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CDFA Revolving Loan Fund Finance Update - July 13, 2021

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Revolving Loan Funds Update
July 13, 2021
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Revolving Loan Fund Finance Update


EPA Announces $569M WIFIA Loan for Flood, Climate Resilience in North Dakota
The U.S. Environmental Protection Agency (EPA) announced a $569 million Water Infrastructure Finance and Innovation Act (WIFIA) loan for a project to increase climate resilience for communities in the Fargo-Moorhead metropolitan area by reducing flood risks. This project will provide critical health and environmental protections and create thousands of jobs while EPA's WIFIA loan will save the community hundreds of millions of dollars.

Don't Miss the Advanced RLF Course at CDFA Virtual Summer School on Aug. 9-10
Building on CDFA's Intro RLF Course, this advanced training course will provide attendees with in-depth instruction related to loan underwriting and portfolio management. Take your professional development to the next level and register today!

Coastal Area District Development Authority to Distribute Funding to Nine Georgia Counties
The Coastal Area District Development Authority has announced plans to distribute $10 million from recently secured CARES Act funding to support small businesses in coastal communities in Southeast Georgia. The CADDA CARES Act Loan Fund will play an essential role in providing access to capital to bring small businesses back to life.

California Cities Could Buy Beach Homes, Rent Them Before Waves Swallow Coast
California lawmakers are working on a plan to loan coastal cities money to buy beachfront properties before residents are forced to leave because of rising water levels. The California Legislative Analyst's Office estimated up to $10 billion in existing beachfront properties are likely to be underwater by 2050, and the Sea Level Rise Revolving Loan Program represents protection working to ensure residents aren't stuck with an uninhabitable home.

Colorado Passes $228M in 12 Bills to Power Economic Recovery
The Colorado Office of Economic Development and International Trade partnered with state legislators to pass 12 bills that will infuse $228 million into Colorado's economic recovery efforts. A few of the state-funded programs include Rural Jump-Start Grants, Small Business Accelerated Growth, Energize Gap Fund, Colorado Startup Loan Fund, the LONE Program, Job Growth Incentive Tax Credit, and more.

Sheboygan County, WI Reopens RLF to Support Small Businesses, Start-Ups
After two years, Sheboygan County has reopened the Revolving Loan Fund available through Sheboygan County's Industrial Development and Revolving Loan Agency. The Sheboygan County Economic Development Corporation will administer the loan funds, which are intended to offer a low-cost alternative financing option for small businesses and start-ups.

Niagara County, NY Receives EPA Funding to Turn Former Military Road School Site Into Senior Assisted Living Complex
The Niagara County Center for Economic Development is slated to receive $500,000 for continued brownfield cleanup work, after successfully using Brownfield RLF grants in the past. This time around, the county plans to use the money for the cleanup of the former Military Road School site, which will later result in the creation of the Town of Niagara's first senior assisted living complex.

Landmark Columbus Foundation Announces Bicentennial Initiatives in Indiana
Landmark Columbus Foundation leaders have announced six Columbus Area Bicentennial upcoming events and initiatives to care for, celebrate, and advance the cultural heritage of Columbus, Indiana. This includes $600,000 in seed funding to launch the Progressive Preservation Loan Fund as a new tool to directly assist qualifying property owners by loaning capital for maintenance and improvement projects for significant buildings and landscapes.

Upcoming Events
CDFA Virtual Summer School

CDFA // BNY Mellon Development Finance Webcast Series: How Healthcare is Investing in Communities
Tuesday, July 20, 2021 - 2:00 PM - 3:00 PM Eastern
During this webinar, we will hear from experts on creative ways that hospitals and healthcare systems can be better partners in solving the most pressing issues in our communities.

CDFA-Bricker PACE Webinar Series: Advancing Multi-Family Housing & Renewable Energy Goals with PACE
Tuesday, July 27, 2021 - 2:00 PM - 4:00 PM Eastern
Certain property and project types have not taken full advantage of PACE, however, during this workshop we'll explore what is being done to advance the goals in these market areas.


Oregon Lawmakers OK More Than $700M for Housing Needs
Portland Tribune | Jul. 8 | Access to Capital | Housing Finance | Legislative | Revolving Loan Funds (RLFs) | Revolving Loan Funds (RLFs)

Black-Owned Family Business Aims to Be Catalyst of Generational Wealth for Milwaukee's Black Community
Milwaukee Independent | Jul. 7 | Access to Capital | Revolving Loan Funds (RLFs) | Social Finance

Ohio Budget Bill Delivers New Incentive Opportunities
Lexology | Jul. 1 | Brownfield Financing | Economic Development | Food Systems Finance | Incentives | Revolving Loan Funds (RLFs) | State Finance Program

Self-Help's Healthy & Equitable Foods Systems Capital Initiative
Self-Help Credit Union | Jun. 25 | Access to Capital | Agriculture Finance | Food Systems Finance | Revolving Loan Funds (RLFs) | Social Finance

Androscoggin County, ME Receives $330K from EPA for Cleanup Grants
Sun Journal | Jun. 24 | Brownfield Financing | Redevelopment | Revolving Loan Funds (RLFs) | U.S. Environmental Protection Agency (EPA) | EPA Revolving Loan Fund Grants | EPA Clean-Up Grants

House FSGG Bill Contains $320M for CDFI Fund, $4M for CDRLF
CUNA | Jun. 24 | Access to Capital | Legislative | Revolving Loan Funds (RLFs)

Affordable Housing Project in Coachella, CA Awarded $22.6M
Desert Sun | Jun. 22 | Access to Capital | Housing Finance | Revolving Loan Funds (RLFs) | Rural Development | U.S. Dept. of Agriculture (USDA)

4 Proposals to Watch in Manchin's Big Energy Bill
E&E News | Jun. 22 | Energy Finance | Infrastructure Finance | Legislative | Revolving Loan Funds (RLFs) | Revolving Loan Funds (RLFs)

City of Kalamazoo, MI Approves Plan for Lead Line Replacement in Northside Neighborhood
WKZO | Jun. 21 | Access to Capital | Infrastructure Finance | Revolving Loan Funds (RLFs) | Water Finance | Water Finance | State Revolving Fund

Port Authority Proposes Idea to Develop More Housing in Galion, OH
Galion Inquirer | Jun. 19 | Access to Capital | Housing Finance | Revolving Loan Funds (RLFs)

Kentucky Agricultural Finance Corporation Approves Nearly $1M in Loans
Murray Ledger & Times | Jun. 18 | Access to Capital | Agriculture Finance | Revolving Loan Funds (RLFs) | State Finance Program

AppHarvest Completes Deal with Rabo AgriFinance to Expand
Street Insider | Jun. 16 | Access to Capital | Agriculture Finance | Food Systems Finance | Innovation Finance | Revolving Loan Funds (RLFs) | Technology Financing

Olamina Fund Lends $13M to Financial Institutions in Black, Native, and Rural Communities
Impact Alpha | Jun. 14 | Access to Capital | Agriculture Finance | Community Development | Housing Finance | Revolving Loan Funds (RLFs) | Rural Development | Social Finance

EPA's Water Financing Program
Water World | Jun. 14 | Revolving Loan Funds (RLFs) | Rural Development | U.S. Environmental Protection Agency (EPA)

What Does the Executive Order on Climate-Related Risk Mean for Agriculture Finance?
Environmental Defense Fund | Jun. 14 | Access to Capital | Agriculture Finance | Federal | Revolving Loan Funds (RLFs) | Resiliency | U.S. Dept. of Agriculture (USDA)

$2.5M Loan Going to S.O.A.R. Industrial Park in Ohio
Daily Times | Jun. 10 | Access to Capital | Revolving Loan Funds (RLFs) | Rural Development

Three Bi-partisan Bills Delivering for Small Business
The Guardian | Jun. 10 | Access to Capital | Economic Development | Legislative | Opportunity Zones | Revolving Loan Funds (RLFs) | Rural Development

New Additions to the Online Resource Database

USDA Resource Guide for Rural Workforce Development
Access to Capital | Community Development | Disaster Recovery & Relief | Housing Finance | Infrastructure Finance | Innovation Finance | Revolving Loan Funds (RLFs) | Rural Development
This guide was created by the USDA in 2021 for community leaders and other local entities. The guide highlights four key assistance types necessary to building a stronger rural workforce: 1) Workforce development planning; 2) Infrastructure and equipment financing; 3) Industry and employer engagement, entrepreneurship, and local business development; and 4) Education, training, and apprenticeship.

USDA Expands Access to Capital for Very Small Rural Businesses
Access to Capital | Innovation Finance | Revolving Loan Funds (RLFs) | Rural Development
The USDA Rural Development published a final rule outlining changes to the Rural Microentrepreneur Assistance Program (RMAP) on June 7, 2021. The program provides loans and grants to microenterprise development organizations to help them establish revolving loan programs to assist microenterprises, businesses with 10 or fewer full-time employees.

Impact in Place: Emerging Sources of Community Investment Capital and Strategies to Direct It at Scale
Access to Capital | Community Development | Economic Development | Opportunity Zones | Revolving Loan Funds (RLFs) | Rural Development | Tax Increment Finance (TIF)
Recognizing the urgency of the pandemic and related crises, on June 7, 2021, the Federal Reserve Bank of New York approached the U.S. Impact Investing Alliance to write a report about the current landscape of capital sources for community investment and how emerging capital sources and strategies could help shape the future of the field.

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

  • Alliant Insurance Services, Inc.
  • BNY Mellon
  • Bricker Graydon LLP
  • Business Oregon
  • CohnReznick
  • Frost Brown Todd LLP
  • Grow America | Formerly NDC
  • Hawes Hill and Associates LLP
  • Hawkins Delafield & Wood LLP
  • Ice Miller LLP
  • KeyBanc Capital Markets
  • Kutak Rock LLP
  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
  • PGAV Planners, LLC
  • Raza Development Fund
  • SB Friedman Development Advisors
  • Stifel Nicolaus
  • The Bond Buyer
  • U.S. Bank
  • Wells Fargo Securities
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