CDFA COVID-19 Recovery & Relief Update - September 21, 2021

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Spotlight

House Committee Advances Infrastructure Bill - CDFA to Host Free Legislative Briefing

Several CDFA legislative priorities have been approved by the House Committee on Ways and Means to include in the Build Back Better Act. Notably, the bill includes CDFA's Modernizing Agricultural and Manufacturing Bonds Act. It also includes the restoration of Advance Refunding Bonds, a Bond Category for Electric Vehicle Charging Stations, a permanent extension to the New Markets Tax Credits, and much more. A detailed section-by-section breakdown of provisions is available in the CDFA Advocacy Center. CDFA will host an important Legislative Briefing on Wednesday, September 22 at 4 pm (Eastern) with updates on the status of the bill and next steps.

Features

USDA Launches Resource Guide to Help Rural Communities Seeking Disaster Resiliency and Recovery Assistance

USDA Deputy Under Secretary for Rural Development Justin Maxson unveiled a resource guide as part of National Preparedness Month to help rural communities seeking disaster resiliency and recovery assistance. This guide follows the Biden-Harris Administration's announcement of the American Jobs Plan, which targets investments to support infrastructure in communities that are most physically and financially vulnerable to climate-driven disasters.

SBA Raises COVID Disaster Loan Cap to $2M, Makes Other Highly-Anticipated Changes

Complaints about the SBA's COVID-19 disaster loan program have made their way up the ladder and led to major changes, including boosting how much money business owners can get. The agency announced significant updates to its Economic Injury Disaster Loan program, which provides low-interest loans to businesses that were hurt by the COVID-19 pandemic. It's intended for companies with 500 or fewer employees.

Black Farmers Awaiting Billions in Promised Debt Relief

Farmers needed loans to expand, to buy seed, to bridge the time between harvests. But lenders often refused to give them money, Now the government wants to make amends by providing billions of dollars in debt forgiveness for farmers of color as part of the pandemic relief package. But a judge has put the money on hold in the face of lawsuits claiming that the program is unfair.

Extension of COVID Relief for Tax-Exempt Bonds: Telephonic Public Hearings Extended to March 31, 2022

On August 31, 2021, the IRS released Revenue Procedure 2021-39, which extends until March 31, 2022, the period during which issuers will be permitted to conduct telephonic public hearings for tax-exempt bonds.

A Transparent Look at How Governments Are Spending $350B in ARPA Funds

States and territories, as well as cities and counties with populations of more than 250,000, will soon be delivering the first of seven annual Recovery Plan Performance Reports to the U.S. Treasury, and those reports are required to be posted on "publicly facing" websites. The reports are unlikely to reveal much about actual performance but will give an initial view of how states and localities are spending the $350 billion in the American Rescue Plan Act.

Solutions and Struggle: COVID Relief Highlights Complexity of Issues Facing Native People

Indigenous nations across the country have experienced chronic federal underfunding, which has led to disproportionate impacts tied to Covid-19 through housing, employment, public safety, food security, health care and economic outcomes. American Rescue Plan Act funds allocated $31 billion for infrastructure needs, and other federal programs for Indigenous communities.

Ongoing Supply-Chain Issues to Constrain US Building Product Sales

Supply chain challenges in the US building products and materials sector are taking longer than expected to normalize, limiting companies' ability to fully benefit from strong end-market demand and grow sales, says Fitch Ratings. The disruption is causing production delays, which have been exacerbated by ongoing port congestion, pressuring sales volumes and leading to higher raw materials and transportation costs.

Making Incentives for Entrepreneurial Firms More Effective

Over the past few weeks, we have shared our Ewing Marion Kauffman Foundation-funded report and technical appendix examining the state of business incentives for entrepreneurial firms, implementation issues, and the outcomes that these incentives have on firms and regional economies.

State Economic Monitor

This interactive app from the Urban Institute allows users to explore the latest employment data in all 50 states.

Upcoming Events

CDFA Legislative Briefing - September 22, 2021
September 22, 2021 - 4:00 PM Eastern

CDFA will host an important Legislative Briefing on Wednesday, September 22 at 4:00 pm Eastern with updates on the status of the infrastructure bill and next steps.

SSBCI Learning Series - Module II
September 24, 2021 - 1:00 PM Eastern

The second module of the SSBCI Learning Series will discuss the structure of Venture Capital Programs, Capital Access Programs, and Loan Guarantee Programs. It will also cover private financing strategies for engaging Angel Investors, Venture Capitalists, CDFIs, and Impact Investors.

CDFA-Bricker PACE Webinar Series: Best Practices for Marketing & Selling PACE Across All Market Sectors
Tuesday, September 29, 2021 - 2:00 PM - 4:00 PM Eastern

Now that the PACE marketplace has been "built", how does it become mainstream so that all property owners know about PACE? This workshop will explore proven methods for marketing and selling PACE to contractors, economic development agencies, commercial real estate professionals, and ultimately the property owner.

Intro Tax Credit Finance WebCourse
September 29-30, 2021 - Daily: 12:00 - 5:00 PM Eastern

The Intro Tax Credit Finance WebCourse examines the application of tax credit programs in greater economic development finance efforts. This course discusses the practical application of tax credit programs including brownfields, new markets, low-income housing, historic preservation, and state-specific programs.

State & Local Programs

Federal Financing Programs

U.S. Dept. of Agriculture (USDA)

Emergency Rural Health Care Grants

This program provides up to $500 million in grant funding to help broaden access to COVID-19 testing and vaccines, rural health care services, and food assistance through food banks and food...

U.S. Dept. of Commerce (DOC)

Good Jobs Challenge

EDA's American Rescue Plan Good Jobs Challenge aims to get Americans back to work by building and strengthening systems and partnerships that bring together employers who have hiring needs with other...

Indigenous Communities Program

Through the Indigenous Communities program, EDA is allocating $100 million in American Rescue Plan funding specifically for Indigenous communities, which were disproportionately impacted by the...

COVID-19 Headlines

>>> VIEW THE COVID-19 RESOURCE CENTER

Highlights from the Online Resource Database

Disaster Resiliency and Recovery Resources: A Guide for Rural Communities
Disaster Recovery & Relief | Rural Development

USDA Rural Development (RD) developed this guide as a resource for rural communities seeking disaster resiliency and recovery assistance. The recent National Climate Assessment (NCA) identifies that more frequent and extreme weather and climate-related events, as well as changes in average climate conditions, are expected to continue to damage infrastructure, ecosystems, and social systems that provide essential benefits to communities.

Developed by the Federal Reserve Bank of St. Louis, the newly enhanced Community Investment Explorer (CIE) 2.0 includes over 73 million transactions totaling over $3.2 trillion in community and economic development capital from 2012 to 2020. This interactive tool allows users to find out where capital is going, how equitably is it being distributed, and for what purpose is it serving.

>>> EXPLORE ONLINE RESOURCE DATABASE

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
info@cdfa.net