Startups
The U.S. Small Business Administration (SBA) has announced the fifth round of its Growth Accelerator Fund Competition to recognize innovative accelerators, including incubators, co-working startup communities or other similar models, to compete for prizes of $50,000 each for a total of $3 million.
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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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| New Additions to the Online Resource Database |
MOU Between the US EPA and the DHS FEMA Pertaining to State Revolving Fund Programs
Disaster Recovery & Relief | Federal | Revolving Loan Funds (RLFs) | State Finance Program | U.S. Environmental Protection Agency (EPA) | Water Finance
Memorandum of Understanding between the United States Environmental Protection Agency and the Department of Homeland Security Federal Emergency Management Agency Regarding Coordination between EPA and FEMA Pertaining to State Revolving Fund Programs.
State Farm to School Policy Handbook 2018
Agriculture Finance | Community Development | Food Systems Finance | Legislative
The State Farm to School Policy Handbook: 2002-2018 is a tool for those working to advance the farm to school movement, whose core elements include local food procurement, school gardens, and food and agriculture education. The Handbook summarizes and analyzes bills and resolutions introduced between January 1, 2002, and December 31, 2018, from the 50 states, the District of Columbia, and the U.S. territories. It enables users to search bills by both jurisdiction and topic.
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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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Council of Development Finance Agencies
100 E. Broad Street, Suite 1200
Columbus, OH 43215
(614) 705-1300
info@cdfa.net
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