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CDFA Legislative and Federal Affairs Update - October 4, 2022

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Legislative and Federal Affairs Update
October 4, 2022
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Legislative and Federal Affairs Update

Legislative Features

CDFA Joins with NMTCC to Tell Congress to Make the New Markets Tax Credit Permanent
CDFA joined the New Markets Tax Credit Coalition (NMTCC) in urging Congress to make the new market tax credit (NMTC) permanent as part of the end-of-the-year legislative package. The NMTC has a 20-year record of financing small businesses, daycare centers, business incubators, manufacturing expansions, and other revitalization projects that strengthen communities and generate long-term economic growth.

California to Receive Up to $1.1B for State's SSBCI Plan
The U.S. Department of the Treasury announced the approval of California's application for funding under the State Small Business Credit Initiative (SSBCI) for up to $1.1 billion. With its SSBCI funds, California will operate six programs expected to create jobs, drive key investments in underserved entrepreneurs, and increase small business lending over the long term.

Green Banks Just Got a Power Boost with the Inflation Reduction Act
The Inflation Reduction Act contains a long-in-the-making climate policy poised to supercharge the green banks' ability to support the US ambitious climate goals while making the energy transition more inclusive. The bill's landmark $369B climate and energy spending package provides $27B for the Greenhouse Gas Reduction Fund for the U.S. EPA to kick-start projects aimed at lowering the country's greenhouse gas emissions.

Flagstaff, AZ Gets $32.5M in Infrastructure Act Funds
Federal officials announced the release of $32.5M for pedestrian improvements along Flagstaff's Downtown Mile, the largest portion of what one official said will be biggest transit investment in the city in years. The Flagstaff project was one of 26 announced by the U.S. Department of Transportation, part of a $1.5B released in the latest round of funding under the Bipartisan Infrastructure Act.

North Carolina to Receive $100M Grant Under Bipartisan Infrastructure Law for I-85 Corridor
North Carolina will receive $100M in federal grant funding from the Bipartisan Infrastructure Law to make improvements along the vital corridor of Interstate 85 between Charlotte and the South Carolina line. The N.C. Department of Transportation will receive $100M in Infrastructure Rebuilding America (INFRA) grant funding for its I-85 Funding Transportation Utilizing Resilient, Equitable Solutions project

Nevada Congressman Announces $5.2M for Walker River Paiute Tribe Water Infrastructure
Congressman Steven Horsford announced a $5.2M grant from U.S Department of Commerce's Economic Development Administration for the Walker River Paiute Tribe in Schurz, NV. The funding will be used to boost business development and job growth in the region by improving the local water system infrastructure and is made possible by the American Rescue Plan Act.

Historic Climate Legislation Called a Game Changer for Black America
As the U.S. House of Representatives takes up the more than $700B economic package that includes healthcare, tax, and climate change, White House officials and climate justice activists said the bill would greatly benefit people of color.

Upcoming Events
CDFA National Development Finance Summit

CDFA // BNY Mellon Development Finance Webcast Series: Financing Tools to Invest in Clean Energy
Tuesday, October 18, 2022 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, experts will provide an overview of the resources and financing tools - such as PACE financing, green bonds, and energy tax credits - that can help communities seize the benefits of investing in clean energy.

CDFA Federal Financing Webinar Series: Tools for Rural Communities from USDA
Tuesday, October 25, 2022 - 2:00 PM - 3:30 PM Eastern
This session of the Federal Financing Webinar Series will highlight the resources available at the U.S. Department of Agriculture for financing broadband, food systems, healthy food access, and small businesses – all with a focus on rural areas.

Federal Features

EPA Launches New National Office to Advance Environmental Justice and Civil Rights
The US EPA announced that it is establishing the Office of Environmental Justice and External Civil Rights. The new office will oversee the implementation and delivery of a $3B climate and environmental justice block grant program created by the Inflation Reduction Act, a critical component of the law's historic $60 billion investment in environmental justice.

Water Treatment Plants Project in Nashville, TN Receives $315M WIFIA Loan
The Nashville, TN-based Metro Water Services received a $315M WIFIA loan to increase water treatment capacity, reduce emerging contaminants, and mitigate water quality issues during extreme weather events.

U.S. Economic Development Administration Awards $3B in American Rescue Plan Funding
As of September 27, 2022, the Economic Development Administration has processed and awarded all of the $3B in American Rescue Plan funding. The money funded 780 grants and is expected to generate more than $20B of private investment and to create, save, or place 220,000 jobs.

USDA to Spend $500M for High-Speed Internet in Rural America
The U.S. Department of Agriculture will send more than $500M in loans and grants to telecommunications providers to bring high-speed internet to rural areas across 20 states. The department will spend $360M in grants and $141M in loans through its ReConnect Program to benefit sparsely populated communities, including in Alaska, Colorado, Kansas, Nebraska, Michigan, Minnesota, Iowa, Missouri, Montana, North Carolina, Oregon and Tennessee.

Biden Administration Announces $8.28B Investment in CDFIs and MDIs
The Department of the Treasury has made over $8.28B of investments in 162 community financial institutions across the country through the Emergency Capital Investment Program (ECIP). These funds will support the efforts of community financial institutions to provide loans, grants, and other assistance to small and minority-owned businesses and consumers, especially in low-income and financially underserved communities that struggled during the COVID-19 crisis. 

Colorado to Receive $121M From EPA for Clean Watersheds and Drinking Water
The U.S. Environmental Protection Agency awarded $121M in Bipartisan Infrastructure Law funding to Colorado for water infrastructure improvements. The grant marks the first significant distribution of water infrastructure funds thanks to the Bipartisan Infrastructure Law. State allocations were previously announced.

EPA Delivers Over $63M in Water Infrastructure Funding to Vermont
The US EPA awarded over $63M in Bipartisan Infrastructure Law funding to Vermont for water infrastructure improvements. Planned projects in Vermont that the Bipartisan Infrastructure Law will fund include lead line replacement projects, as well as projects to address PFAS contamination. A host of other projects are slated for funding in the state through this new increase in funding.

USDA Invests $75M in Rural West Virginia Water Infrastructure
The USDA announced a $75M investment that will provide clean drinking water and sanitary wastewater systems to thousands of rural people residing in Greenbrier County, WV. The investments are being made through USDA's Water and Waste Disposal Loan and 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 Homeland Security (DHS)

Flood Mitigation Assistance Program
FMA provides funding to States, Territories, federally-recognized tribes and local communities for projects and planning that reduces or eliminates long-term risk of flood damage to structures...

Agency Seal U.S. Dept. of Housing & Urban Development (HUD)

Title VI Tribal Housing Activities Loan Guarantee Program
The Title VI Tribal Housing Activities Loan Guarantee Program guarantees loans for financing eligible affordable housing activities and affordable housing-related community development activities.

Agency Seal U.S. Dept. of Justice (DOJ)

National Institute of Justice Grants and Agreements
The National Institute of Justice (NIJ) provides objective, independent, evidence-based knowledge and tools to meet the challenges of crime and justice, particularly at the state and local levels.

Agency Seal U.S. Dept. of the Interior (DOI)

Land and Water Conservation Fund
The LWCF program is intended to create and maintain a nationwide legacy of high quality recreation areas and facilities and to stimulate non-federal investments in the protection and maintenance of...

Legislative and Federal Headlines

2023 Multipurpose, Assessment, RLF, and Cleanup Grant Resources From EPA
U.S. EPA | Oct. 3 | Brownfield Financing | Economic Development | Federal | Redevelopment | U.S. Environmental Protection Agency (EPA)

San Diego, CA Receives $225M WIFIA Loan for Storm Water Improvement Program
EPA | Oct. 3 | Access to Capital | Development Finance Toolbox | Federal | Infrastructure Finance | U.S. Environmental Protection Agency (EPA) | Water Finance | Understanding Access to Capital | Water Finance | WIFIA | Water Infrastructure Finance and Innovation Act (WIFIA)

Pennsylvania Receives $240M to Improve Water Infrastructure
Water & Wastes Digest | Sep. 28 | Access to Capital | Federal | Infrastructure Finance | Legislative | Water Finance | Water Finance | Drinking Water | Sewage & Waste

USDA Providing Up to $20M for Construction of On-Farm Grain Storage Facilities Damaged in Natural Disasters
DRG News | Sep. 27 | Access to Capital | Agriculture Finance | Disaster Recovery & Relief | Federal | Rural Development | U.S. Dept. of Agriculture (USDA) | COVID-19 | Case Studies

North Carolina to Receive $39.4M for EV Infrastructure Development Plan
WECT | Sep. 27 | Access to Capital | Energy Finance | Federal | Green Finance | Infrastructure Finance | Understanding Access to Capital | Case Studies | Transportation

Iowa Finance Authority Awards $10M in Federal Housing Tax Credits for Rental Units
River Cities Reader | Sep. 21 | Economic Development | Federal | Housing Finance | Tax Credits

U.S. Treasury Requests Public Comment on $200M SSBCI TA Funds
Federal Register | Sep. 20 | Access to Capital | Disaster Recovery & Relief | Federal | Legislative | State Small Business Credit Initiative (SSBCI) | U.S. Dept. of Treasury | Treasury State Small Business Credit Initiative (SSBCI) | COVID-19 | State Small Business Credit Initiative (SSBCI)

Up to $169M in Brownfield Grants Available
EP Online | Sep. 16 | Access to Capital | Brownfield Financing | Development Finance Toolbox | Federal | U.S. Environmental Protection Agency (EPA) | Case Studies

Tampa Bay, FL Area to Receive Millions for Supply Chain Projects Under Infrastructure Bill
Bay News 9 | Sep. 15 | Access to Capital | Federal | Infrastructure Finance | Legislative | U.S. Dept. of Transportation (DOT) | Transportation

First 35 State Plans for EV Charging Infrastructure Approved
Federal Highway Administration | Sep. 14 | Access to Capital | Energy Finance | Federal | Infrastructure Finance | Legislative | Smart Growth | Case Studies | Transportation

$105M in SSBCI Funding for Nevada Small Businesses Approved
KOLO 8 | Sep. 14 | Access to Capital | Disaster Recovery & Relief | Federal | State Small Business Credit Initiative (SSBCI) | U.S. Dept. of Treasury | Treasury State Small Business Credit Initiative (SSBCI) | COVID-19

Tennessee State Senator Powers Announces $15M Grant for Water Infrastructure Improvements in Clarksville
Clarksville Online | Sep. 14 | Access to Capital | Disaster Recovery & Relief | Federal | Infrastructure Finance | Legislative | Water Finance | COVID-19 | Water Finance | Case Studies | Case Studies

USDA Invests Nearly $2B, Leverages American Agriculture to Feed Kids & Families
USDA | Sep. 14 | Access to Capital | Agriculture Finance | Federal | Food Systems Finance | U.S. Dept. of Agriculture (USDA)

Maine Receives $77.1M for Roadway Projects Through Federal Infrastructure Program
Transportation Today | Sep. 13 | Access to Capital | Federal | Infrastructure Finance | U.S. Dept. of Transportation (DOT) | Transportation

$246M Awarded to Support Small Businesses Across Pennsylvania Under SSBCI Program
PA Governor Tom Wolf | Sep. 13 | Access to Capital | Development Finance Toolbox | Disaster Recovery & Relief | Federal | Legislative | State Small Business Credit Initiative (SSBCI) | U.S. Dept. of Treasury | Treasury State Small Business Credit Initiative (SSBCI) | COVID-19 | State Small Business Credit Initiative (SSBCI)

New Maps Will Help Decide Where $1B Goes for Pennsylvania Broadband
Go Erie | Sep. 12 | Community Development | Economic Development | Federal | Infrastructure Finance | Broadband

Florida's $488M SSBCI Plan Approved by State Department of Economic Opportunity
Newsbreak | Sep. 11 | Access to Capital | Disaster Recovery & Relief | Legislative | State Small Business Credit Initiative (SSBCI) | Treasury State Small Business Credit Initiative (SSBCI) | COVID-19

USDA Accepting Applications for $1B Rural High-Speed Internet Program
USDA | Sep. 9 | Access to Capital | Economic Development | Federal | Infrastructure Finance | Rural Development | Social Finance | U.S. Dept. of Agriculture (USDA) | Broadband | Case Studies

TEDCO Invests First $1M of Maryland's SSBCI Funds in Medcura
Maryland Daily Record | Sep. 8 | Access to Capital | Disaster Recovery & Relief | Federal | State Small Business Credit Initiative (SSBCI) | Treasury State Small Business Credit Initiative (SSBCI) | COVID-19

Governor Hochul Announces $475M in Tax Relief for 1.8M Low-Income New Yorkers
New York State | Sep. 8 | Legislative | Tax Credits

Black Farmers Look to Congress to Keep Them Tending to the Land
EBONY | Sep. 7 | Access to Capital | Agriculture Finance | Internal Revenue Service (IRS) | Legislative | Rural Development

Alaska Mariculture Industry Gets $49M Boost From Feds
Peninsula Clarion | Sep. 5 | Access to Capital | Agriculture Finance | Disaster Recovery & Relief | Federal | Food Systems Finance


New Additions to the Online Resource Database

SSBCI FAQ as of 09-27-22
Access to Capital | Disaster Recovery & Relief | Economic Development | Federal | State Small Business Credit Initiative (SSBCI)
On September 27, 2022, the U.S. Department of the Treasury issued this updated FAQ documents for the State Small Business Credit Initiative (SSBCI).

U.S. Treasury Requests Public Input on $200M in SSBCI TA Funds
Disaster Recovery & Relief | Federal | State Small Business Credit Initiative (SSBCI) | Access to Capital | Economic Development
The U.S. Treasury is authorized to provide up to $500M in support for small business TA programs and is inviting public comment on how it can use its authorities to fund TA to very small businesses and business enterprises owned and controlled by socially and economically disadvantaged individuals. Responses may be used to inform Treasury's future actions. Responses due by October 20, 2022.


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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CDFA National Sponsors

  • BNY Mellon
  • Bricker Graydon LLP
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
  • CohnReznick
  • Frost Brown Todd LLP
  • Grow America | Formerly NDC
  • Hawes Hill and Associates LLP
  • Hawkins Delafield & Wood LLP
  • Ice Miller LLP
  • KeyBanc Capital Markets
  • Kutak Rock LLP
  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
  • PGAV Planners, LLC
  • Raza Development Fund
  • SB Friedman Development Advisors
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
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