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CDFA Legislative and Federal Affairs Update - July 5, 2022

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Legislative and Federal Affairs Update
July 5, 2022
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Legislative and Federal Affairs Update

Legislative Features

Invest in Your Professional Development at CDFA's Virtual Summer School
CDFA Virtual Summer School is offering three different training courses, all held online during August 1-4. Learn from expert practitioners and experience CDFA's most interactive educational event of the year! These courses also qualify for the CDFA Training Institute's Development Finance Certified Professional (DFCP) Program and scholarships are available.

Miami-Dade County, FL Urges Feds to Push Down Loan Interest on Farmland
Miami-Dade County commissioners are urging the Biden administration and the U.S. Department of Agriculture to act to lower interest rates on loans for the purchase of land for agricultural use. A resolution directs the county's federal lobbyists to advocate for the proposal and the Office of Intergovernmental Affairs to amend the county's 2022 Federal Legislative Package to include this item.

Tax Credit Promoted for Investments in Underserved Mississippi Communities
U.S. Senators Roger Wicker and Cindy Hyde-Smith joined Senators Mark Warner and Chris Van Hollen, in introducing the Community Development Investment Tax Credit Act (S.4418). The legislation would promote economic development in rural, minority, and low-income communities through a tax credit structure to attract greater private-sector investments in CDFIs.

New Delta Protections Part of California House Water Infrastructure Bill
Members of the House of Representatives last week voted to pass the Water Resources Development Act of 2022 (WRDA). Area Congressman Josh Harder successfully fought to include four critical Central Valley water programs in this bipartisan legislation, including $200 million for water infrastructure in San Joaquin and Stanislaus counties and new requirements for the Army Corps of Engineers to protect the Delta from harmful algal blooms.

Bill Introduced to Boost Economic Growth in Black, Brown & Low-Income Communities
U.S. Sen. Mark R. Warner (D-VA) was joined by Sens. Roger Wicker (R-MS), Chris Van Hollen (D-MD), and Cindy Hyde-Smith (R-MS) in introducing bipartisan legislation to promote lasting economic prosperity in Black, brown and low-income communities. This bill would help unlock more equity and long-term financial capital for community development financial institutions (CDFIs).

Appropriations Committee Releases FY2023 Agriculture-Rural Development Funding Bill
The House Appropriations Committee released the draft fiscal year 2023 Agriculture, Rural Development, Food and Drug Administration, and Related Agencies funding bill, which will be considered in subcommittee. The legislation funds agencies and programs within the Department of Agriculture, the Food and Drug Administration, the Commodity Futures Trading Commission, and the Farm Credit Administration.

Defining Distress: Lessons from the Federally Chartered Regional Commissions
Widening geographic inequality in the United States has shifted federal policymakers' attention to investing in "places" as well as "people." Given the large proportion of rural places in the Appalachian Regional Commission, Delta Regional Authority, and Northern Border Regional Commission coverage areas, the use of "distress" by the commissions offers insights and lessons for reaching vulnerable rural communities.

Senator Urges Colleagues to Give Marijuana Businesses Access to SBA Loans and Services
A senator is asking colleagues on the powerful Appropriations Committee to include provisions in an upcoming spending bill to give small marijuana businesses fair access to federal Small Business Administration (SBA) loan programs and entrepreneurial development resources that are available to companies in any other industry.

New Farm and Food Legislation Advances Vermont Agriculture
Vermont legislators made record investments in rural communities, agriculture, and the environment. The Governor's Future of Agriculture Commission offered new policy and program recommendations, including a $40 million dollar Community Recovery and Revitalization program to invest in new infrastructure, such as storage, distribution, waste management and meat processing for Vermont companies.

Legislation to Diversify and Strengthen Farms Through New Jersey Registry Advances
In an effort to expand diversity in agriculture ranks, strengthen the farm sectors of the state's economy, and foster greater inclusion and equity for underserved populations, the Senate Budget and Appropriations Committee advanced legislation that would direct the Department of Agriculture to establish a New Jersey Minority, Women, and Underserved Farmer Registry.

Upcoming Events
SSBCI Learning Series - Aligning your SSBCI Strategy with Federal Funding Priorities

CDFA // BNY Mellon Development Finance Webcast Series: Development Finance and the Cannabis Industry
Tuesday, July 19, 2022 - 2:00 PM - 3:00 PM Eastern
In this webcast, we will explore the creative financing approaches that are providing capital to the emerging cannabis industry, and the economic benefits to states that have legalized the sale of recreational and medical marijuana.

Fundamentals of Economic Development Finance Course
August 1-2, 2022 - Daily: 12:00 - 5:00 PM Eastern
CDFA's Fundamentals of Economic Development Finance Course is the foundation for all of CDFA's educational offerings. This course helps attendees understand the variety of development finance tools available, from bonds, tax credits and TIF, to federal financing programs, RLFs, and access to capital lending resources.

Federal Features

More Federal Funding is Heading to New Jersey for Brownfield Cleanups
New Jersey is getting a new tranche of federal money to clean up Brownfield sites, land that was previously used mostly for industrial purposes and may have been contaminated. The bipartisan infrastructure law signed by President Biden last year provides New Jersey with $6.5 million of the $1.5 billion in funding.

The Case for a Modern Economic Development Administration
America's global economic standing is under threat as digital disruption, the race for talent, and widening inequality both within and across regions challenge the nation's competitiveness. Meanwhile, the U.S. economy regularly confronts recessions, extreme weather events, supply chain breakdowns, and other shocks that disproportionately impact some local economies and further test the nation's collective ability to adapt and maintain economic resilience.

Puerto Rico Welcomes First Economic Development District
Economic Development Districts (EDD) play a vital role in the EDA grant application process. Comprised of multiple jurisdictions that often cross state lines, EDDs leverage the involvement of the public, private, and non-profit sectors to establish a strategic blueprint for economic development.

USDA Announces Next Steps in Biden-Harris Administration Initiative
USDA announced the next steps in the U.S. Department of Agriculture's (USDA) efforts to ensure that as part of President Biden's Justice40 Initiative. The programs that USDA identified as covered by the Justice40 Initiative are housed in four of USDA's eight mission areas: Farm Production and Conservation; Research, Education and Economics; Rural Development; and Natural Resources and Environment.

U.S. Department of Commerce Invests $2.6M to Establish the Building Resilient Economies in Coal Communities Initiative
U.S. Secretary of Commerce announced that the EDA is awarding a $2.6 million grant to the National Association of Counties (NACo) to lead a coal-focused Community of Practice called the Building Resilient Economies in Coal Communities Initiative. This grant is funded by the American Rescue Plan.

EPA Region 7 Presents Checks Totaling Over $3M to St. Louis, MO Organizations
In St. Louis, The Land Clearance for Redevelopment Authority of St. Louis County was selected for a $1.9 million grant for cleanups in disadvantaged areas, and the St. Louis Development Corporation was selected for $1 million for cleanup projects in Fountain Park, The Ville, Midtown, and North Riverfront.

USDA to Invest Up to $65M in Pilot Program
The U.S. Department of Agriculture in coordination with the other federal agencies will develop a pilot program utilizing up to $65 million in American Rescue Plan funding to provide support for agricultural employers in implementing health and safety standards to promote a safe, healthy work environment for both U.S. workers and workers hired under the seasonal H-2A visa program.

U.S. Department of Commerce Invests $1.6M in ARP Funds to Capitalize RLF in Maryland
U.S. Secretary of Commerce Gina M. Raimondo announced that the Department's Economic Development Administration (EDA) is awarding a $1.6 million grant to the Maryland Department of Commerce, Baltimore, Maryland, to capitalize and administer a revolving loan fund that will serve small businesses throughout Maryland. This grant is funded by the American Rescue Plan.

Arkansas Awaits $81.7M for Rural Businesses
State officials are awaiting approval of $81.7 million in federal aid that would be funneled to small businesses in underserved rural areas of Arkansas, including $10 billion for the national State Small Business Credit Initiative. About 60% of the funds are slated for venture-capital efforts that support technology-based companies, and the remaining 40% will be distributed to small businesses, including socially and economically disadvantaged companies.

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 Appalachian Regional Commission (ARC)

Workforce Opportunity for Rural Communities Grant Program
The WORC Initiative is designed to facilitate the alignment of workforce development efforts with existing economic development strategies in rural communities hard hit by economic transition and...

Agency Seal Delta Regional Authority (DRA)

Community Infrastructure Fund (CIF)
The DRA created the Community Infrastructure Fund (CIF) to target physical infrastructure projects that help build safer, more resilient communities in the Delta region.

Workforce Opportunity for Rural Communities Grant Program
The WORC Initiative is designed to facilitate the alignment of workforce development efforts with existing economic development strategies in rural communities hard hit by economic transition and...

Agency Seal Denali Commission

Energy & Bulk Fuel Program
Recognizing the critical role energy plays in the quality of life and economic development of Alaska's rural communities, the Denali Commission has made energy and bulk fuel its primary...

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

Fixed-Rate Term Financing for International Buyers (Direct Loans)
EXIM Bank direct loans secure competitive financing for international buyers. Fixed-rate financing up to 12 years in general and up to 18 years for renewable energy projects is offered to...

Legislative and Federal Headlines

Boosting Rural America's Housing Supply with USDA's Construction-to-Permanent Financing Program
USDA | Jun. 16 | Access to Capital | Federal | Rural Development

EPA Awarding Brownfield Grant at Site of Planned Lookouts Stadium in Chattanooga, TN
Chattanoogan.com | Jul. 1 | Brownfield Financing | Federal | Redevelopment | U.S. Environmental Protection Agency (EPA)

Drought Related EIDL Loans to Small Businesses
Small Business Trends | Jul. 1 | Access to Capital | Agriculture Finance | Disaster Recovery & Relief | Federal | U.S. Small Business Administration (SBA)

U.S. SBA Continues to Prioritize Equitably Supporting Impacted Communities Through Disaster Assistance, Mitigation, and Business Preparedness Efforts
U.S. SBA | Jul. 1 | Access to Capital | Community Development | Economic Development | Federal | U.S. Small Business Administration (SBA)

Asbury Park, NJ to Benefit from Part of $6.5M in EPA Brownfields Funding
U.S. EPA | Jun. 30 | Brownfield Financing | Federal | Redevelopment | U.S. Environmental Protection Agency (EPA)

Biden Administration Launches $630M in Programs to Modernize Nation's Hydropower Fleet
U.S. Department of Energy | Jun. 30 | Access to Capital | Community Development | Economic Development | Energy Finance | Federal | U.S. Dept. of Energy (DOE)

Niagara County, NY Receives $3.9M from EPA to Address Brownfield Sites
The Buffalo News | Jun. 29 | Access to Capital | Brownfield Financing | Community Development | Economic Development | Federal | Redevelopment | Revolving Loan Funds (RLFs)

Biden Administration Launches $500M Program to Transform Mines Into Clean Energy Hubs
U.S. Department of Energy | Jun. 29 | Access to Capital | Energy Finance | Federal

New Kansas Law Will Offer Tax Credits for Aviation Industry
The Center Square | Jun. 16 | Incentives | Legislative | Tax Credits

Bill Introduced to Boost Economic Growth in Black, Brown, and Low-Income Communities
Mark R. Warner | Jun. 16 | Access to Capital | Community Development | Economic Development | Legislative | Tax Credits

North Carolina Bill Would Place Restrictions on EV Charging Stations
Repairer Driven News | Jun. 15 | Energy Finance | Infrastructure Finance

Helping REVAMP ‘Rural, Rural' Communities in Wisconsin
Sawyer County Record | Jun. 15 | Access to Capital | Economic Development | Federal | Rural Development | U.S. Economic Development Administration (EDA)

Broadband Moves Net Positive in Rural Michigan
The Alpena News | Jun. 15 | Access to Capital | Federal | Infrastructure Finance | Rural Development

Modernizing Ag-LINK to Better Serve Ohio's Farmers
Ohio's Country Journal | Jun. 15 | Access to Capital | Agriculture Finance | Legislative | State Finance Program

U.S. Department of Commerce Invests $2.2M in ARP Funds to Support the Food Processing and Manufacturing Sectors in Southwest Wisconsin
EDA | Jun. 14 | Access to Capital | Disaster Recovery & Relief | Federal | Food Systems Finance | U.S. Economic Development Administration (EDA) | COVID-19

Ohio Governor DeWine Signs $3.5B Capital Budget
Ohio's Country Journal | Jun. 14 | Access to Capital | Agriculture Finance | Legislative | State Finance Program

LEAP Expands Access to Healthy Food in Roanoke, VA West End Community
The Roanoker | Jun. 13 | Access to Capital | Federal | Food Systems Finance | State Finance Program

Stronger Together - Federal Funding and Planning Strategies for Rural America
USDA, EDA | Jun. 13 | Access to Capital | Federal | Rural Development | U.S. Dept. of Agriculture (USDA) | U.S. Economic Development Administration (EDA)

Two Mohawk Valley, NY Organizations Receive Brownfield Funding Through EPA
Observer-Dispatch | Jun. 9 | Brownfield Financing | Community Development | Federal


New Additions to the Online Resource Database

Treasury SSBCI FAQs Updated 06-22-2022
Access to Capital | Economic Development | Federal | State Small Business Credit Initiative (SSBCI)
This document outlines the U.S. Department of the Treasury's State Small Business Credit Initiative (SSBCI) Frequently Asked Questions which were updated on June 22, 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.

Food Innovation: Investing to Feed Our Future
Access to Capital | Agriculture Finance | Federal | Food Systems Finance | Innovation Finance | Resiliency
The Franklin Templeton Institute, a global investment management organization, released its latest insights paper, "Food innovation: Investing to feed our future," focusing on the innovation and investments needed to feed a growing global population in the face of climate change and geopolitical conflict.

Defining Distress: Lessons from the Federally Chartered Regional Commissions
Access to Capital | Community Development | Economic Development | Innovation Finance | Legislative | Rural Development
Widening geographic inequality in the United States has shifted federal policymakers' attention to investing in "places" as well as "people." Given the large proportion of rural places in the Appalachian Regional Commission, Delta Regional Authority, and Northern Border Regional Commission coverage areas, the use of "distress" by the commissions offers insights and lessons for reaching vulnerable rural communities.


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

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CDFA National Sponsors

  • BNY Mellon
  • Bricker Graydon LLP
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
  • CohnReznick
  • Frost Brown Todd LLP
  • Grow America | Formerly NDC
  • Hawes Hill and Associates LLP
  • Hawkins Delafield & Wood LLP
  • Ice Miller LLP
  • KeyBanc Capital Markets
  • Kutak Rock LLP
  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
  • PGAV Planners, LLC
  • Raza Development Fund
  • SB Friedman Development Advisors
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
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