CDFA Legislative and Federal Affairs Update - June 6, 2023

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Legislative and Federal Affairs Update June 6, 2023	Subscribe View Archives

Spotlight

CDFA's Modernizing Agricultural and Manufacturing Bonds Act Introduced in U.S. House of Representatives

CDFA's Modernizing Agricultural and Manufacturing Bonds Act 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).

Legislative Features

President Biden Signs Debt Ceiling Deal, Averting Default

President Biden signed the Fiscal Responsibility Act of 2023 into law, ending, for now, the threat of economic calamity from a default on the nation's debt and putting limits on spending for two years. The White House issued a statement saying that Mr. Biden had signed the legislation, days after it was passed by the House and the Senate following weeks of sometimes bitter negotiations with Republicans.

U.S. Department of the Interior Invests $161M for Landscape Restoration

The Department of the Interior announced plans to infuse $161 million into ecosystem restoration and resilience on the nation's public lands as part of President Biden's Investing in America agenda. This work, led by the Bureau of Land Management, will focus on 21 "Restoration Landscapes" across 11 western states and will range from restoring wildlife habitat in the sagebrush steppe of the high desert to re-creating wetland meadows to repairing watersheds on former industrial timberlands.

U.S. Treasury Announces $151M for Mississippi Broadband Projects

The U.S. Department of the Treasury announced the approval of $151.5 million for high-speed internet projects in Mississippi under the American Rescue Plan's Capital Projects Fund (CPF), part of President Biden's Investing in America agenda. The funds will help to connect over 47,000 Mississippi homes and businesses to affordable, high-speed internet.

EPA Provides $11M in Brownfields Funding for 7 Alaska Projects

The U.S. Environmental Protection Agency (EPA) announced $11.8 million to expedite the assessment and cleanup of seven brownfield sites in Alaska while advancing environmental justice. Alaska's communities will receive EPA Brownfields funding through the Multipurpose, Assessment, Revolving Loan Fund, and Cleanup Grant programs as well as the Technical Assistance to Brownfields Communities Program.

Washington Announces $121M Federally-Assisted Investment in Broadband Infrastructure

The Washington State Broadband Office has awarded more than $121 million in grants for 19 broadband construction projects aimed at providing access to high-speed internet connections to nearly 15,000 households across the state. Awards are conditional on the receipt of federal funds. Demand for the grants exceeded available funds by 261%, with 50 different projects requesting more than $316 million, a release said.

U.S. Department of the Interior Awards $48M for Water Infrastructure in Indian Country

The U.S. Department of the Interior announced a $48 million investment to repair and revitalize Tribal water sanitation systems, upgrade irrigation and power projects, and invest in the safety of dams in Tribal communities. The investment comes from the Bipartisan Infrastructure Law--the largest investment in physical and natural systems in American history. The law invests more than $13 billion directly to Tribal communities across the country, including $250 million for Tribal water projects.

USDA Announces $500M for Regional Conservation Partnership

The U.S. Department of Agriculture (USDA) announced the availability of $500 million in funding to advance partner-driven solutions to conservation on agricultural land through the Department's Regional Conservation Partnership Program (RCPP). RCPP leverages a voluntary approach to conservation that expands the reach of conservation efforts and climate-smart agriculture through public-private partnerships.

White House Highlights Success of Bipartisan Infrastructure Law in Infrastructure Week

As part of the President's Investing in America agenda, the Biden Administration is rebuilding our roads and bridges, replacing lead pipes to provide clean water, cleaning up legacy pollution, expanding access to affordable, high-speed internet, and ushering in a new era of clean energy. The White House has announced over $220 billion in Bipartisan Infrastructure Law funding, including over 32,000 specific projects and awards, across over 4,500 communities in all 50 states, D.C., and territories.

HUD Providing $837M for Housing Energy Reduction Costs

The U.S. Department of Housing and Urban Development (HUD) announced new funding through the Green and Resilient Retrofit Program (GRRP) to reduce greenhouse gas emissions and improve the energy and water efficiency and climate resilience of HUD-assisted multifamily properties serving low-income residents. The Inflation Reduction Act provided HUD with $837.5 million in grant and loan subsidy funding and $4 billion in loan commitment authority for this new program.

Bipartisan Legislation Introduced to Expand Low-Income Housing Tax Credit

U.S. Representatives Darin LaHood (IL-16) and Suzan DelBene (WA-01), and Senators Maria Cantwell (WA) and Todd Young (IN) introduced bipartisan legislation to build nearly 2 million new affordable homes over the next decade. The Affordable Housing Credit Improvement Act would support the financing of more affordable housing by expanding and strengthening the Low-Income Housing Tax Credit.

USDA Announces $36M to Improve Roads, Trails, and Water Quality

The U.S. Department of Agriculture (USDA) announced investments of more than $36 million in nearly 100 projects to improve water quality, roads, trails, bridges, and fish habitat on national forests and grasslands nationwide. The announcement is part of President Biden's Investing in America agenda and the Administration's work to build a clean energy economy while creating economic opportunity in communities across the country.

Upcoming Events

CDFA Legislative Briefing - MAMBA and the 118th Congress
June 8, 2023 - 1:00 PM - 2:00 PM Eastern

CDFA's key legislative issue--The Modernizing Agricultural and Manufacturing Bonds Act (MAMBA)--was introduced with bipartisan support in the U.S. House of Representatives on June 1. The bill modernizes first-time farmer bonds and industrial development bonds to ensure that manufacturers have affordable capital access to allow them to establish and grow their businesses. In this legislative briefing, CDFA's Eric Silva and Mitchell Smith will provide an overview of MAMBA, how it will impact the private activity bond space, and the process by which CDFA will get MAMBA passed in the 118th Congress.

CDFA // BNY Mellon Development Finance Webcast Series: Advancing Equitable Economic Development with Affordable Housing
June 20, 2023 - 2:00 PM - 3:00 PM Eastern

During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, panelists will demonstrate how investment in affordable housing advances equitable economic development with a discussion of innovative financing approaches that can help these projects succeed.

Federal Features

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.

Ventura, CA Receives $173M in WIFIA Loans for Water Infrastructure

Ventura, CA's VenturaWaterPure project will receive $173 million in WIFIA loans to establish a new local, drought-resilient water supply, improve water quality, and protect local habitats. Due to local drought conditions, the city is facing a projected water supply shortfall by 2035. To address this, these loans will support the design and construction of projects to augment the City's potable water supplies with purified local recycled water and groundwater.

U.S. EPA Awards $65M for Cleanup of Navajo Abandoned Uranium Mines

The U.S. Environmental Protection Agency (EPA) awarded Tetra Tech the second Navajo Area Abandoned Uranium Mines Response, Assessment, and Evaluation Services (RAES) contract, worth $65 million, to address risks to public health and the environment from former mines on Navajo land. Under this contract, Tetra Tech will focus on providing technical support to EPA through all stages of work addressing abandoned Navajo uranium mines.

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.

Delaware County, PA Announces $1M Grant for Brownfield Revolving Loan Fund

The Delaware County Redevelopment Authority (DCRDA) Board will receive $1 million in Brownfields funds from the U.S Environmental Protection Agency (EPA)'s Revolving Loan Fund (RLF) Grant Program. The EPA's RLF Grants provide funding for loans or subgrants for community stakeholders to carry out cleanup and other activities at brownfield sites. DCRDA received the maximum possible award to launch the RLF.

USDA Rural Development Invests in Wisconsin Multifamily Housing Projects

The U.S. Department of Agriculture (USDA) Wisconsin Rural Development State Director joined representatives of Wisconsin Management Company, Inc., and others at a grand re-opening to celebrate improvements made to Cuba City Apartments, Cuba City, and Summit Apartments, Barneveld. Funds for improvements came from Wisconsin's Low Income Housing Tax Credit and its Multifamily Preservation Loan and Preservation Revolving Loan Fund.

West Virginia to Receive $20M for Water Infrastructure Upgrades

U.S. Senator Joe Manchin (D-WV), member of the Senate Appropriations Committee and Chairman of the Senate Energy and Natural Resources Committee, announced $20.9 million from the U.S. Army Corps of Engineers (USACE) for 16 West Virginia projects. The funding will support critical improvements to water and wastewater infrastructure across the state.

U.S. Departments of Agriculture and Interior Propose $2.8B to Support Conservation

The U.S. Departments of Agriculture and the Interior announced a proposed $2.8 billion for FY2024 authorized by the Great American Outdoors Act (GAOA) to improve infrastructure, recreation facilities, federal lands access, and land and water conservation. The GAOA established the National Parks and Public Land Legacy Restoration Fund, authorizing $1.9 billion per year to reduce the deferred maintenance backlog on federal lands and at Bureau of Indian Education schools.

USDA Announces $420M for 12 Newly Created Regional Food Business Centers

The U.S. Department of Agriculture (USDA) announced the creation of 12 new USDA Regional Food Business Centers that will provide national coverage coordination, technical assistance, and capacity building to help farmers, ranchers, and other food businesses access new markets and navigate federal, state, and local resources. The USDA also announced a $420 million Resilient Food Systems Infrastructure Program (RFSI) to strengthen local food supply systems.

HUD Allocates $382M for Affordable Housing

The U.S. Department of Housing and Urban Development (HUD) allocated $382 million through the nation's Housing Trust Fund (HTF). The HTF is a formula-based affordable housing production program that complements existing Federal, state, and local efforts to increase and preserve the supply of decent, safe, and sanitary affordable housing for extremely low- and very low-income households, including families experiencing homelessness.

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

Federal Communications Commission (FCC)

Emergency Broadband Benefit Program

The Emergency Broadband Benefit Program provides support for broadband services and certain devices to help low-income households stay connected during the COVID-19 pandemic.

Northern Border Regional Commission

State Economic & Infrastructure Development (SEID) Investment Program

NBRC's Economic & Infrastructure Development Investment program provides federal grants (in the form of reimbursement for eligible expenses incurred) to employment-generating projects that have...

U.S. Dept. of Agriculture (USDA)

Rural Housing Site Loans (Section 523/524 Loans)

Rural Housing site loans provide two types of loans to purchase and develop housing sites for low- and moderate-income families.

U.S. Dept. of Commerce (DOC)

Good Jobs Challenge

EDA's American Rescue Plan Good Jobs Challenge aims to get Americans back to work by building and strengthening systems and partnerships that bring together employers who have hiring needs with other...

Legislative and Federal Headlines

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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
info@cdfa.net