CDFA Legislative and Federal Affairs Update - March 5, 2024
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| Legislative Features |
Learn About Promoting SSBCI Successes in First SSBCI Learning Series Event of 2024
In this session, speakers will discuss the importance of highlighting successes and provide best practices for demonstrating the economic benefits of SSBCI programs. This will include a conversation about how each transaction is beneficial to the small business and its community, as well as to the program manager's ability to deploy additional capital under the SSBCI banner.
U.S. DOE Announces $366M for Rural and Remote Community Energy Security
The U.S. Department of Energy (DOE) announced $366 million for 17 projects across 20 states and 30 Tribal Nations and communities to accelerate clean energy deployment in rural and remote areas across the country. This funding will support a variety of community-driven energy projects in rural and remote regions, such as building microgrids for community health centers to ensure electricity for critical life-saving equipment or constructing a new hydroelectric facility on Tribal lands to improve access to reliable, affordable energy.
Last Call to Apply for the 2024 Caren S. Franzini Fellowship!
The Caren S. Franzini Fellowship was created to develop and recognize outstanding women in the field of development finance for their leadership and dedication to the advancement of the industry. This 6-month fellowship program, run through the CDFA Foundation, is open to women employed by a CDFA member organization who have worked in the development finance industry for less than 10 years. Apply by Friday, March 15!
U.S. Interior Department Releases Draft Guidance for $1.5B to Address Legacy Pollution
The U.S. Department of the Interior released draft guidance to states on how to apply for up to $30 million each in matching grant funding available under the Bipartisan Infrastructure Law (BIL) to create jobs and clean up polluting and unsafe orphaned oil and gas wells across the country. Investments to date through the Department's Orphaned Wells Program Office, created by the BIL, are estimated to have supported 7,213 jobs and contributed over $900 million across the country.
Maryland Receives $213.7M from DOT to Replace Light Rail Vehicles
The Maryland Transit Administration has been awarded $213.7 million in grant funding from the U.S. Department of Transportation's (DOT) Federal Transit Administration's Rail Vehicle Replacement program, which was made possible by the Infrastructure Investment and Jobs Act. The grant will support the Maryland Transit Administration's efforts to replace all 52 aging Light Rail vehicles in its fleet with new, modern railcars. The State of Maryland is providing $90 million in matching funds.
USDA Announces $772.6M for Rural Infrastructure Projects
The U.S. Department of Agriculture (USDA) announced $772.6 million in funding for 216 projects in 45 states, Puerto Rico, and the Northern Mariana Islands to bring high-speed internet, clean water, state-of-the-art infrastructure, and economic growth to rural communities. The new projects will benefit more than 1 million people living in remote areas of the country by providing reliable high-speed internet access, clean, safe water, and a range of support for rural families, agricultural producers, and small businesses.
U.S. DOT Awards $631M to Help Transit Agencies Buy New Railcars
The U.S. Department of Transportation's (DOT) Federal Transit Administration (FTA) announced $631 million in grants to improve rail transit safety and reliability for passengers through the purchase of new American-made rail cars. The grants announced through FTA's Rail Vehicle Replacement Program will help transit agencies in Chicago, IL, Philadelphia, PA, and Baltimore, MD replace older vehicles with 300 new railcars, making transit safer, opening new opportunities for people with disabilities, and modernizing their transit systems.
U.S. Department of Transportation Announces $250M to Reduce Urban Traffic
The U.S. Department of Transportation's (DOT) Federal Highway Administration announced a new Bipartisan Infrastructure Law program that makes $250 million available, over five years, in competitive grants to advance innovative, multimodal solutions to reduce vehicular traffic in the most congested metropolitan areas of the United States. The Congestion Relief Program is accepting applications from states, metropolitan planning organizations, cities, and municipalities for projects in urban areas with a population of at least one million.
U.S. EPA Announces $5.8B for Clean Drinking Water and Wastewater Infrastructure
The U.S. Environmental Protection Agency (EPA) announced $5.8 billion in funding for clean water infrastructure, which brings the amount invested for clean, safe water under the Bipartisan Infrastructure Law to $22 billion. This investment delivers funding to every single state and territory in the country to expand access to clean drinking water, replace lead pipes, improve wastewater and sanitation infrastructure, and remove PFAS contamination in water.
U.S. Interior Invests $10M for Irrigation Projects, Power Utilities Serving Tribal Communities
The U.S. Department of the Interior announced a $10 million investment to upgrade and modernize Bureau of Indian Affairs (BIA)-owned irrigation projects and power utilities serving Tribal communities. The funding for fiscal year 2024 is part of a five-year, $50 million investment from the Bipartisan Infrastructure Law.
U.S. DOT Announces $1B in Grants from the Bipartisan Infrastructure Law for 114 Airports
The Federal Aviation Administration (FAA) is awarding $970 million from the Bipartisan Infrastructure Law to 114 airports across the country, spanning 44 states and three territories. Investments enhancing the passenger experience include new baggage systems, larger security checkpoints, increasing gate capacity, and modernizing aging infrastructure throughout terminals and ground transportation.
U.S. Interior Reaches Agreement With Klamath Basin Tribes on Ecosystem Restoration
The U.S. Department of the Interior announced a historic agreement with the Klamath Tribes, Yurok Tribe, Karuk Tribe, and Klamath Water Users Association to advance collaborative efforts to restore the Klamath Basin ecosystem and improve water supply reliability for Klamath Project agriculture. The Department also announced more than $72 million in new investments for ecosystem restoration and agricultural infrastructure modernization.
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| Upcoming Events |
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| Federal Features |
Register Today for the 2024 Federal Policy Conference!
Reserve your spot at the 2024 CDFA Federal Policy Conference on April 2-3, 2024, in Washington, D.C. CDFA, with sponsorship by Ice Miller LLP and Grow America, will bring together leaders from the Biden administration, Congress, federal agencies, nonprofit organizations, and finance agencies who will discuss a range of federal legislative and policy topics. Interact with reps from the Department of the Treasury, the Small Business Administration, and the Environmental Protection Agency. Space is limited; act fast!
U.S. Department of Transportation Awards $9.9B to Transit Agencies Nationwide
The U.S. Department of Transportation's (DOT) Federal Transit Administration (FTA) announced that $9.9 billion in federal formula funding, part of the largest investment in public transit in U.S. history, is available to support public transportation in communities throughout the country thanks to President Biden's Investing in America agenda.
U.S. EDA Invests $5M for Reconstruction of Jonesboro, AR Airport Terminal
The U.S. Economic Development Administration (EDA) is awarding a $5 million grant to the city of Jonesboro, AR for airport infrastructure improvements to support job creation and economic development in the region. This grant will support the construction of a new terminal at the Jonesboro Municipal Airport, replacing one destroyed by a tornado in 2020. This EDA investment will be matched with $1.3 million in local funds.
U.S. HUD and VA Award $14M to Help Homeless Veterans With Permanent Housing
To help homeless veterans and their families find permanent housing, The U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of Veterans Affairs (VA) awarded $14 million in HUD-Veterans Affairs Supportive Housing (HUD-VASH) vouchers to 66 Public Housing Agencies (PHAs) across the country for over 1,400 vouchers.
U.S. HUD Approves $298M Disaster Recovery Grant for Eastern Kentucky
The U.S. Department of Housing and Urban Development (HUD) has approved Kentucky's 2022 Community Development Block Grant – Disaster Recovery (CBDG-DR) action plan. The plan determines how $298 million in federal long-term recovery funding will be distributed in 20 Eastern Kentucky counties affected by the July 2022 floods, which took more than 40 lives and damaged or destroyed thousands of homes and businesses.
Wisconsin Announces $16M in Community Development Block Grant Housing Awards
Wisconsin announced $16 million in Community Development Block Grant (CDBG) Housing awards for critical housing rehabilitation projects for low- and moderate-income households spanning seven state regions. Under Wisconsin's Small Cities CDBG Program provides housing rehabilitation funds on a bi-annual basis. These regional housing programs provide zero percent interest and deferred payment loans to low- and moderate-income homeowners to perform essential home repairs.
Cherokee County, OK's Lowrey School Obtains USDA Rural Development Grant
Cherokee County, OK District 1 helped Lowrey School obtain a Rural Development Grant awarded by the U.S. Department of Agriculture (USDA) to help fund a parking lot project set to begin in spring 2024. The grant was a joint effort and the first of its kind for the new D1 team.
Florida A&M University Closes $97.5M Loan with U.S. Department of Education for Housing
Florida A&M University closed on a $97.5 million 30-year federal loan to fund the construction of the future student housing building. The loan comes from the U.S. Department of Education's Historically Black Colleges and Universities (HBCU) Capital Financing Program.
Sustainable Ohio Public Energy Council Receives USDA REAP TA Grant
The Sustainable Ohio Public Energy Council (SOPEC) received a $496,640 U.S. Department of Agriculture (USDA) Rural Energy for American Program (REAP) Technical Assistance Grant. The funds will support renewable energy systems and energy-efficiency improvement projects for agricultural producers and rural small business owners.
U.S. DOT Provides $417M Loan to Raleigh, NC for Traffic Improvements
The U.S. Department of Transportation (DOT) announced that its Build America Bureau has approved a loan for $417.2 million for the North Carolina Turnpike Authority (NCTA) for Phase 2 of the Complete 540 Project in the greater Raleigh area. By providing Transportation Infrastructure Finance and Innovation Act (TIFIA) and Railroad Rehabilitation and Improvement Financing (RRIF) loans and other financing, the Bureau helps communities expedite infrastructure projects and reduce project costs.
USDA Announces $270M Awarded to Build Food Supply Chain Resiliency
The U.S. Department of Agriculture (USDA) has awarded over $270 million through cooperative agreements with state departments of agriculture to build resilience across the middle of the food supply chain and strengthen local and regional food systems. The funding is being awarded through the Resilient Food Systems Infrastructure program to agricultural producers or processors, nonprofit organizations, local government entities, tribal governments, and institutions such as schools, universities, or hospitals.
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| 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
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| Legislative and Federal Headlines |
Cheyenne, WY Approves $1M EPA Climate Pollution Reduction Grant
Cap City News | Feb. 27 | Energy Finance | Green Finance | Legislative | U.S. Environmental Protection Agency (EPA)
New Initiative to Help Farmers Reduce Costs With Underutilized Renewable Technologies
USDA | Feb. 26 | Access to Capital | Agriculture Finance | Energy Finance | Federal | Green Finance | U.S. Dept. of Agriculture (USDA)
U.S. DOT Award $21.7M to Birmingham, AL for Urban Trail, Multimodal Corridor
Alabama Political Reporter | Feb. 26 | Access to Capital | Community Development | Federal | Infrastructure Finance | U.S. Dept. of Transportation (DOT)
U.S. Department of Interior Awards Arizona $10.3M to Restore Ecosystem
KTAR News | Feb. 24 | Access to Capital | Federal | Green Finance | Resiliency | U.S. Dept. of Interior - National Park Services (NPS)
U.S. HUD Awards $73.5M for Safer, Efficient, and Climate-Resilient Low-Income Housing
U.S. Department of Housing & Urban Development | Feb. 22 | Energy Finance | Green Finance | Housing Finance | Legislative | U.S. Dept. of Housing & Urban Development (HUD)
USDA Announces $2M in Business Development Grants for Oklahoma
Tahlequah Daily Press | Feb. 21 | Access to Capital | Federal | Rural Development | U.S. Dept. of Agriculture (USDA)
USDA Rural Development Office Provides $2.8M Loan to Audubon, IA for New Firestation
1380 KCIM | Feb. 21 | Access to Capital | Development Finance Toolbox | Federal | Rural Development | U.S. Dept. of Agriculture (USDA)
Prysmian Group Selected to Receive $4.5M for Technology to Modernize Power Grid
Yahoo Finance | Feb. 20 | Access to Capital | Energy Finance | Federal | U.S. Dept. of Energy (DOE)
U.S. Department of Energy Awards $1.1M to Miami-Dade County, FL for Solar
Miami's Community News | Feb. 17 | Access to Capital | Energy Finance | Federal | Green Finance | U.S. Dept. of Energy (DOE)
Tallulah Falls, GA Receives $5M for Tulago Dam Infrastructure Upgrades
Office of U.S. Senator Warnock | Feb. 15 | Development Finance Toolbox | Energy Finance | Legislative | U.S. Dept. of Energy (DOE)
USDA Invests $20M for Indigenous Communities to Access Emerging Climate Markets
U.S. Department of Agriculture | Feb. 14 | Federal | Green Finance | Redevelopment | Tribal Finance
U.S. DOE Announces $63M to Accelerate Electric Heat Pump Manufacturing
U.S. Department of Energy | Feb. 14 | Access to Capital | Energy Finance | Green Finance | Legislative | U.S. Dept. of Energy (DOE)
West Virginia Receives $3.7M to Restore 500 Acres of Mine Land at New River Gorge
U.S. Senate Committee on Energy & Natural Resources | Feb. 13 | Legislative | Redevelopment
U.S. DOT Announces $1.5B Available for Clean Public Transportation Initiatives
U.S. Department of Transportation | Feb. 8 | Access to Capital | Development Finance Toolbox | Green Finance | Legislative | U.S. Dept. of Transportation (DOT)
U.S. Department of Interior Announces $18M for Native Seed Supply, Climate Resilience
U.S. Department of the Interior | Feb. 7 | Access to Capital | Agriculture Finance | Federal | Resiliency
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| New Additions to the Online Resource Database |
U.S. SBA Small Business Size Standards Rule on Inflation Adjustment
Access to Capital | Bond Finance | Community Development | Federal
The U.S. Small Business Administration (SBA) adopted the alternative size standard for its 7(a) Business and Certified Development Company (CDC/504) Loan Programs (collectively "Business Loan Programs") and the statutory limits for contract size under the Surety Bond Guarantee Program. The inflation adjustment increases the size standard's level for tangible net worth to $20 million and for net income to $6.5 million. The surety bond contract limit is increased to $9 million and the contract limit for Federal contracts if a Federal contracting officer certifies that such a guarantee is necessary to $14 million.
Finance for Resilience: An Overview of Risk Mitigation in Agricultural Systems for Farms, Lenders, and Governments
Access to Capital | Agriculture Finance | Development Finance Toolbox | Disaster Recovery & Relief | Federal | Food Systems Finance | Resiliency
This report, developed by the Croatan Institute in collaboration with the Meridian Institute, explores major on-farm, off-farm, and systemic risks that the agricultural industry faces and how finance can increase the resilience of those systems while providing other benefits.
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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
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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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