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CDFA Rural Development Finance Update - August 16, 2022

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Rural Development Finance Update
August 16, 2022
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Rural Development Finance Update


USDA Awards $401M for Broadband Projects in 21 States
The USDA has awarded $401 million in grants and loans to 21 projects in 11 states, from Alaska to Texas, to provide residents and businesses with access to high-speed internet service. Agriculture Secretary Tom Vilsack said during a White House briefing that additional awards through the ReConnect Program would be made later this year.

$14.9M for Affordable Housing, Child Care, and Internet Access in Outagamie County, WI
Almost $15 million in federal COVID-19 recovery funds will be allocated toward addressing major issues facing Outagamie County, including affordable housing, child care development and expanding internet access. The county received $36.5 million in American Rescue Plan Act funding to be used by the end of 2024. Of those funds, $11.6 million had already been allocated toward expanded internet access, nonprofit grants, a new 911 Communication Center and county COVID-19 expenses.

Biden Administration Launches USDA-EPA Partnership to Provide Wastewater Sanitation to Underserved Communities
At an event in Lowndes County, Alabama, where a significant number of residents lack access to wastewater infrastructure, the U.S. Department of Agriculture and the U.S. Environmental Protection Agency announced the Closing America's Wastewater Access Gap Community Initiative. The new initiative will be piloted in 11 communities across the country where residents lack basic wastewater management that is essential to protecting their health and the environment.

AppHarvest Announces $50M in USDA-Guaranteed Funding for a Farm in Somerset, KY
AppHarvest, Inc., a sustainable food company, public benefit corporation and Certified B Corp building some of the world's largest high-tech indoor farms to grow affordable, nutritious fruits and vegetables at scale while providing good jobs in Appalachia, announced that it secured $50 million across two loans guaranteed by the USDA through Greater Commercial Lending, a subsidiary of Greater Nevada Credit Union. The financing supports AppHarvest's high-tech indoor berry farm in Somerset, Kentucky, which is about 84% complete and expected to be operational by year-end.

New Private, Public Sector Efforts to Maximize Investments in Underserved Communities
Vice President Kamala Harris announced a new coordinated effort by six federal agencies – the Departments of the Treasury, Commerce, Transportation, Housing and Urban Development, and Agriculture and the Small Business Administration— to maximize federal dollars flowing into underserved communities, including communities of color, rural, and Tribal communities.

Truist Continues to Deliver on Rural Investment, Lending, and Services Commitments
Truist provided more than $80 million between Jan. 1, 2020 and June 30, 2022 in equity and below-market capital to Community Development Financial Institutions (CDFIs) and CDFI-managed initiatives addressing crucial issues like affordable housing, workforce development, small business access to capital and programming to help address healthcare and food insecurity, to name a few.

Maine Will Get $62M to Aid Small Businesses in Rural Areas, Key Sectors
Maine will receive $62 million in new federal funding to invest in small businesses in rural areas and in key sectors from forestry to tourism. The new Grow Maine initiative, to be administered by the Finance Authority of Maine, will offer greater access to capital for entrepreneurs and small business owners to sustain or expand their operations.

Upcoming Events
CDFA National Development Finance Summit

SSBCI Coalition Meeting - August 19 (Virtual)
August 19, 2022 - 1:00 PM - 2:00 PM Eastern
SSBCI Coalition meetings will be held once a month to provide an interactive forum for CDFA members during the State Small Business Credit Initiative (SSBCI) application period. CDFA will facilitate discussions that allow for networking, peer knowledge sharing, and problem solving.

CDFA // BNY Mellon Development Finance Webcast Series: Deploying Capital in Native American Communities
Tuesday, September 13, 2022 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, a panel of experts will share insights on how to preserve and grow tribal communities by unlocking development finance tools.

USDA Rural Development News

U.S. Dept. Of Agriculture: Invests $1.5M to Improve Health Care for People Living in Rural Wisconsin
U.S. Department of Agriculture (USDA) Rural Development State Director for Wisconsin Julie Lassa today announced that USDA is awarding $1.5 million in grants to improve health care facilities in Wisconsin. The Biden-Harris Administration made these funds available in the Emergency Rural Health Care Grants Programs through its historic legislative package, the American Rescue Plan Act.

Applications Open on September 6th for Next Round of USDA ReConnect Program Funding
USDA Rural Development Under Secretary Xochitl Torres Small announced that the USDA will begin accepting applications on September 6, 2022, for funding to expand access to high-speed internet for millions of people in rural America nationwide, part of the Biden-Harris Administration's commitment to investing in rural infrastructure and affordable high-speed internet for all.

Bipartisan Legislation Moving Forward to Support Farmers and Rural Communities
The fiscal year 2023 appropriations bill for the Department of Agriculture and Food and Drug Administration makes investments in rural communities and provides the necessary resources for vulnerable populations to access safe, affordable, and healthy food options. The bill provides a much needed safety net for the nation's farmers and ranchers, resources to continue to address emerging and known challenges, and a historic level of funding for international food aid programs.

Rural Development Finance News

Four Michigan Transportation Projects to Receive $52M in Federal Funding
The Detroit News | Aug. 11 | Economic Development | Infrastructure Finance | Legislative | Rural Development | Tribal Finance | U.S. Dept. of Transportation (DOT) | Urban Development

Funding Circle, Farm Bureau Bank Collaborate to Boost Small Business Lending
Business Wire | Aug. 11 | Access to Capital | Agriculture Finance | Community Development | Economic Development | Rural Development

Governor Hochul Announces Grand Opening of $2.4 Million Affordable Housing Development in Buffalo, NY
New York State | Aug. 10 | Community Development | Historic Preservation | Housing Finance | Rural Development | State Finance Program | Urban Development

Lendistry Expands to the Lone Star State with $5M Funding Provided by Texas Capital Bank
Yahoo! Finance | Aug. 9 | Access to Capital | Community Development | Federal | Rural Development

Cargill Donates $4.9M to Feeding America Food Banks
Agri Pulse | Aug. 3 | Community Development | Food Systems Finance | Rural Development

Clearinghouse CDFI Secures $4M to Finance Affordable Housing Development
Yahoo! Finance | Aug. 3 | Bond Finance | Community Development | Economic Development | Healthcare | Housing Finance | Public-Private Partnership (P3) Financing | Rural Development | Tax Credits

White House Retrofits Infrastructure Bill to Better Help Poor Communities
DNYUZ | Aug. 2 | Community Development | Infrastructure Finance | Rural Development | Water Finance

Sanders Announces More Than $42M in Funding for the State of Vermont
VB | Aug. 2 | Agriculture Finance | Community Development | Education | Energy Finance | Healthcare | Housing Finance | Infrastructure Finance | Legislative | Rural Development | Water Finance

Low-Income Communities Lack Access to Clean Water - It's Time for Change
World Economic Forum | Aug. 2 | Access to Capital | Green Finance | Infrastructure Finance | Public-Private Partnership (P3) Financing | Rural Development | Water Finance

Farm Credit Services of America Contribution to the DEX: Dakota Events CompleX
South Dakota State News | Aug. 2 | Agriculture Finance | Rural Development

$86.6M from U.S. DOT to the Louisiana State Bond Commission for Infrastructure Projects
U.S Department of Transportation | Aug. 1 | Bond Finance | Economic Development | Infrastructure Finance | Rural Development | U.S. Dept. of Transportation (DOT)

Iowa Officials Looking for More Public Funds for New Field of Dreams Stadium
Sports Business Journal | Aug. 1 | Local Finance Program | Rural Development | Tax Increment Finance (TIF) | Case Studies

How Can We Improve Access to Finance for Smallholder Coffee Farmers?
Perfect Daily Grind | Aug. 1 | Access to Capital | Agriculture Finance | Economic Development | Food Systems Finance | Public-Private Partnership (P3) Financing | Rural Development

CRA Panel Approves TIF Contracts for Housing, Twin Rivers Projects in North Platte, NE
The North PlatteTelegraph | Jul. 20 | Economic Development | Redevelopment | Rural Development | Tax Increment Finance (TIF)

Paying to Put a Mountain Back
Conservation Finance Network | Jul. 19 | Access to Capital | Federal | Infrastructure Finance | Rural Development

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.

Council of Development Finance Agencies
100 E. Broad Street, Suite 1200
Columbus, OH 43215
(614) 705-1300


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CDFA National Sponsors

  • BNY Mellon
  • Bricker Graydon LLP
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
  • Cirrus Secure
  • CohnReznick
  • Frost Brown Todd LLC
  • Hawkins Delafield & Wood LLP
  • Ice Miller LLP
  • KeyBanc Capital Markets
  • Kutak Rock LLP
  • McGuireWoods
  • MuniCap, Inc.
  • National Development Council
  • NW Financial Group, LLC
  • PGAV Planners, LLC
  • Raza Development Fund
  • SB Friedman Development Advisors
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
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