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CDFA Legislative and Federal Affairs Update - November 3, 2020

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Legislative and Federal Affairs Update
November 3, 2020
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Legislative and Federal Affairs Update


Last Chance to Register for CDFA's Virtual National Summit: Financing Our COVID Recovery
As Americans cast their ballots, CDFA believes this is the time to facilitate conversations focused on community improvement and combating the impact of COVID-19. There is still time to register for the 2020 CDFA Virtual National Summit as we explore the financing programs and resources available to mitigate the impacts of COVID-19. Join us, along with expert speakers from across the country, as we discuss, plan, and prepare for the development finance industry to lead the charge with our recovery.

Legislative Features

State and Local Ballot Measures Aiming to Finance Climate Action
In a year that virtually depleted municipal budgets, ballot-derived tax and funding measures can be crucial to support climate action. However, Smart Cities Dive has uncovered only a handful of local climate-related ballot measures included on November ballots, despite many local governments participating in comprehensive efforts to increase climate mitigation.

EDA Revolving Loan Fund Legislation Signed Into Law
On October 30, Congress enacted the Reinvigorating Lending for the Future Act of 2020. The legislation reforms the Economic Development Administration's (EDA) Revolving Loan Fund (RLF) program by eliminating the burdensome "in perpetuity" reporting requirements, and instead releases the federal interest in EDA RLFs after seven years. This change will provide more flexibility to EDA RLF operators in local communities across the U.S.

Infrastructure, Energy Investments Urgently Needed to Create U.S. Jobs
Despite a deep partisan divide, two worries appear to be top-of-mind for voters across the political spectrum — large-scale unemployment and the COVID-19 pandemic. The two problems are intertwined, of course, since the coronavirus crisis has plunged the U.S. economy into a major recession.

What a Senate Flip Means for Transportation
With many forecasters placing Democrats as slight favorites to win the Senate, this edition of Politico's Weekly Transportation newsletter comes with a committee primer to get you up to speed with what transportation policy might look like in a blue upper chamber.

Dow Falls More Than 650 Points as COVID-19 Cases Rise, Stimulus Hopes Fade
Stocks were down badly on Monday as U.S. daily coronavirus cases hit record highs and investors dealt with the likelihood that stimulus negotiations will not produce a bipartisan relief deal before Election Day. The Dow Jones Industrial Average closed with a loss of just more than 650 points after losing more than 900 points earlier in the day.

Senate Fails to Pass $500B COVID-19 Stimulus Package as Relief Talks Continue
The Senate on Wednesday failed to pass a $500 billion COVID-19 stimulus package as relief negotiations drag on less than two weeks before Election Day. The bill would have given a federal boost to weekly unemployment benefits, sent $100 billion to schools, and allocated funding for testing and vaccine development.

White House Pivots Again on Stimulus Negotiations After Bipartisan Backlash
The White House again pivoted its approach to stimulus negotiations on Sunday, with the president's aides pushing for immediate action on a narrow measure after the administration's $1.8 trillion proposal was rebuffed by members of both parties.

Stand-Alone Airline Bill Under Discussion After Broader Coronavirus Aid Stalls
One day after pulling the plug on a new coronavirus relief package, the Trump administration made a push for piecemeal legislation to help the pandemic-battered airline industry. Treasury Secretary Steven Mnuchin called Speaker Nancy Pelosi on Wednesday morning to inquire about a separate aid package for airlines.

President Trump Cuts Off Stimulus Relief Talks Until After Election, Upending Aid Prospects
Economic relief talks screeched to a halt Tuesday as President Trump ordered Treasury Secretary Steven Mnuchin, via a series of tweets, to stop negotiating with House Speaker Nancy Pelosi until after the election. Trump's surprising announcement stood in stark contrast with recommendations from Federal Reserve Chair Jerome H. Powell.

Upcoming Events
CDFA Virtual National Summit: Financing Our COVID Recovery

CDFA // BNY Mellon Development Finance Webcast Series: Financing Resilient Infrastructure
Tuesday, November 17, 2020 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will analyze how to finance the built environment to mitigate disaster and protect human life.

CDFA-PFM Capital Markets Webinar Series: An Advanced Discussion on Ratings
November 19, 2020 - 2:00 - 3:30 PM Eastern
During this installment of the CDFA-PFM Capital Markets Webinar Series, we will gather experts from the leading rating agencies for a timely discussion on ratings, long-term outlooks, and how municipal advisors determine the importance of rating deals.

Federal Features

Economics in Brief: The Depleted CARES Act Leaves More in Poverty Than Before Pandemic
Two new studies, one by Columbia University's Center on Poverty and Social Policy, the other by researchers at Universities of Chicago and Notre Dame, have found that since that federal aid from the CARES Act has dried up, poverty rates have risen to higher levels than before the pandemic. The latter study found that poverty rates have affected Black families disproportionately.

USDA Issued Billions in Subsidies This Year, but Black Farmers Are Still Waiting on Their Share
The federal government is projected to issue record subsidies to farmers across America this year. The cash has been a boon to a significant part of President Donald Trump's rural base, particularly in the run-up to the election next week. However, Black farmers, whose numbers have been dwindling for generations for many reasons, say they have yet to see any big changes to keep their farms afloat.

Fed Will Wait to Decide on MLF Extension
Municipal market conditions at the end of this calendar year will determine whether the Federal Reserve and Treasury decide to continue to operate the Fed's Municipal Liquidity Facility beyond Dec. 31. That was the message delivered by Kent Hiteshew, deputy associate director of the Fed's Division of Financial Stability.

Main Street Loan Demand Surges on Cerebro Capital's Platform
Cerebro Capital, a commercial loan platform, announced that middle-market borrowers have been actively using Cerebro's platform to help secure over $300 million of the Federal Reserve's Main Street Lending Program (MSLP) loans over the past five months. In October alone, Cerebro clients have closed over $60 million in MSLP loans, representing the largest increase in MSLP loan activity Cerebro has seen.

USDA Invests $891M in Rural Water and Wastewater Infrastructure Improvements in 43 States
The USDA is investing $891 million to modernize rural drinking water and wastewater infrastructure in 43 states. The Water and Waste Disposal Loan and Grant Program provides funding for clean and reliable drinking water systems, sanitary sewage disposal, sanitary solid waste disposal, and stormwater drainage to households and businesses in eligible rural areas with populations of 10,000 or less.

U.S. Department of Transportation Announces Over $220M in Grants for America's Ports
The U.S. Department of Transportation Secretary Elaine L. Chao today announced the award of more than $220 million in discretionary grant funding to improve port facilities in 16 states and territories through the Maritime Administration's (MARAD) Port Infrastructure Development Program.

Virginia Water Reuse Project Awarded $225M WIFIA Loan
The EPA has awarded a $225 million Water Infrastructure Finance and Innovation Act (WIFIA) loan to the Hampton Roads Sanitation District (HRSD). This WIFIA loan represents the first loan provided under an agreement that will commit $1.05 billion in WIFIA assistance to help finance one of the first major water reuse programs on the east coast of the United States.

U.S. Department of Commerce Launches $25M SPRINT Challenge to Address Pandemic Through Entrepreneurship and Innovation
The U.S. Department of Commerce announced the opening of the EDA new Scaling Pandemic Resilience Through Innovation and Technology (SPRINT) Challenge, which will enable organizations across the country to address the economic, health, and safety risks caused by the coronavirus pandemic through entrepreneurship and innovation. The SPRINT Challenge is a $25 million national competition funded by the CARES Act.

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 Defense (DOD)

Economic Adjustment Assistance for State Governments
The Economic Adjustment Assistance for State Governments program provides technical and financial assistance to a State, or an entity of State government, to enhance its capacities to assist...

Agency Seal U.S. Dept. of Education (DoED)

Historically Black College and University (HBCU) Capital Financing Program
The goal of the program is to provide low-cost capital to finance improvements to the infrastructure of the nation's historically black colleges and universities (HBCUs).

Agency Seal U.S. Dept. of Energy (DOE)

Energy Savings Performance Contracts
These 2 programs assist federal, state, and local agencies to develop energy savings performance contract (ESPC) projects that help agencies meet energy efficiency, renewable energy, water...

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...

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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CDFA National Sponsors

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  • Fifth Third Bank
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