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CDFA Legislative and Federal Affairs Update - March 5, 2019

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Legislative and Federal Affairs Update
March 5, 2019
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Legislative and Federal Affairs Update


CDFA Schedules First Quarterly Legislative Update of 2019
CDFA will host its first Quarterly Legislative Update of 2019 on Wednesday, March 13. Among the primary topics for discussion during the update are a progress report on pending CDFA legislation, a discussion of the 2019 CDFA Policy Agenda, as well as what to expect from Congress in the coming months.

CDFA Launches Federal Financing Webinar Series: Opportunity Zones
CDFA is renewing its Federal Financing Webinar Series with a focus on Opportunity Zones. The CDFA Federal Financing Webinar Series: Opportunity Zones is a four-part online offering that will convene finance experts, federal agencies, and local development finance practitioners to discuss the variety of ways federal grants, loans, guarantees and credit enhancements can leverage greater investment in Opportunity Zones.

Legislative Features

Senate Leadership Unveils Tax Extender and Disaster Relief Act
Chairman Grassley (R-IA) and Ranking Member Wyden (D-OR) have announced legislation that would retroactively extend tax provisions that expired at the end of 2017 and 2018 through the balance of this year and provide disaster tax relief benefits to individuals and businesses affected by major disasters occurring in 2018.

Public Buildings Renewal Act Reintroduced in Congress
The Public Buildings Renewal Act, H.R. 1251, was reintroduced in the U.S. House of Representatives on February 14. The bill would establish certain qualified government facilities as eligible to receive financing through Private Activity Bonds. The new "Qualified Government Buildings" category would be limited to $5 billion in annual issuance.

Commentary: Mayors in Support of Advance Refundings
Mayor Steve Benjamin of Columbia, SC argues that the ability of municipalites to issue advance refunding bonds created billions of dollars in savings to taxpayers and communities, and therefore Congress should act immediately to pass legislation reinstating the advance refundings provision.

Brownfields Redevelopment Receives Boost Under the BUILD Act
Redevelopment of environmentally-damaged property has seen steady growth thanks to new changes to The Comprehensive Environmental Response, Compensation, and Liability Act of 1980 ("CERCLA"), commonly known as "Superfund." The latest protections come under the Brownfields Utilization, Investment, and Local Development Act of 2018 ("BUILD Act").

State of the Union Snubs Infrastructure Plan
State and local officials as well as congressional lawmakers expressed disappointment that President Trump made only passing reference to infrastructure investment in his State of the Union speech.

Upcoming Events
CDFA Federal Policy Conference

CDFA Quarterly Legislative Update: 2019 Q1
March 13, 2019 - 2:00 PM Eastern
The CDFA Legislative Team will be hosting its first Quarterly Legislative Update of 2019, where we'll discuss the latest news on CDFA advocacy efforts. The primary topics for discussion will include a progress report on pending CDFA legislation, a discussion of the 2019 CDFA Policy Agenda, as well as what to expect from Congress in the coming months.

Federal Features

USDOT Evaluating New Bond Request for Brightline/Virgin Trains
The U.S. Department of Transportation has confirmed that it is considering a new round of PABs for Brightline/All Aboard Florida. The USDOT is also continuing to review a $3.7 billion low-interest direct loan sought by All Aboard Florida through the Railroad Rehabilitation & Improvement Financing Program.

$4B in CDBG-DR Funds for TX Delayed Until May
It will be at least another three months before Texas sees more than $4 billion in Hurricane Harvey aid money that has been tangled in red tape for more than a year. HUD officials are working on the rules that will dictate how the disaster mitigation money can be used in Texas to help homes and neighborhoods brace for future storms.

Opportunity Zones Must Work for Working Businesses
Stefan Pryor, the Rhode Island Secretary of Commerce; Vale Hale, the Executive Director of the Utah Governor's Office of Economic Development; and Don Pierson, Secretary of Louisiana Economic Development outline what they see as the steps necessary to ensure the OZ incentive delivers on its promise.

Federal Government Begins Step-Back of Solar Energy Incentive
Since 2006, the Solar Investment Tax Credit offers homes and businesses a 30% tax credit for installing their system. But this is the last year to receive the Solar ITC at the full 30%. Starting in 2020, the tax credit will begin to diminish, stepping down to 26%. In 2021, it will reduce again to 22%, and in 2022 it will exist permanently as a 10% tax credit for businesses only.

CDFI Fund Delays Allocation Announcement for NMTCs
Community Development Financial Institutions Fund (CDFI Fund) Director Jodie Harris recently indicated that CDFI Fund staff were reviewing each program's timelines and priorities in response to the recent government shutdown. The five-week shutdown requires the CDFI Fund to alter deadlines, and anticipated timelines, for compliance and reporting, awards announcements and the opening of application rounds.

When Are Tax Increment Revenues Federally Taxable?
An issue arising from the Tax Cuts and Jobs Act of 2017 that many private developers will have to resolve is that not all TIF revenues received by a private developer can be directly linked to or measured as reimbursement for the limited scope of public infrastructure recognized by the IRC and applicable case law.

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

Agency Seal U.S. Dept. of Agriculture (USDA)

Noninsured Crop Disaster Assistance Program
USDA's Farm Service Agency's (FSA) Noninsured Crop Disaster Assistance Program (NAP) provides financial assistance to producers of noninsurable crops when low yields, loss of inventory, or prevented...

Agency Seal U.S. Dept. of Commerce (DOC)

Manufacturing Extension Partnership (MEP)
The objective of the Department of Commerce's (DOC) National Institute of Standards and Technology (NIST) Manufacturing Extension Partnership (MEP) Program is to increase productivity, enhance...

Agency Seal U.S. Dept. of Defense (DOD)

Community Economic Adjustment Program
The Department of Defense's (DOD) Community Economic Adjustment grants assist states and communities to plan community adjustment and economic diversification activity to lessen an area's dependence...

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

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

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