CDFA is pleased to announce the release of the Annual Volume Cap Report: An Analysis of 2017 Private Activity Bond & Volume Cap Trends. The report provides complete data of the use of volume cap and the issuance of cap-subject private activity bonds nationwide and is featured in The Bond Buyer.

The Small Business Access to Capital and Efficiency (ACE) Act (H.R. 6348), introduced by Reps. John Curtis (R-UT) and Dwight Evans (D-PA) passed the House on September 25th, along with four other small business support bills. HR 6348 would update the SBA 504 Loan Program's commercial real estate appraisal threshold.

The Protecting Family and Small Business Tax Cuts Act of 2018 passed the House 220 to 191 on September 28. The legislation also would make permanent the $10,000 cap on the federal SALT deduction, and make permanent the lower individual tax rates that are scheduled to expire at the end of 2025. No bond provisions are included in the bill.

The Municipal Bonds for America Coalition has increased its political activism as it recently hosted a campaign fundraiser for Rep. Richard Neal (D-MA), and hosted a Capitol Hill briefing for congressional staff. CDFA is an original member of MBFA.

Ohio's Rep. Tim Ryan is sponsoring legislation in Congress to increase funding for urban blight cleanup across the country. Ryan, a Democrat, introduced the bill along with Republican William McKinley of West Virginia. The Clean Up Our Neighborhoods Act Of 2018 authorizes federal grants to support and amplify local community blight clearing efforts.

On September 13 the U.S. House of Representatives passed S. 2800, the Water Resources Development Act. The bill reauthorizes WIFIA, the Drinking Water State Revolving Fund, the Clean Water Act, and authorizes $6.1 billion for Army Corps of Engineers studies.

The GAIIN Act, HR 6104, would help fund critical infrastructure projects in the poorest areas of the nation. The GAIIN Act would direct Treasury to sell off distressed debt held by the USDA, and use 50 percent of the revenue generated to be spent on infrastructure investment in poor communities.

Based on legislation previously adopted by Congress in response to 9/11, Hurricane Katrina, and flooding in the Midwest, the recommendations lay out what the National Association of Bond Lawyers suggests are the most important components of comprehensive, permanent disaster recovery legislation.

In August, Senators Bob Menendez (D-N.J.) and Mike Crapo (R-Idaho) re-introduced bipartisan legislation, S.3358, the Sustainable Water Infrastructure Investment Act of 2018, which would modify the tax code to remove state volume caps on the issuances of government private activity bonds (PABs) used by water and wastewater systems for infrastructure investment.

39 programs funded by the USDA are in limbo after the Farm Bill expired. Notable programs affected include the Rural Microentreprenuer Assistance program, Agricultural Product Market Development Grants, and the Small Watershed Rehabilitation program.

The WIFIA program is getting ready to host another round of information sessions—both in-person and via webinar-- over the next few months. For each session, WIFIA staff will be available for 30-minute individual meetings to learn more about your project and answer specific questions.

Manny Friedman's $6.9 billion hedge fund firm, EJF Capital, is raising money for real estate projects in low-income neighborhoods, seeking to take advantage of the Opportunity Zones incentive. EJF is seeking to raise about $500 million for the Fund.

September marks the on year anniversary of Hurricanes Harvey, Irma and Maria. Over the past year, EDA's regional offices have been working closely with Economic Development Districts (EDDs), federal, state and local officials and other partners in areas impacted by the hurricanes to assist with economic recovery and growth.

The near-death experience that private activity bonds went through in 2017 under tax reform helped boost their issuance to $24.9 billion last year. That's a 22% jump from the $20.4 billion reported in 2016 when Illinois did not participate in the annual survey the CDFA conducts of PAB issuance under state volume caps.

OMB's Office of Information and Regulatory Affairs has acknowledged receipt of proposed regulations from Treasury to provide guidance concerning capital gains invested in Opportunity Zones pursuant to provisions under the new U.S. tax law. The proposed regulations will be released once OIRA review is completed.

In recent years, state emissions credit programs and policy have sought to incentivize only renewable electricity generation, leaving out other sources of zero-emissions generation. But that legislative and regulatory landscape is changing rapidly.

Interest in opportunity zones is abundant. Information is not. That's why more than 200 investors, local leaders and policymakers from more than 40 states turned up at Georgetown for an opportunity zone pow-wow hosted by the Beeck Center and the Council of Development Finance Agencies.

Transit advocates believe that the Trump administration may be intentionally slowing down the process for local agencies to get the money they need to build projects like light rail, streetcars and bus rapid transit. The US DOT is sitting on nearly $1.8 billion for projects that are ready or nearly ready for final federal approval.

Enterprise Community Partners is joining forces with Rivermont Capital and Beekman Advisors to launch an "Opportunity Fund" focused on local business development and entrepreneurship. The Rivermont Enterprise Emergent Communities Fund, targeted at $250 million, will invest in small towns and rural areas in the Southeast.