Register for CDFA's Intro Tax Credit Finance WebCourse, taking place on September 25-26. Join us in learning about the application of tax credit programs and their use in greater economic development finance efforts. Our panel of expert speakers will discuss tax credit programs, including new markets, low-income housing, historic preservation, and state-specific programs.

With its passage two years ago, the Inflation Reduction Act supercharged efforts to accelerate clean energy in Minnesota, building on a yearslong drop in the costs of renewable energy as well as utilities' commitments to taking on climate change. While many of the IRA's green stimulus measures are in tax credits that companies can tap for clean energy projects, roughly $145 billion under the law goes toward direct federal spending, such as grants or loans, to support initiatives like financing for renewable energy technologies.

Two years ago, President Biden signed the Inflation Reduction Act, the largest investment in climate action and clean energy in world history. Key to the Biden-Harris Administration's Investing in America agenda, this transformative law is lowering energy costs, creating new income streams, and tackling the climate crisis. The Inflation Reduction Act has given the U.S. Department of Agriculture (USDA) historic resources to better serve communities nationwide.

Nearly $1 trillion in U.S. commercial real estate loans are coming due this year. Faced with vacant office buildings and a shortage of millions of homes to meet demand, a bipartisan group of lawmakers is trying to make it easier for developers to convert underused properties into housing. A bill introduced by U.S. Reps. Mike Carey (R-Ohio) and Jimmy Gomez (D-Calif.) would create a temporary 20% tax credit for qualified property conversion expenditures.

Congress needs to pass a funding bill before Oct. 1 to avoid a government shutdown. Most Republicans and Democrats generally acknowledge they'll need a short-term patch that keeps spending levels steady, known as a continuing resolution or a CR, to avert the shutdown in time. Among the spending priorities is the federal disaster relief fund, which is projected to run almost $2 trillion short in September.

Since the Inflation Reduction Act was signed into law in August 2022, more than $110 billion in private investment and 90,000 jobs have been announced in U.S. battery, electric vehicle, solar, and wind manufacturing facilities. Batteries and EVs have received the bulk of investment dollars and jobs ($95 billion and 63,000 jobs) while solar makes up much of the rest ($13 billion and 22,000 jobs).

No Republican voted for the Inflation Reduction Act (IRA) two years ago. However, on August 18, House Republicans signed onto a letter asking U.S. House Speaker Mike Johnson to spare the energy tax credits from efforts to repeal the IRA, with many of them seeing the incentives as both good for the planet and local economic development.

Join CDFA for an exclusive online workshop that will dive deep into the Greenhouse Gas Reduction Fund (GGRF) and its pivotal components, including the $14 billion National Clean Investment Fund (NCIF) and the $6 billion Clean Communities Investment Accelerator (CCIA). The GGRF Readiness Workshop will equip you with the knowledge and tools needed to navigate and leverage these significant funding opportunities effectively. Don't miss out on the chance to enhance your funding strategy and boost your project's success!

Jobs in the renewable energy sector grew at twice the rate of overall U.S. jobs last year, according to the annual U.S. Energy and Employment Report from the U.S. Department of Energy. While Republicans have attacked the transition to renewables as a job-killer, several Republican members of the House have asked Speaker Mike Johnson (R-La.) to preserve its renewable energy tax credits.

CDFA was honored to launch the Louisville Metro Government (LMG) Strategic Development Finance Framework we authored for LMG in early August. The plan was presented to community stakeholders in Louisville and is part of LMG's launch of their new economic development organization called LEDA. Our framework will guide their efforts to build development finance capacity and structure. Congratulations to our CDFA authors Toby Rittner, Fawn Zimmerman, and Andres Caro. Contact Fawn Zimmerman at fzimmerman@cdfa.net for inquiries about CDFA Advisory Services.

The U.S. Department of Transportation (DOT) has announced $521 million in grants to deploy more than 9,200 electric vehicle charging ports and build alternative-fueling infrastructure across 29 states, eight tribal areas, and the District of Columbia. The funding is being made available through the Infrastructure Investment and Jobs Act, which has catalyzed investment in EV charging.

The first U.S.-based national green bank has opened, run by the nonprofit Coalition for Green Capital with over $5 billion in funding from the Inflation Reduction Act (IRA). The bank will use the IRA's funding for direct and indirect clean energy investments utilizing a network of state and local green banks and expects to spur $21.1 billion in cumulative public-private clean power project investments in the first year. The Greenhouse Gas Reduction Fund was part of the 2022 Inflation Reduction Act, which included $369 billion in clean energy benefits.

The U.S. Department of Defense (DoD) Distributed Bioindustrial Manufacturing Program aims to shore up food, fuel, and chemical supply chains by advancing fermentation technologies. Over the past 2 months, the program has doled out $23 million in grants to help 13 start-ups plan pilot plants for biobased products. Other government branches are also increasing funding for industrial biotechnology.

The U.S. Environmental Protection Agency (EPA) has officially obligated $27 billion in grants under three competitions to Greenhouse Gas Reduction Fund (GGRF) recipients. Since they were selected in April, recipients have worked directly with the EPA to fulfill federal requirements and revise their workplans in order to receive their grants. With funds now in hand, recipients can begin delivering accessible, affordable financing for clean technology projects in communities across the country.

The U.S. Department of Housing and Urban Development (HUD) announced the availability of $100 million in competitive grant funding to cut red tape, build more homes, and lower the costs of renting and buying a home. Through HUD's Pathways to Removing Obstacles to Housing (PRO Housing) program, communities across the nation are eligible to apply for funding to remove barriers to local housing production. The deadline for applications for round two of the competition is Oct. 15, 2024.

The U.S. Economic Development Administration's (EDA) Recompete Pilot Program was authorized for $1 billion by the CHIPS and Science Act. The program was appropriated $200 million to invest in communities where prime-age (25-54 years) employment significantly trails the national average. In Phase 2 of the program, EDA awarded approximately six implementation grants of $20 million to $40 million. Half of the Phase 2 awardees focus exclusively on rural communities.

The U.S. Department of Energy's (DOE) Office of Fossil Energy and Carbon Management announced up to $127.5 million in federal funding to support the development of carbon dioxide (CO2) capture, removal, and conversion test centers for cement manufacturing facilities and power plants. Projects selected under this funding opportunity will support testing facilities that will further advance technologies to capture and convert CO2 into products from utility and industrial sources or remove CO2 from the atmosphere.