CDFA's Modernizing Agricultural and Manufacturing Bonds Act Introduced in U.S. House of Representatives
CDFA's Modernizing Agricultural and Manufacturing Bonds Act (MAMBA) was introduced as H.R. 3787 in the U.S. House of Representatives with bipartisan support by Reps. LaHood (R-IL), Kildee (D-MI), Feenstra (R-IA), and Evans (D-PA). MAMBA modernizes the Internal Revenue Code (IRC) as it relates to small issue bonds, specifically the private activity bond rules for manufacturing bonds and first-time farmers, by making key changes to the tax code.
New York Provides $1.3M for Agricultural Center Under SSBCI
Empire State Development (ESD) announced that Chester Agricultural Center has received more than $1.3 million in support to expand operations at its 200-acre farm, which leases land in subsections to local farm operators. Many of the leases are awarded to people of color, women, LGBTQ+, and Latinos. Chester Agricultural Center, a 501(c)(3) not-for-profit corporation, received a $1.08 million loan through the Capital Project Loan Fund as part of the State Small Business Credit Initiative (SSBCI).
Mark Your Calendar for the 2023 CDFA Virtual Summer School!
Join us August 7-15 for a series of courses presented by the CDFA Training Institute. CDFA Virtual Summer School will offer five different training courses, all held online. Learn from our expert practitioners and experience CDFA's most interactive educational event of the year – all from the comfort of your home or office! All CDFA Virtual Summer School courses qualify for the CDFA Training Institute's Development Finance Certified Professional (DFCP) Program.
Farmers Business Network Finance Launches Instant Approval for Land Loans
Farmers Business Network (FBN), the global AgTech platform and farmer-to-farmer network, announced the launch of FBN Finance's transformative Instant Land Loan Approvals program. Designed to address the needs of farmers seeking land financing, this solution aims to streamline and expedite the loan application process, providing qualified farmers with instant approvals and efficient access to capital.
U.S. Bill Would Allow Fishery-Related Businesses to Access Federal Loan Program
Under The Fishing Industry Credit Enhancement Act, introduced by U.S. Senator Angus King (I-Maine) and U.S. Senator Lisa Murkowski (R-Alaska), businesses such as cold storage providers and gear suppliers would be allowed to use the Farm Credit System (FCS), a nationwide network of lenders and financial service providers. The program is currently used by farmers, ranchers, farmer-owned cooperatives and other agribusinesses, rural homebuyers, rural infrastructure providers, and commercial fishermen.
Join CDFA for Our Upcoming Intro Tax Increment Finance Course
Register for CDFA's Intro Tax Increment Finance (TIF) Course taking place on June 14-15 to learn the guiding principles and appropriate application of TIF. Our panel of expert speakers will discuss TIF deal-making and best practices highlighted by projects from around the country.
California Assembly Passes Climate-Resilient Food and Farming Bill
California's Assembly Bill 408, the Climate-resilient Farms, Sustainable Healthy Food Access, and Farmworker Protection Bond Act of 2024, proposes a robust funding package of incentives, technical assistance, market development, and infrastructure to help draw down carbon emissions, better withstand extreme weather events, protect farmworkers, and increase access to healthy and sustainably grown food. The bill also sets aside 50% of the funding for socially disadvantaged farmers and ranchers and Tribal growers.
$10M of NMTC for Grassland Dairy Products to Grow Operations
CEI Capital Management has closed on $10 million in New Markets Tax Credit (NMTC) capacity to enable Grassland Dairy Products, Inc. to acquire equipment and expand its raw milk production capacity by nearly 30 percent. The NMTC financing provides Grassland Dairy with the low-cost and long-term funds it needs to make capital expenditures that support the company's long-term operations and improve production flexibility.
Understanding the Barriers to Regenerative Agriculture on Native Land
The Environmental Defense Fund (EDF) and the Intertribal Agriculture Council (IAC) are joining forces on a three-year study with Native American ranchers that will track costs, loan terms, and soil carbon improvements with the goal of bringing regenerative agriculture programs to Native communities.
This Fund is Investing $20M to Help Black Farmers Thrive
Founded in 2017, the nonprofit organization Black Farmer Fund acts as a racially just investment fund created explicitly to support Black farmers, agricultural businesses, and food entrepreneurs in the Northeast, intending to build community wealth and local food sovereignty through collective power.
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