CDFA Rural Development Finance Update - October 17, 2023
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Don't Miss the 2023 CDFA National Development Finance Summit
CDFA is traveling to Philadelphia, PA, for the 2023 National Development Finance Summit November 8-10! Join us for CDFA training courses, targeted breakout sessions, networking events, and workshops you can't get anywhere else. Register today!
CDFI Fund Announces $300M Issued under the Bond Guarantee Program
The U.S. Department of the Treasury's Community Development Financial Institutions (CDFI) Fund announced that Treasury will issue three guarantees to eligible CDFIs totaling $300 million under the CDFI Bond Guarantee Program. Nearly $2.5 billion has been guaranteed since the inception of the CDFI Bond Guarantee Program, which provides long-term, low-cost, fixed-rate capital for projects in low-income and distressed urban, rural, and Native communities.
CDFA is Proud to Present our Rural Development Finance Toolkit!
The Rural Development Finance Toolkit provides an overview of the tools in the development finance toolbox - such as bonds, tax increment finance, tax credits, and revolving loan funds - and how they can direct and attract capital to rural businesses and projects. This toolkit features comprehensive case studies to provide examples of how tools can be implemented to spur growth and resiliency in rural communities.
$6.5M for Electric Grid Upgrades to Support Rural Economic Development in Maine
The program – an initiative of the Department of Economic and Community Development (DECD), the Governor's Energy Office (GEO), and the Maine Technology Institute (MTI) – will provide grants to fund electric grid upgrades for businesses, with an emphasis on rural, energy-intensive industries, such as agricultural and food systems, seafood harvesting, forestry, manufacturing, and housing.
DFC Makes More Than $9.1B in Financial Commitments for Fiscal Year 2023
With more than $9.1 billion committed to new projects in Fiscal Year 2023 (FY23), the U.S. International Development Finance Corporation (DFC) has increased its commitments markedly year-over-year since its establishment in 2019. The commitments align with DFC's five priority sectors: energy, infrastructure, health, agribusiness, and small business support.
Evernorth Rural Ventures Awarded $60M in NMTC for New England Communities
Evernorth Rural Ventures, a subsidiary of Evernorth, was awarded its 7th allocation of New Markets Tax Credits (NMTC). They received a $60 million allocation to continue their successful economic and community development work in low-income areas in New England.
Rural Communities in Washington to Benefit From Nearly $5M in New State Clean Energy Fund Investments
The Washington State Department of Commerce announced seven grants totaling $4.76 million from the state's Clean Energy Fund to enhance dairy digesters and advance clean energy in rural communities. These investments will result in improved air and water quality or soil health, reductions in greenhouse gas emissions, and local economic benefits.
CDFI Awards Rural Development Partners $50M in NMTC Authority
Rural Development Partners (RDP) was awarded $50 million in New Markets Tax Credit (NMTC) authority from the U.S. Department of the Treasury's CDFI Fund. RDP has financed 47 projects to date, spurring economic growth, providing food access, and creating quality jobs accessible to low-income workers in underserved communities nationwide.
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Upcoming Events |
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USDA Rural Development News |
West Virginia Department of Agriculture Receives $184K in Specialty Crop Block Grants
Three West Virginia agriculture programs will share in more than $184,250 in U.S. Department of Agriculture (USDA) Specialty Crop Block Grants for Fiscal Year 2023. These grants will help the West Virginia Department of Agriculture (WVDA) fund projects that enhance the competitiveness of specialty crops in the State and support crop growers through marketing, education, and research.
USDA Invests Over $5M to Strengthen Rural Iowa Communities and Businesses
The U.S. Department of Agriculture (USDA) is investing $4.8 million in loans and $268,500 in grants to 13 rural Iowa projects to help communities and businesses improve community infrastructure and promote economic development. These investments will help rural communities establish and operate vital services, such as health care facilities, volunteer fire departments, and school transport.
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Rural Development Finance News |
Twenty-Three Hospitals in North Dakota Form New Network to Strengthen Rural Healthcare
Yahoo!Finance | Oct. 12 | Healthcare | Rural Development | State Finance Program
Rehabilitation of 52-Unit Affordable Housing Development in Wyoming County, NY
New York State | Oct. 12 | Federal | Housing Finance | Rural Development | Tax Credits
Federal Funds Left Over After Nevada State Officials Cancel Two Public Health Projects
nvleg | Oct. 12 | Federal | Healthcare | Housing Finance | Rural Development | State Finance Program
Appalachian Voices Receives $400K from U.S. Department of Energy for Building Upgrades
Appalachian Voices | Oct. 12 | Energy Finance | Federal | Rural Development | U.S. Dept. of Energy (DOE)
Tractor Supply Awards $850K in Grants Through Partnership With American Farmland Trust
Yahoo!Finance | Oct. 11 | Agriculture Finance | Rural Development
Growth Partners Arizona Receives $250K Grant to Expand Funding to Rural Communities
Yahoo!Finance | Oct. 11 | Access to Capital | Community Development | Economic Development | Rural Development
New Mexico Housing Authority Announces $5M in Housing Loans, Grants
Y!News | Oct. 9 | Housing Finance | Rural Development
North Carolina Budget Includes $70M for Large Animal Hospital, Equine Veterinary Center
Yahoo!Finance | Oct. 9 | Agriculture Finance | Rural Development | State Finance Program
Plugged In: Road to Justice for Black Farmers Leads Through Flexible Finance
ImpactAlpha | Oct. 8 | Access to Capital | Agriculture Finance | Rural Development
Main Street Health Announces $315M Financing Round to Expand Into 26 States
Yahoo!Finance | Oct. 8 | Access to Capital | Healthcare | Rural Development
RuralWorks Aims to Boost Rural Economies, Climate-Smart Agriculture, Local Food Systems
Forbes | Sep. 30 | Access to Capital | Agriculture Finance | Community Development | Food Systems Finance | Resiliency | Rural Development
Funding to Advance Housing, Infrastructure, and Economic Development in Michigan
Agriculture & Rural Development | Sep. 29 | Housing Finance | Infrastructure Finance | Rural Development
Governor Abbott Announces $4.5M for Rural Emergency Hospitals in Texas
Office of the Texas Governor | Sep. 25 | Healthcare | Rural Development
More Than $5.2B Invested in Main Street Communities in North Carolina Since 1980
Bladen Journal | Sep. 25 | Community Development | Economic Development | Rural Development
Highland County, OH Land Bank Board Selects More Properties for Demolition, Cleanup
The Highland County Press | Sep. 22 | Brownfield Financing | Redevelopment | Rural Development
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CDFA Resources |
DevelopOhio Economic Incentives Toolkit - An Effective Economic Development Toolkit for Growth and Job Creation
Bond Finance | Brownfield Financing | Economic Development | Energy Finance | Historic Preservation | Infrastructure Finance | Opportunity Zones | Redevelopment | Rural Development | Tax Credits
This guide from Bricker Graydon outlines the array of tools with which Ohio economic development practitioners can intervene to stimulate or induce development to occur — or occur sooner than market forces sometimes allow — in their communities. This guide also assists practitioners by identifying programs, clarifying changes to existing programs, and introducing effective new options to consider. If knowledge is power, this guide provides practitioners with the unique ability to empower their communities or businesses to accomplish a variety of economic development objectives.
2023 Rural Development Finance Toolkit
Access to Capital | Bond Finance | Incentives | Revolving Loan Funds (RLFs) | Rural Development | Tax Credits | Tax Increment Finance (TIF)
The purpose of this toolkit is to provide an overview of the tools in the development finance toolbox -- such as bonds, tax increment finance, tax credits, and revolving loan funds -- and how they can direct
and attract capital to rural businesses and projects. This toolkit features comprehensive case studies to provide recent project and program examples of how tools can be implemented to spur growth and
resiliency in rural communities. By understanding the development finance toolbox, economic development professionals can increase public and private financing opportunities for the rural communities they serve.
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The Council of Development Finance Agencies (CDFA) 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 www.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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