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CDFA Rural Development Finance Update - July 20, 2021

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Rural Development Finance Update
July 20, 2021
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Rural Development Finance Update


Don't Miss the Fundamentals of Economic Development Finance Course at CDFA Virtual Summer School!
CDFA Summer School kicks off on August 2nd and 3rd with the Fundamentals of Economic Development Finance Course. This foundational course will help attendees understand the development finance toolbox, including bonds, tax credits, tax increment financing, federal financing programs, revolving loan funds, Opportunity Zones, and more. Join us to explore case studies and best practices that can be implemented in your community.

After Strong Opposition, OMB Rejects Change in Metropolitan Definition
The proposal would have raised the minimum core-city size for a Metropolitan Statistical Area from 50,000 to 100,000 residents. The change would have reclassified 251 currently metropolitan counties as nonmetropolitan, based on current population figures. Although OMB says its county classification system is designed only for statistical purposes, the metropolitan/nonmetropolitan county designation is incorporated into an undetermined number of federal funding programs.

House Committee Approves $43B Rural Broadband Bill
The House Agriculture Committee approved a bill to provide $43 billion over eight years to bring broadband service to hundreds of thousands of families and businesses that lack access now. Chairman David Scott said Democratic leaders were "looking to move this in an expeditious way to the Senate."

USDA Launches Grant Program to Help Expand Regional Economies and Create High-Wage Jobs in Distressed Rural Communities
Rural Innovation Stronger Economy (RISE) is intended to help rural communities identify and maximize local assets and connect to networks and industry clusters within their region. The new grant encourages a regional, innovation-driven approach to economic development. RISE provides grants of up to $2 million to consortiums of local governments, investors, industry, institutions of higher education, and other public and private entities in rural areas.

Will Biden Deliver for Rural America? The Promise of the American Rescue Plan
President Biden has publicly made it a priority to rebuild rural America. The administration is intent on following through with policy and resources: Susan Rice, director of the Domestic Policy Council, has suggested that the American Rescue Plan, approved and signed into law, and the proposed American Jobs Plan, the administration's basis for the current negotiations with Congress on infrastructure, will represent "historic levels of public investment" in rural America.

Biden-Harris Administration Invests $307M in Rural Water and Wastewater Infrastructure in 34 States and Puerto Rico
Agriculture Secretary Tom Vilsack today announced that the USDA is investing $307 million to modernize rural drinking water and wastewater infrastructure in 34 states and Puerto Rico. USDA is financing the projects through the Water and Waste Disposal Loan and Grant Program. The investments will help eliminate outdated pipes and service lines to safeguard public health and safety in rural communities.

The American Rescue Plan Can Be a Lifeline for Business Districts
Even before the COVID-19 pandemic, many small businesses in rural downtowns to urban commercial corridors already faced serious challenges, including decades of disinvestment, limited access to capital and broadband, brain drain, and competition from big-box and online retail. The American Rescue Plan Act —and particularly, its $350 billion in state and local funding—offers a lifeline for these struggling Main Streets.

The Potential of the Proposed Rural Partnership Program
Current rural policy at the federal level is really a collection of programs that are fragmented, incoherent, and often unfriendly to rural realities. The wide range of investments in the American Jobs Plan that could benefit rural America raises questions of how the administration will ensure that rural communities can package and maximize the use of these resources to meet their long-term needs. One answer lies with the proposed new $5 billion Rural Partnership Program.

Upcoming Events
CDFA Virtual Summer School

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.

CDFA Federal Financing Webinar Series: Investing in Critical Community Facilities
Tuesday, August 24, 2021 - 2:00 PM - 3:30 PM Eastern
During this installment of the CDFA Federal Financing Webinar Series, several federal agencies will discuss their financing solutions for local community facilities and how to coordinate with partners.

USDA Rural Development News

USDA Announces $500M for Expanded Meat & Poultry Processing Capacity
USDA is announcing it intends to make significant investments to expand processing capacity and increase competition in meat and poultry processing to make agricultural markets more accessible, fair, competitive, and resilient. USDA will commit $500 million in the form of grants, loans, and technical assistance to support new competitive entrants in meat and poultry processing, as well as more than $55 million in grants to strengthen existing small and very small meat processing capacity.

USDA Invests $21M in High-Speed Broadband in Rural New York
USDA Rural Development announced it is investing $21 million to provide broadband service in rural areas in New York without sufficient broadband access. This investment is part of the $550 million Congress allocated to the second round of the ReConnect Program.

USDA, FCC, and NTIA Announce Interagency Agreement to Coordinate Broadband Funding Deployment
The U.S. Department of Agriculture (USDA), the Federal Communications Commission (FCC), and the National Telecommunications and Information Administration (NTIA) announced an interagency agreement to share information about and coordinate the distribution of broadband deployment federal funds.

USDA Invests $185M to Improve Rural Community Facilities and Essential Services in 32 States
The U.S. Department of Agriculture announced that USDA is investing $185 million to equip, rebuild, and modernize essential services in rural areas of 32 states through the USDA Community Facilities Direct Loan and Grant Program. The investments will benefit 3 million rural residents.

Affordable Housing Project in Coachella, CA Awarded $22.6M
Community Housing Opportunities Corporation recently received $22.6 million of state financing to begin the construction of new affordable housing in Coachella. In total, the project will cost $35.3 million. Funding for it includes $5 million from the Joe Serna Farmworker Grant, a program that deploys funding to support housing for farmworkers and their families in rural areas. A $3.8 million Coachella CFD loan and USDA Rural Development financing are also part of the funds.

Rural Development Finance News

The SBA's PPP and RRF Are Done. Here Are 5 Other Grant Programs for Small Businesses.
Mass Live | Jul. 17 | Access to Capital | Disaster Recovery & Relief | Economic Development | Rural Development | U.S. Small Business Administration (SBA) | COVID-19

Washington Community Economic Revitalization Board Invests $17.9M in 13 Counties
Washington State Department of Commerce | Jul. 15 | Access to Capital | Community Development | Economic Development | Infrastructure Finance | Revolving Loan Funds (RLFs) | Rural Development | Broadband

Red Bull and Rauch to Build Beverage Manufacturing Hub in Cabarrus County, NC
NC Governor Roy Cooper | Jul. 13 | Access to Capital | Economic Development | Rural Development

Morgan Stanley Awards $21.7M to Opportunity Finance Network to Support Equitable Recovery in Underserved Communities
Bloomberg | Jul. 13 | Access to Capital | Community Development | Disaster Recovery & Relief | Rural Development | Social Finance | COVID-19

Rural Economic Development Tax Increment Finance Helps Expand a Utah Business
Utah Business | Jul. 8 | Economic Development | Rural Development | State Finance Program | Tax Credits | Tax Increment Finance (TIF)

Maryland Receives Nearly $2.4M in Rural Water and Wastewater Infrastructure Improvements From USDA
USDA | Jul. 7 | Access to Capital | Federal | Infrastructure Finance | Legislative | Rural Development | Water Finance

How North Carolina Intervenes to Get Local Governments on Fiscal Track
The Bond Buyer | Jul. 7 | Bond Finance | Economic Development | Rural Development | State Finance Program

Deadwood, SD Approves $10.5M TIF for ‘the Ridge' Development
Black Hills Pioneer | Jul. 6 | Redevelopment | Rural Development | Tax Increment Finance (TIF)

White House Releases Fact Sheet on the Bipartisan Infrastructure Framework
The White House | Jul. 2 | Economic Development | Infrastructure Finance | Legislative | Public-Private Partnership (P3) Financing | Rural Development | Urban Development | Water Finance

New Public-Private Flex Fund Loan Program for Washington Small Businesses and Nonprofits
Washington State Department of Commerce | Jun. 30 | Access to Capital | Economic Development | Public-Private Partnership (P3) Financing | Revolving Loan Funds (RLFs) | Rural Development | State Finance Program

Lawmakers Eye Tax Credit in Bipartisan Affordable Housing Bill
Bloomberg | Jun. 26 | Community Development | Housing Finance | Legislative | Rural Development | Social Finance | Tax Credits | Tribal Finance

Commission Approves Changes to Rural Housing Incentive District in Hays, KS
Hays Post | Jun. 25 | Housing Finance | Incentives | Local Finance Program | Rural Development | Tax Increment Finance (TIF)

CDFA Resources

Key Factors and Strategies for Urban and Rural Communities
Access to Capital | Community Development | Economic Development | Healthcare | Housing Finance | Infrastructure Finance | Rural Development | Urban Development | Water Finance
Through data analysis supported by stakeholder interviews and case studies, this research from the National League of Cities identifies factors that support local engagement in regional economies, how these factors vary for urban and rural places, and whether the benefits of economic connectivity are equitably distributed among places and people in regions.

CDFA // BNY Mellon Development Finance Webcast Series: Rural Broadband & Telehealth Financing
Access to Capital | Federal | Healthcare | Public-Private Partnership (P3) Financing | Rural Development | Webcasts
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, experts explain how rural communities can embrace the challenges of financing high-speed internet for the economic and societal gains provided by broadband.

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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