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CDFA COVID-19 Recovery & Relief Update - December 1, 2020

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COVID-19 Recovery & Relief Update
December 1, 2020
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COVID-19 Recovery & Relief Update


Congress Reconvenes Briefly Under Pressure to Pass a COVID-19 Stimulus Bill
Congress reconvened on November 30, presenting a chance to pass a stimulus bill to inject more cash into the economy. But time is short. Lawmakers are returning to Washington, DC, for a short session due to end before Christmas. They also have to use the time to pass legislation to avert a government shutdown on December 11.

Fed, Treasury Agree to Extend Four Lending Facilities to March 31, 2021
The Federal Reserve and the Treasury Department have agreed to extend the life of four emergency lending facilities to March 31. Treasury Secretary Steven Mnuchin sent a letter to Fed Chair Jerome Powell approving the extension of the Fed's Commercial Paper Funding Facility, Money Market Mutual Fund Liquidity Facility, the Primary Dealer Credit Facility, and the Paycheck Protection Program Liquidity Facility.

Homeownership and Closing the Racial Wealth Gap
LISC CEO Maurice A. Jones joined President Bill Clinton, former HUD Secretary Julian Castro, and Atlanta Mayor Keisha Lance Bottoms to talk solutions to the housing crisis in a post-pandemic landscape on a Clinton Foundation video-streamed panel, "Affordable Housing and (Re)building the American Dream."

October's Weak Economic Recovery Could be the Calm Before an Even Worse Storm
Although the U.S. economy has gradually recuperated over the past few months, a record new wave of COVID-19 cases began to take hold in October. The latest numbers from the Brookings Institute's Metro Recovery Index point to a weakening regional economic picture, even ahead of the alarming caseload and hospitalization peaks occurring in November.

Harvard Joint Center for Housing Studies Releases State of The Nation's Housing 2020 Report
This year, the COVID-19 pandemic, a powerful movement for racial justice, and the devastating impacts of climate change have combined to bring the nation's longstanding housing challenges to the fore. The Joint Center for Housing Studies at Harvard University released the 2020 State of the Nation's Housing report during a live-streamed event.

Illinois Sets Second MLF Borrowing at $2B
Illinois will borrow $2 billion through the Federal Reserve's short-term lending program that expires at the end of the year, Gov. J.B. Pritzker announced Wednesday. The state had been weighing how much to tap of the $5 billion in authority granted by state lawmakers in the spring when they signed off on the $43 billion general fund budget for the fiscal year beginning July 1.

Michigan Governor Asks Legislature to Pass $100M COVID Relief Bill
Michigan Gov. Gretchen Whitmer is asking the Michigan legislature to pass several measures, including a $100 million COVID-19 relief bill. The letter comes after Whitmer requested more federal aid to help fight COVID-19, and she also thanked Shirkey and Chatfield for urging feds to get additional economic relief in a meeting with President Donald Trump last week.

Colorado Lawmakers Unveil Details of Coronavirus Relief Plans for the Special Legislative Session
Statehouse Democrats on Sunday unveiled eight coronavirus relief bills they will prioritize during Colorado's special legislative session, which begins Monday and will run at least three days. The legislation, much of it bipartisan, includes direct payments to small businesses, tax forgiveness, grants for child care centers, and money to expand broadband access.

Upcoming Events
Intro Food Systems Finance WebCourse

CDFA // BNY Mellon Development Finance Webcast Series: Educational Facilities Funding Solutions
Tuesday, December 15, 2020 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will explore how a myriad of development finance tools are being implemented strategically to support modernization projects and the new construction of educational facilities.

CDFA-PFM Capital Markets Webinar Series: Mitigating Default Risk with Bond Guarantee Programs
December 17, 2020 - 2:00 - 3:30 PM Eastern
During the final installment of this year's CDFA-PFM Capital Markets Webinar Series, let's talk about bond guarantee programs and how they can be a solution for long-term recovery.

Federal Financing Programs

Agency Seal U.S. Dept. of Commerce (DOC)

EDA CARES Act Recovery Assistance
EDA CARES Act Recovery Assistance, which is being administered under the authority of the bureau's flexible Economic Adjustment Assistance (EAA) program, provides a wide range of financial assistance...

Agency Seal U.S. Dept. of Education (DoED)

Education Stabilization Fund Discretionary Grants
Congress set aside 1% of the $30.75 billion allotted to the Education Stabilization Fund through the CARES Act for grants to States with the highest coronavirus burden. The Department will make these...

Agency Seal U.S. Dept. of Treasury

Main Street Lending Program
The Main Street Lending Program supports lending to small and medium-sized businesses through loan participation.

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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