Technical Assistance


CDFA Rural Development Finance Update - May 17, 2022

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Rural Development Finance Update
May 17, 2022
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Rural Development Finance Update


USDA and EDA Launch Resource Guide to Boost Economic Development in Rural Communities
A joint resource guide has been unveiled to help community organizations access USDA and EDA resources to build strategies to boost economic development in rural America. The resource guide outlines programs and services that can be used to advance community and economic development in rural communities through four key focus areas: planning and technical assistance; infrastructure and broadband expansion; entrepreneurship and business assistance; and workforce development and livability.

President Biden Announces New Actions to Ease the Burden of Housing Costs
The Biden administration announced its Housing Supply Action Plan to close the housing supply shortfall in five years, including the creation and preservation of hundreds of thousands of affordable homes in the next three years. The plan calls for investments in housing production and preservation, such as those outlined in the House reconciliation bill to increase the annual low-income housing tax credit (LIHTC) allocation cap and create the Neighborhood Homes Tax Credit.

Why Rural Communities Struggle to Bring in Much-Needed Federal Grants
The Infrastructure Investment and Jobs Act, a $1.2 trillion bill that funds improvements in transportation, water, energy, broadband and climate resilience projects, should be able to help rural communities. The legislation includes money to make forests more resilient to fire and defend at-risk communities. But according to a recent analysis by the Montana-based research group Headwaters Economics, over half of the communities in the West might not be able to access those funds.

The NMTC Program: An Underutilized Opportunity for Indian Country
In existence since 2000, the amount of federal New Markets Tax Credit (NMTC) funds making their way to Native Americans and tribal lands is surprisingly low. In the latest round of NMTC allocations, only one native entity was awarded NMTCs, comprising only 0.60% of the funding awarded. The program historically has favored investments in urban settings rather than more rural locations, making investments in large portions of Indian Country less attractive to potential funding partners.

Michigan's "Very Big Opportunity" in Infrastructure Windfall
Central to that work at the Michigan Department of Environment, Great Lakes, and Energy and its predecessor agency is a state-federal partnership to finance water infrastructure at affordable rates. Called the state revolving funds, the SRFs are now taking a starring role in renewing the nation's water systems. They are the primary channel through which billions of dollars from the federal infrastructure bill will be directed to states and then to communities.

$20M Was Announced to Expand Affordable Rental Housing in Rural Maine
Governor Janet Mills and MaineHousing announced the launch of a $20 million program to tackle Maine's housing shortage by expanding the availability of affordable rental housing across rural Maine. The Rural Affordable Rental Housing Program will provide funding to build smaller affordable rental housing units.

Study: TIF Programs Increases Ed Fund and Economic Opportunity 
The Vermont League of Cities and Towns (VLCT) released an independent analysis of Vermont's Tax Increment Financing (TIF) program that concluded that TIF helps Vermont meet its smart growth goals, promotes long-term planning, and contributes to net-growth in the Education Fund. The report comes as the Vermont Legislature considers expanding TIF to smaller, rural communities through "project-based TIF."

USDA Invests Nearly $800M in Critical Infrastructure to Combat Climate Change
U.S. Department of Agriculture (USDA) is investing nearly $800 million in climate-smart infrastructure in 40 states, Puerto Rico, and the Northern Mariana Islands. These investments will strengthen the health and livelihoods of people across rural America. They include funding for 165 projects to expand access to safe water and/or clean energy for people living in disadvantaged communities.

Upcoming Events
Intro Housing Finance WebCourse

Exploring Equitable Capital Technology (EC-Tech) in Development Finance
Tuesday, May 24, 2022 - 2:00 PM - 3:00 PM Eastern
CDFA is launching our new Equitable Capital Technology Initiative, which will combine technology solutions with training and technical assistance for lenders to help increase the flow of capital to minority entrepreneurs. Equitable capital technology (or EC-Tech) is emerging as a driver of unlocking capital for small and medium-sized businesses not fit for venture capital, nor large enough for a traditional bank loan.

CDFA Infrastructure Finance Learning Series: Building the Foundation for Infrastructure Projects
Tuesday, May 31, 2022 - 1:00 PM - 4:00 PM Eastern
Planning for the coming decades of infrastructure projects is essential for economic development professionals. Funding allocations will vary by community, and it is important for each place to begin preparing now so that funds can be deployed efficiently and managed effectively. This installment will help attendees set up their infrastructure projects to be competitive in securing funds and impactful for their community's future.

USDA Rural Development News

USDA Awards $600K for Southeast Ohio
U.S. Senator Sherrod Brown (D-OH) announced that the U.S. Department of Agriculture's (USDA) Rural Development program has awarded a total of $600,000 to two communities in Southeast Ohio.

First Round of Proposals for Partnerships for USDA Climate-Smart Commodities Shows Strong Interest
Agriculture Secretary Tom Vilsack announced that the first round of funding through the new Partnerships for Climate-Smart Commodities received over 450 proposals ranging from $5 million to $100 million each. The deadline for these large-scale proposals closed on Friday, May 6, 2022. The applications covered every state in the nation as well as tribal lands, D.C. and Puerto Rico, which demonstrates the tremendous geographic scope of this need.

Biden-Harris Administration Launches Nationwide Network of Partners to Tap Resources
U.S. Department of Agriculture (USDA) announced a new effort to transform the way federal agencies partner with rural places to create economic opportunity in rural America. The USDA-led Rural Partners Network (RPN) is an all-of-government program that will help rural communities access government resources and funding to create jobs, build infrastructure, and support long-term economic stability.

Governor Ron DeSantis Awards More Than $15.6M to 10 Florida Communities
Governor Ron DeSantis awarded more than $15 million to ten Florida communities through the Rural Infrastructure Fund and the Community Development Block Grant – CV program. When the review of the state's budget is complete, $600,000 will be committed through the Fish and Wildlife Conservation Commission to support the construction of ADA compliant facilities at the Joe Budd Youth Conservation Center Shooting Complex in Gadsden County.

Rural Development Finance News

State Agencies Prepare to Spend Billions on Infrastructure Development
Wyoming Business Insider | May. 16 | Federal | Infrastructure Finance | Rural Development

$6.5M for Projects in Lafayette County, FL
Florida Daily | May. 16 | Infrastructure Finance | Rural Development

Brownfield Plan Adopted for Downtown Sturgis, SD Development
Sturgis Journal | May. 13 | Redevelopment | Rural Development | Tax Increment Finance (TIF)

CDFI Funds Prepare for Broadband Infrastructure Funding
Broadband Breakfast | May. 11 | Community Development | Federal | Innovation Finance | Rural Development | U.S. Dept. of Treasury

Stripped-down Farm Measure Rolls Through Missouri Legislature
St. Louis Post-Dispatch | May. 10 | Agriculture Finance | Rural Development | State Finance Program | Tax Credits

Ridenour Plan for $3.5M Bond Issue for Assorted Projects Hits Council Headwind
Star Press | May. 10 | Bond Finance | Rural Development

Kansas Governor Signs Bipartisan Legislation Creating Tax Incentive for Housing Construction
Kansas Reflector | May. 5 | Community Development | Housing Finance | Rural Development | State Finance Program | Tax Credits

Arkansas Organizations Meet with White House to Discuss Investing in Rural Communities
ABC 4029 | May. 1 | Access to Capital | Infrastructure Finance | Revolving Loan Funds (RLFs) | Rural Development

Unlocking Rural Broadband
JD Supra | Apr. 28 | Bond Finance | Infrastructure Finance | Public-Private Partnership (P3) Financing | Rural Development

CFPB Report Details Financial Challenges for Rural Communities
Investopia | Apr. 21 | Community Development | Rural Development

Boone County, IN Gets $3M to Expand Broadband Service
The Lebanon Reporter | Apr. 20 | Infrastructure Finance | Rural Development | Broadband

Unlocking Financial Success in Rural America
Forbes | Apr. 19 | Access to Capital | Community Development | Revolving Loan Funds (RLFs) | Rural Development

Indiana Announces $189M in Broadband Grants, Spread Across 80 Counties
WBOI | Apr. 19 | Infrastructure Finance | Rural Development | Broadband

FCC Commits $37M in Emergency Connectivity Funding
Telecompetitor | Apr. 19 | Federal | Infrastructure Finance | Rural Development | Broadband

CDFA Resources

SSBCI Technical Assistance Grant Program Guidelines
Economic Development | Federal | Rural Development | State Small Business Credit Initiative (SSBCI)
This document provides guidance on the application, award requirements, and administration of the TA Grant Program. Section II describes the available TA Grant Program funding. Section III defines eligible recipients, eligible beneficiaries, and eligible TA providers. Section IV provides detail on qualifying TA services. Section V describes the application process, including the components of the required TA plan, and more.

The Council of Development Finance Agencies (CDFA) 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 www.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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