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CDFA Legislative and Federal Affairs Update - May 14, 2019

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Legislative and Federal Affairs Update
May 14, 2019
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Legislative and Federal Affairs Update


CDFA Releases 2019 Policy Agenda
The CDFA Policy Agenda is borne out of CDFA's 37 years as a leader in the development finance industry. This Agenda identifies four critical policy areas crafted to address market-based access to capital challenges. CDFA is prepared to assist Congress and the Administration with the implementation of the policy proposals contained within this agenda.

Legislative Features

Clean Energy Bonds Proposed by Senate Democrats
Public power companies, electric co-ops and local governments would be authorized to sell Clean Energy Bonds as part of a far-reaching proposal by Senate Democrats. The proposed Clean Energy Act would become the template for all federal tax preferences for the energy sector replacing temporary tax credits and repealing existing tax breaks for oil and gas production.

Bill Would Provide $5.8B Increase in DOT PABs
The proposed Building United States Infrastructure and Leveraging Development (BUILD) Act would raise the federal cap on private activity bonds for surface transportation and freight improvement projects by $5.8 billion. The Department of Transportation has just over $2.5 billion remaining in authorized PAB usage for surface transportation and freight improvement projects.

Muni Groups Vigilant after White House Infrastructure Meeting
Municipal market advocates are focused on making sure that munis aren't hurt in the name of a bipartisan infrastructure compromise in the wake of President Donald Trump's meeting with top Democrats. Muni groups remain vigilant that the tax exemption or spending important to the muni market not end up on the chopping block to pursue a $2 trillion infrastructure plan.

Bipartisan House Bill to Seek to Revive Advance Refundings
U.S. Representative Dutch Ruppersberger, a Maryland Democrat who leads the Municipal Finance Caucus, plans to introduce a bill later this month that would restore the tax exemption for state and local government bonds issued for so-called advance refundings. The new bill will be called the Investing in Our Communities Act.

Bipartisan Bill Would Triple Number of EVs Eligible for Tax Credit
Automakers could triple the number of electric cars eligible for federal tax credits of up to $7,500, under terms of a bipartisan bill introduced in Congress. The measure would allow automakers to offer the tax credit for buyers of up to 600,000 electric cars.

Public Buildings Renewal Act Reintroduced in U.S. Senate
Sens. Todd Young (R-IN), Tim Scott (R-SC), Catherine Cortez Masto (D-NV), and Michael Bennet (D-CO) have reintroduced the Public Buildings Renewal Act in the U.S. Senate. The Act would authorize $5 billion in private activity bonds for the construction or rehabilitation of government-owned buildings.

Upcoming Events
CDFA Summer School
Federal Features

EPA Announces Availability of $2.6B of Funding for Water Infrastructure
The U.S. EPA announced the availability of more than $1 billion in new federal grant funding for the Drinking Water State Revolving Fund and $1.6 billion in new federal grant funding for the Clean Water State Revolving Fund. The funds can assist states, tribes and territories with improving drinking water and wastewater infrastructure across the country.

Trump Administration to Support Community Revitalization, Local Food Initiatives
In support of the Executive Order on Promoting Agriculture and Rural Prosperity in America, the U.S. EPA joined the USDA and the Northern Border Regional Commission in announcing assistance to help 15 communities with revitalization strategies that boost the local economy, improve health, and protect the environment.

Implementation Plan for The White House Opportunity and Revitalization Council
This report outlines the plan of the White House Opportunity and Revitalization Council to implement reforms and initiatives that will optimize Federal resources in Opportunity Zones. The White House aims to stimulate economic development, encourage entrepreneurship, expand educational and workforce development opportunities, and promote safe neighborhoods.

$8M in Supplemental Funds Made Available by EPA for Brownfields RLFs
The EPA approved $8 million in additional funds for fiscal year 2019 to supplement existing Brownfields RLF grantees who made a loan or subaward and have substantially depleted loan funds. While additional funds have been made available this fiscal year, those funds are supplemental funds for existing RLF grantees.

HUD Issues RFI for Opportunity Zones Recommendations
HUD is reviewing its policies in accordance with Treasury's newly-released second round of guidance on opportunity zones. As such, HUD has issued an RFI for comments on its policies with the goal of maximizing impact of opportunity zones. Comments are due by June 17, 2019.

USDA Releases Farm Bill Updates, Loan Limit Increases
The USDA said it is making progress on implementing several provisions within the Farm Bill, as well as offering higher limits for borrowers in the USDA's farm loan program. These loans can be used to purchase farms or cover operating expenses.

IRS Clarifies General Public Use Requirements for Rental Projects Tax-Exempt Bonds
The Internal Revenue Service recently eliminated an inconsistency between the definition of "general public use" for purposes of the Low-Income Housing Tax Credit (LIHTC) under §42 of the Internal Revenue Code of 1986 (the "Code") and the definition of "general public use" for purposes of tax-exempt multifamily housing bonds under Code §142(d).

SBA Revises SBIR and STTR Policy Directives
The Small Business Administration has revised the Small Business Innovation Research and Small Business Technology Transfer program policy directives. The SBA combines the two directives into one document, clarifies the data rights and Phase III preference, and clarifies the benchmarks for progress towards commercialization.

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)

Farm Loan Programs
USDA's Farm Service Agency (FSA) makes direct and guaranteed operating and farm ownership loans to eligible farmers and ranchers. Under its direct operating loan program, USDA also makes loans to...

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 Assistance for Compatible Use and Joint Land Use Studies Program
The Community Economic Adjustment Assistance for Compatible Use and Joint Land Use Studies Program assists State and local governments in preparing and adopting a planning study to mitigate or...

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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CDFA National Sponsors

  • Baker Tilly Virchow Krause
  • BNY Mellon
  • Bricker & Eckler LLP
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
  • CohnReznick
  • FBT Project Finance Advisors LLC
  • Fifth Third Bank
  • Frost Brown Todd, LLC
  • Hawkins Delafield & Wood LLP
  • Ice Miller LLP
  • KeyBanc Capital Markets
  • Kutak Rock LLP
  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
  • SB Friedman Development Advisors
  • Stern Brothers
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
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