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CDFA Legislative and Federal Affairs Update - October 1, 2019

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Legislative and Federal Affairs Update
October 1, 2019
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Legislative and Federal Affairs Update

Legislative Features

Bill Would Establish P3 Pilot Program for GSA Projects
U.S. Representatives Greg Pence and Mark Meadows introduced legislation to provide the General Services Administration with the flexibility to pilot the use of public-private partnerships. H.R. 4485, the Public-Private Partnerships for Prosperity (P4) Act of 2019, directs GSA to identify 5-10 eligible projects to acquire public buildings using public-private partnerships.

Legislation Introduced to Promote the Creation of an Appalachian Energy Storage Hub
Representatives David B. McKinley, P.E., (W.Va.-1), Carol Miller (W.Va.-3) and Alex Mooney (W.Va.-2) introduced legislation that would direct the Appalachian Regional Commission (ARC) to provide funds to help in the creation of an Appalachian petrochemical hub.

Senate Passes Stopgap Funding Bill
With just one day left before a congressional recess, the Senate voted overwhelmingly to approve a House-passed continuing resolution to keep the government open until Nov. 21. Over the past several weeks, the Appropriations Committee has been marking up bills at the subcommittee level and passing them out of full committee.

Senate Appropriations Bill Underfunds Priority Farm and Food Programs
The Senate moved the ball forward by "marking up" and passing their agriculture appropriations bill out of both the Senate Agriculture Appropriations Subcommittee and full Senate Appropriations Committee including $23.1 billion in discretionary funding for many of the major programs and functions of the U.S. Department of Agriculture (USDA) and the Food and Drug Administration (FDA).

Rep. Schiff Introduces Affordable Housing Incentive Legislation
Rep. Adam Schiff (D-CA) announced the introduction of the Affordable Housing Incentive Act to address the shortage of affordable housing options, particularly in cities with competitive real estate markets. The bill would create tax incentives for property owners who sell to public housing agencies, thereby increasing the stock of affordable housing options.

Subcommittee Approves FY2020 Transportation, HUD Appropriations Bill
The Senate Transportation, Housing and Urban Development, and Related Agencies (T-HUD) Appropriations Subcommittee approved its FY2020 appropriations bill with funding to advance transportation infrastructure development, housing assistance, and community development.

Appropriations Subcommittee Advances FY2020 Agriculture Measure
The Senate Appropriations Subcommittee on Agriculture, Rural Development, Food and Drug Administration, and Related Agencies approved a $151.7 billion appropriations bill to support federal agriculture and nutrition programs in FY2020.

NABL Lobbying Grows on Capitol Hill
The short-term outlook for the enactment of congressional legislation to reinstate advance refundings or expand the use of tax-exempt private activity remains pessimistic through the 2020 presidential election. That was the message Columbia, South Carolina Mayor Steve Benjamin gave attorneys attending a National Association of Bond Lawyers workshop in Chicago.

Upcoming Events
CDFA National Development Finance Summit

CDFA Federal Financing Webinar Series: Opportunity Zones and Small Business featuring SBA and EDA
October 24, 2019 - 2:00 PM Eastern
In this webinar, CDFA will convene financing experts from the Small Business Administration and Economic Development Administration to discuss how their respective financing and grant programs can leverage Opportunity Fund investments in Opportunity Zones. CDFA will center the discussion around SBA 504 and 7(a) Loan programs, as well as the funding programs offered by the EDA.

Federal Features

25 Years of Championing Successful Community Development
Twenty-five years ago the Riegle Community Development and Regulatory Improvement Act of 1994 established the CDFI Fund to encourage small businesses, affordable housing, the availability of commercial real estate, and human development. The legislation improved the supply of capital, credit, private investment, and development services in low-income areas.

USDA Invests in Water and Wastewater Infrastructure Improvements in 25 States
The U.S. Department of Agriculture is investing $144 million to improve rural water infrastructure in 25 states. USDA is investing in 45 projects through the Water and Waste Disposal Loan and Grant program. Funds can be used for drinking water, stormwater drainage, and waste disposal systems in rural communities with 10,000 or fewer residents.

Treasury Announces CDFI Program and NACA Program Technical Assistance Awards
The U.S. Department of the Treasury's CDFI Fund awarded 73 organizations more than $9.16 million in awards. The FY2019 CDFI Program and Native American CDFI Assistance Program (NACA Program) Technical Assistance Awards will allow certified and emerging CDFIs to build their capacity to provide services to low-income and underserved people and communities.

GASB Tackles Phaseout of LIBOR, Growth of P3s
The Governmental Accounting Standards Board is expected to propose three alternatives for counties and cities to adjust their hedges or interest rate swaps after Libor expires at the end of 2021. Additionally, industry experts expect GASB to review the comments it has received on its proposed guidelines for P3s and issue a final rule in the first quarter of 2020.

IN Adds WIFIA Bonds to Water Infrastructure Funding Options
The Indiana Finance Authority is restating its current bond trust indenture and its wastewater and drinking water state revolving fund trust indentures ahead of pricing $200 million of bonds from the program. The change comes as the IFA finalizes a drawdown loan of up to $436 million provided under the Water Infrastructure Finance and Innovation Act of 2014.

CDFI Fund Changes Certification Requirements for Applicants to CDFI and NACA Programs
Earlier this year, the CDFI Fund issued a Request for Public Comment on the fiscal year (FY) 2020-2022 CDFI Program and Native American CDFI Assistance Program (NACA Program) Application. After reviewing the comments received, the CDFI Fund has decided to proceed with updating the certification requirements to apply for a CDFI Program or NACA Program Financial Assistance award.

CDFI Fund Opens CY 2019 Round of New Markets Tax Credit Program
The U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund) released today the Notice of Allocation Availability (NOAA) for the calendar year (CY) 2019 round of the New Markets Tax Credit Program (NMTC Program). The NOAA makes up to $3.5 billion in tax credit allocation authority available for the CY 2019 round.

U.S. Dept. of Commerce Seeks Public Input on Aligning Programs with OZs
The Department of Commerce is seeking public input on aligning federal economic development programs to facilitate investment in qualified Opportunity Zones. The request for information notice is available in the Federal Register until October 18.

Federal Financing Clearinghouse Spotlight

CDFA's Federal Financing Clearinghouse is the only online resource cataloging the development finance programs offered by the federal government. Check out our featured agencies and programs below. >>> Learn More

Agency Seal Export-Import Bank of the United States (EXIM Bank)

Finance Lease Guarantees
EXIM supports competitive medium-term financing structured as finance leases in addition to financing structured as installment loans.

Agency Seal Northern Border Regional Commission

State Planning Grants
The NBRC can assist Member States to develop comprehensive economic and infrastructure development plans for their NBRC counties.

Agency Seal U.S. Dept. of Homeland Security (DHS)

EB-5 Immigrant Investor Program
Congress created the EB-5 Program in 1990 to stimulate the U.S. economy through job creation and capital investment by foreign investors. In 1992, Congress created the Immigrant Investor Program,...

Agency Seal U.S. Dept. of the Interior (DOI)

Capital Improvement Project (CIP) Funding
CIP grant funding (also known as Covenant grants) addresses a variety of infrastructure needs in the U.S. territories including critical needs such as hospitals, schools and wastewater systems.

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


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