The Federal Reserve has created this book to bring together community and economic development researchers, practitioners, philanthropists, and others to showcase the great work happening across this country and to outline a framework for conducting community and economic development that, if applied, can help more communities achieve shared economic prosperity.

The American Rescue Plan Act of 2021 created an unprecedented amount of capital to support investment in healthcare, agriculture, infrastructure, and more. During the March 15th installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will discuss capitalization strategies that communities can use to leverage federal funding to drive long-term private investment.

Governor Hochul announced her plan for the State to partner with CDFIs to deliver more than $150M of funding to small businesses most in need​, upon federal approval of the State's plan. This is part of the Governor Hochul's budget which proposed an unprecedented assistance package for small businesses that ​includes over $500M to New York State through the federal State Small Business Credit Initiative over the next several years.

Dozens of municipalities in Vermont are working to upgrade their water infrastructure using federal funds that can be delivered to towns in a variety of ways. To use that money, towns need approval from those living locally, and several cities and towns asked voters to authorize their plans this Town Meeting Day. 

The undersigned organizations, including representatives of state and local governments and the affordable housing industry, strongly urge you to adjust the underlying statute of the SLFRF program to facilitate its use with the Low Income Housing Tax Credit program so that states and local governments may use these funds to build and preserve desperately needed affordable rental housing.

The Department of Commerce's National Telecommunications and Information Administration (NTIA) announced on Friday that it issued over $277 million in grant funding to further develop the U.S.'s broadband infrastructure, a key component in President Biden's infrastructure goals. The sum of federal funding was divided across 13 individual grants, and will help connect over unserved homes.

Arizona landscapes would have a better chance of ending up on the silver screen under a legislative proposal to lure production companies to the Grand Canyon State with $150 million in tax credits that the Senate has approved. The benefits include construction of filming locations and hotels to meet new demand, hiring locals, keeping production jobs in-state, and attracting out-of-state tourists and industry professionals.

IBank began accepting project proposals through the new Climate Catalyst Fund, a revolving loan fund that received $47 million through the state's 2021-2022 budget. IBank is now poised to roll out those funds to jumpstart promising projects that will manage and process forest biomass material into productive uses, such as advanced energy products and existing and emerging construction materials.

City development officials moved Tuesday to begin exploring a financing package worth as much as $70 million to rehab an abandoned parking garage and build a new one in anticipation of growing parking demand from businesses on the north edge of downtown.

U.S. Department of Agriculture (USDA) Secretary Tom Vilsack announced that USDA is making available up to $215 million in grants and other support to expand meat and poultry processing options, strengthen the food supply chain, and create jobs and economic opportunities in rural areas.

The CDFA team is growing! The Senior Director, Research & Technical Assistance is responsible for ensuring CDFA delivers on its research projects, educational offerings, partnerships, and content creation. This position will lead the development of CDFA's expertise in loan guarantee and small business lending programs as well as facilitate several key development finance initiatives. This is a full-time position with a comprehensive salary and benefits package; remote work will be considered. Deadline to apply is Friday, March 25, 2022.

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This document outlines the U.S. Department of the Treasury's State Small Business Credit Initiative (SSBCI) Frequently Asked Questions which were updated on March 2, 2022. Some of the questions answered in this document include the upcoming SSBCI Capital Program deadlines, the process for application approval, and when the applications will be reviewed.

This table provides helpful information regarding the incentive funding related to business enterprises owned and controlled by socially and economically disadvantaged individuals (SEDI). The columns contain the initial eligible amounts of the SEDI incentive funding that eligible jurisdictions may qualify for and the SEDI objectives, which is the percentage of SSBCI funds that eligible jurisdictions should aspire to expend to meet the needs of SEDI-owned businesses. For more information on the SEDI incentive funding, see Section IV of the Capital Program Policy Guidelines.

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