Technical Assistance


CDFA Rural Development Finance Update - June 15, 2021

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Rural Development Finance Update
June 15, 2021
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Rural Development Finance Update


Join CDFA on August 4-5 for the Intro Housing Finance Course at Summer School!
The impact of housing on economic development efforts is a critical issue in many communities. By addressing complex housing challenges and opportunities, a community creates valuable assets while also encouraging economic development and social equity. The Intro Housing Finance Course will walk through the multitude of diverse capital sources layered into housing deals based on the type of housing being developed.

Bipartisan Legislation Would Require $500M of Annual NMTC Allocation to ‘Rural Job Zones'
A bipartisan group of U.S. senators and members of the House of Representatives introduced legislation that would require $500 million in new markets tax credits (NMTCs) to be allocated to "rural job zones." The Rural Jobs Act defines those zones as low-income communities with a population of less than 50,000 not adjacent to an urban area. The bill would also require that at least 25% of the new investment be targeted to persistent poverty counties and high-migration counties.

Coastal Area District Development Authority Plans 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.

Kansas Extends the 'Rural Opportunity Zones'
Within the recently signed SB47, the Rural Opportunity Zone program was extended for two additional years —— through 2023. In addition, SB47 now includes counties with a population under 40,000. The two incentives that go with the opportunity zones — a five-year personal income tax credit and a student loan forgiveness program.

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.

Michigan Seeks to Expand Access to Key Housing Tax Credit
Proposed changes to the Low Income Housing Tax Credit program administered by the Michigan State Housing Development Authority seek to increase access to the funding tool to communities beyond downtowns and city centers. Key changes include a focus on incentivizing environmentally friendly building practices and on making the credits more available to rural communities.

Getting Rural Projects Ready for Investment
Opportunity Appalachia is working with a group of 16 projects in rural Appalachia (OH, VA, and WV) to provide technical assistance and structure financings with social and financial returns, bringing new investment and jobs to hard-hit rural communities. Participating communities include places like Chillicothe, Ohio (pop.21,700), Galax Virginia (pop. 6,700), and Grafton, West Virginia (pop. 5,000) – promising places overlooked by conventional financial institutions.

Senate Bill Would Improve Rural Broadband Investment
The Rural Broadband Financing Flexibility Act would permit state and local governments to issue tax-exempt bonds to finance broadband projects in partnership with the private sector. The bill would also create a federal tax credit states and local governments could opt to direct toward rural broadband projects and ensure each state receives up to $25 million in bonding authority annually.

Upcoming Events
CDFA Virtual Summer School

CDFA Legislative Briefing - June 16, 2021
June 16, 2021 - 4:00 - 4:30 PM Eastern
Join us on Wednesday, June 16 at 4:00 PM (Eastern) for a free Legislative Briefing. We will discuss the status of the infrastructure bill and CDFA's latest efforts on Capitol Hill. We will also outline important action items that you can take to ensure that bond financing provisions are included in the infrastructure bill.

CDFA Food Systems Finance Webinar Series: Financing Food Systems Through FinTech
Tuesday, July 13, 2021 - 2:00 PM - 3:30 PM Eastern
In this installment of the CDFA Food Systems Finance Webinar Series, we will explore how tech innovations are increasing access to financing for food-related businesses and projects, and how finance is supporting the integration of new technology in local food systems.

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.

USDA Rural Development News

USDA to Invest an Additional $4B to Strengthen Food System
Citing lessons learned from the COVID-19 pandemic and recent supply chain disruptions, the USDA announced plans to invest more than $4 billion to strengthen critical supply chains through the Build Back Better initiative. The new effort is directed by Executive Order 14017 America's Supply Chains will create new market opportunities, tackle the climate crisis, help communities that have been left behind, and support good-paying jobs throughout the supply chain.

USDA Seeks Applicants to Improve Water and Wastewater Infrastructure in Rural Areas
The USDA has funds available through the Water and Waste Disposal Loan and Grant Program for clean and reliable drinking water systems, sanitary sewage disposal, solid waste disposal, and stormwater drainage to households and businesses in rural areas with a population of 10,000 or less.

Greystone Affordable Development Transforming Indiana Affordable Housing with 4% and 9% LIHTC Hybrid Portfolio
Greystone Affordable Development is spearheading the $45.6M redevelopment of 336 affordable housing units consisting of $14.7M in USDA 538 guaranteed loans; $12.4M in capital contributions and syndication of both 4% and 9% Housing Credits; $10.6M in multifamily private activity tax-exempt bonds; $6.6M of assumed and subordinated USDA Section 515 long-term debt; and $1M in funding via the Rural Revolving Loan Fund.

A Windfall for Minority Farmers Divides Rural America
The $4 billion federal fund has angered conservative white farmers who say they are being unfairly excluded because of their race. And it has plunged farmers of color into a new culture war over race, money, and power in American farming. The program is part of a broader effort by the Biden administration and Democrats in Congress to confront how racial injustice has shaped American farming, which is overwhelmingly white.

USDA Announces Assistance for Coastal Communities
U.S. Department of Agriculture (USDA) announced that it is making priority funding available for coastal National Scenic Areas that have been devastated by wildfires. USDA is reserving $2 million under the Rural Business Development Grants program for eligible projects in rural communities located on a river or ocean coastline. Priority is being given to National Scenic Areas impacted by wildfires.

Rural Development Finance News

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

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

American Rescue Plan Includes Key Health Priorities
National Law Review | Jun. 11 | Access to Capital | Disaster Recovery & Relief | Federal | Healthcare | Rural Development | COVID-19

Businesses in York County, PA Receive Assistance
Pennsylvania DCED | Jun. 11 | Access to Capital | Disaster Recovery & Relief | Economic Development | Food Systems Finance | Local Finance Program | Rural Development | COVID-19

Merritt Community Capital Closes Its Largest Fund to Date for Affordable Housing
Affordable Housing Finance | Jun. 11 | Housing Finance | Rural Development | Social Finance | Tax Credits

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

$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

Inside the President's Budget Request: Spatial Inequality and Economic Dynamism
Economic Innovation Group | Jun. 7 | Access to Capital | Economic Development | Federal | Green Finance | Infrastructure Finance | Innovation Finance | Opportunity Zones | Rural Development

Redefining 'Rural' in America
Katy Times | Jun. 5 | Economic Development | Federal | Rural Development

Gov. Wolf Announces New Investments in Agriculture in Six Pennsylvania Counties
Gov. Tom Wolf | Jun. 3 | Access to Capital | Agriculture Finance | Rural Development | State Finance Program

SBA Rolls Out $100M Grant Program to Help Small Businesses Recover from COVID Fallout
Mass Live | May. 27 | Disaster Recovery & Relief | Economic Development | Federal | Rural Development | U.S. Small Business Administration (SBA) | COVID-19

The Food System is Critical Infrastructure
NRCD | May. 27 | Agriculture Finance | Federal | Food Systems Finance | Legislative | Rural Development

White House Fact Sheet on American Jobs Plan Details $318B for Housing and Community Development Incentives
Novogradac | May. 26 | Community Development | Economic Development | Federal | Housing Finance | Incentives | Rural Development | Tax Credits

HUD Announces $145M Funding Opportunity to Address the Needs of Youth Experiencing Homelessness
HUD | May. 25 | Federal | Housing Finance | Rural Development | U.S. Dept. of Housing & Urban Development (HUD) | Urban Development

CDFA Resources

USDA Resource Guide for Rural Workforce Development
Access to Capital | Community Development | Disaster Recovery & Relief | Energy Finance | 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.

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.

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.

CDFA Rural Development Finance Webinar Series: Assembling Capital for Rural Development
Community Development | Economic Development | Healthcare | Rural Development | Social Finance
During this installment of the CDFA Rural Development Finance Webinar Series, learn about essential financing sources employed by rural communities to complete projects in today's economy.

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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