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Legislative and Federal Affairs Update - June 5, 2018

Legislative and Federal Affairs Update
June 5, 2018
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Legislative and Federal Affairs Update

Legislative Features

15 U.S. Senators Ask for CRA Changes in Letter
15 U.S. Senators sent a letter to the Chairman of the FDIC, the Chairman of the Federal Reserve Board of Governors, and the Comptroller of the Currency asking them to update the Community Reinvestment Act (CRA) to increase opportunities to members of minority groups. 

Congress Sends Bill to Make Some Munis HQLA to Trump
President Trump is expected to sign a bill passed by Congress on Tuesday that will make tradable, investment-grade municipal securities high-quality liquid assets under bank liquidity rules.The bill would roll back some provisions of the 2010 Dodd-Frank Act and ease the impact of the so-called Volcker Rule.

House Farm Bill Fails As Conservatives Revolt Over Immigration
The House rejected the $867 billion farm bill — after spending days negotiating with key conservatives in an attempt to pass the bill without the support of Democrats. The vote was 198-213, and every Democrat voted against the measure, as did 30 Republicans.

Tension Bubbles Up Over Water Infrastructure Bill in Senate
The American Water Works Association, the Association of Metropolitan Water Agencies and the Water Environment Federation have come out against the Securing Required Funding for Water Infrastructure Now Act, a bill that would blend elements of two federally-backed water and wastewater lending programs.

ASCE Seeks More Federal Money for Water Infrastructure
The president of the American Society of Civil Engineers is urging Senate committee members to both reauthorize funding for federal water infrastructure programs this year and follow that up with more money. The ASCE gave U.S. infrastructure a grade of "D plus" in 2017, estimating a $2 trillion investment gap.

U.S. House Passes "Spurring Business in Communities Act"
The U.S. House of Representatives has passed H.R. 4111, the "Spurring Business in Communities Act," which aims to boost small businesses in underrepresented states by giving them more access to capital and loans.

SSBCI: The Most Important Small Business Lending Program You've Never Heard Of
The State Small Business Credit Initiative, created as part of the Small Business Jobs Act of 2010, awarded one-time cash infusions totaling $1.5 billion to 47 states, the District of Columbia, five U.S. Territories, and municipalities in three states.

Rep. Lofgren Introduces Clean Energy Victory Bond Act
The Clean Energy Victory Bond Act of 2018 would, among other things, authorize the Secretary of the Treasury to issue $7.5 billion in Clean Energy Victory Bonds to promote the domestic development and deployment of clean energy technologies required for the 21st century.

Upcoming Events

CDFA Urban Finance Forum
June 6-7, 2018 - Cleveland, OH
Join CDFA in Cleveland, OH this June for the Urban Finance Forum. Limited to urban communities, the CDFA Urban Finance Forum will feature a panel of development finance experts from various federal agencies, as well as representatives from America's largest urban areas to discuss the future of urban development finance.

CDFA Federal Financing Webinar Series: U.S. Department of Agriculture (USDA)
June 14, 2018 - 2:00 PM Eastern
In this webinar, experts on USDA financing programs will be on hand to discuss the myriad rural development finance programs offered by the USDA, as well as how rural communities can effectively access and deploy USDA grants and loans. The focus of the webinar will be on the Community Facilities (CF) Program, the Rural Energy for America Partnership (REAP), and Rural Business Development Programs.

Federal Features

How the New U.S. Tax Law Affects Community Development Projects
As Congress cobbled together the biggest tax overhaul since 1986, they nearly wiped out the essential sources of funding for large-scale community development projects—namely, three federal tax credit programs that attract private investment for neighborhood revitalization.

Treasury Recommends CRA Modernization
The Treasury Department has recommended that federal banking regulators significantly update how they implement the Community Reinvestment Act (CRA) to reflect sweeping industry changes and serve communities better. The next move is up to the three federal banking agencies. 

EDA Launches 2018 Regional Innovation Strategies Program
The U.S. EDA has announced a Notice of Funding Opportunity for the 2018 Regional Innovation Strategies program competition. Up to $21 million is available through the program.

CDFI Fund Seeks Public Comment on NACA and CDFI Program
The CDFI Fund is soliciting comments concerning the CDFI Program and Native American CDFI Assistance Program (NACA Program) Disability Funds Financial Assistance Application, which will be submitted through the Awards Management Information System (AMIS). Comments must be received by July 24.

How GASB 77 is Aiding Development Finance Transparency
In 2015, the nonprofit Governmental Accounting Standards Board, which sets financial reporting standards for US state and local governments, issued the rule change in Statement 77. Although voluntary, most governments follow GASB rules because it helps them get higher bond ratings.

HUD Soliciting Section 108 Purchase Proposals
HUD is soliciting purchase proposals from firms interested in purchasing obligations guaranteed under Section 108. It is anticipated that successful firms selected under this solicitation will offer these obligations for sale to the public as members of an underwriting group within 8 to 12 weeks of selection.  

USDA Seeks Applications for Rural Water and Waste Disposal Projects
The USDA is seeking applications for rural water and waste disposal infrastructure projects, including planning grants. With the passage of the 2018 omnibus spending bill, up to $65 million in direct loans and $10 million in grants is available this fiscal year, which concludes on September 30.

How Trump Infrastructure Proposal Affects Superfund and Brownfields
The overall goal with the President's Infrastructure Plan as it relates to Brownfield and Superfund Sites is to incentivize contaminated property redevelopment and find ways to mitigate legal and financial risks for those seeking to do so. The plan would also amend the law to allow NPL Sites or portions of them to be eligible for Brownfield grants.

USDA Seeking Applications for RCDI Program
The Rural Housing Service (Agency), an agency within the USDA Rural Development mission area, has announced the acceptance of applications under the Rural Community Development Initiative (RCDI) program. Applicants must provide matching funds in an amount at least equal to the Federal grant.

USDOT Announces $1.5B NOFA for BUILD Grant Program
The Better Utilizing Investments to Leverage Development (BUILD) program will disburse $1.5 billion for surface transportation projects with significant local or regional impacts, including funding for roads, bridges, transit, rail or port support. The BUILD Grant program replaces the current TIGER Grant Program.

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 U.S. Dept. of Energy (DOE)

Tribal Energy Program
The program, part of DOE's Office of Energy Efficiency and Renewable Energy, provides financial and technical assistance to tribes to evaluate and develop their renewable energy resources and reduce...

Agency Seal U.S. Dept. of Health & Human Services (HHS)

NIH Common Fund
The Common Fund of the National Institutes of Health (NIH) has received over $540 million. The distribution goals of the Common Fund are the same as those for funds distributed to the NIH Institutes...

Agency Seal U.S. Dept. of Interior - National Park Services (NPS)

Preservation Grants
The National Park Service (NPS) of the U.S. Department of the Interior (DOI) awards grants to help protect our nation's significant historic and cultural sites and preserve our diverse cultural...

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

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