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CDFA Rural Development Finance Update - November 16, 2021

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Rural Development Finance Update
November 16, 2021
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Rural Development Finance Update


$1T Infrastructure Bill Benefits Valley Ag and Rural Communities
The California Farm Bureau is applauding Congress for passing the Infrastructure Investment and Jobs Act, commending the benefits it extends to local agriculture and rural communities. In the bill are benefits for local agriculture and rural communities like water storage and conveyance, road and highway improvements, and broadband internet for areas currently without coverage.

USDA to Make Up to $1.15B Available to Help People Living in Rural Communities Access High-Speed Internet
U.S. Department of Agriculture announced a significant expansion of access to high-speed internet, health care, and educational services for millions of rural Americans nationwide. The announcement continues to advance President Biden's Build Back Better Agenda. USDA will also invest $50 Million to improve access to telemedicine, distance learning for 7.6 million people in rural areas.

The Florida Department of Economic Opportunity Announces $7.5M Available to Rural Communities Through the Rural Infrastructure Fund Program
The Florida Department of Economic Opportunity announced that the application cycle is now open for eligible rural communities to apply for $7.5 million in funding through the Rural Infrastructure Fund grant program. This program provides reimbursement grants to facilitate the planning, preparing, and financing of infrastructure projects in rural communities, which will encourage job creation, capital investment, and the strengthening and diversification of rural economies.

House Agriculture Committee Fact Sheet on Build Back Better Provisions
The agricultural provisions in the Build Back Better plan include billions of dollars for critical investments in agriculture and our rural communities. Included in this package are multiple bipartisan proposals that House Agriculture Committee Members have fought to include. These timely investments will provide resources to mitigate climate change, improve the quality of life in rural communities, and commit millions of dollars to agricultural education across the country.

Developers Move to Rehabilitate 20 New Mexico Properties
Community Preservation Partners has closed on the financing to preserve six rural affordable housing developments in central New Mexico. The transaction marks the final installment in a deal involving 20 properties with 654 units across 10 counties. The overall portfolio has a cost of about $63.26 million, with $29.65 million in bond financing. It is believed to be the largest 4% low-income housing tax credit and bond deal in the state.

South Carolina Governor Proposes $500M Investment in Rural Infrastructure Improvements
Governor Henry McMaster was joined by the South Carolina Rural Infrastructure Authority, Municipal Association of South Carolina, the South Carolina Department of Health and Environmental Control, and members of the General Assembly to make a major rural infrastructure proposal that would provide $500 million in American Rescue Plan funds to revitalize South Carolina's water, wastewater, and stormwater infrastructure.

San Luis Valley, CO Rural Businesses are Focus for New Funding Opportunities
In a virtual event, hosted by 1st SouthWest Community Fund and the Rural Community Assistance Corporation, small business owners were presented some of the non-traditional methods of securing funding for their business.

How ‘Managed Retreat' From Climate Change Could Revitalize Rural America
Southern Italy's rural Calabria region announced an innovative project to breathe new life into its small towns. It plans to offer young professionals thousands of dollars if they move in and commit to launch a business, preferably a business the community needs. Northwest Arkansas has a similar program to draw new residents to rural towns. These efforts take advantage of the growing work-from-home culture to try to revitalize rural communities that are in decline.

Rural Communities Across the U.S. Are Attracting Remote Workers Through Different Incentive Programs
A recently launched program attracts remote workers through various incentives, including up to $2,500 in reimbursed expenses for moving; free co-working space; and access to a program connecting newcomers to established residents. In some cases, the programs have been around longer than the more well-known programs, but have gone dormant and are now resurging due to the pandemic and workers' interest in living outside large cities.

Upcoming Events
CDFA Federal Financing Webinar Series: Preserving Local Food Systems with Federal Financing

CDFA-Bricker PACE Webinar Series: PACE 2.0 - The Next 10 Years
Tuesday, November 30, 2021 - 2:00 PM - 4:00 PM Eastern
It has been approximately 10 years since the first PACE programs began. During this workshop, our speakers will provide insights related to expanding PACE assessments to benefit buildings and properties for other non-energy related improvements such as indoor air quality, lead water pipe replacement, surface stormwater mitigation, and sewer overflows.

CDFA // BNY Mellon Development Finance Webcast Series: Affordable Housing Finance - Market Rate/Affordable/Low-Income
Tuesday, December 21, 2021 - 2:00 PM - 3:00 PM Eastern
Affordable Housing has been a hot button issue over the last few years with a focus on what percentage of affordable housing should comprise a residential development. This session will discuss how various tools such as Low Income Housing Tax Credits and Private Activity Bonds play a role in how these decisions are made.

USDA Rural Development News

USDA Seeks Applications to Support Regional Economic and Community Development Planning to Help Rural People
USDA Rural Development is seeking applications to implement projects supported by regional economic and community development planning to help the people of rural America build back better.

National Rural Housing Coalition Convenes on Housing Advocacy
Rural housing and community development professionals across the country convene at the annual meeting of the National Rural Housing Coalition. Coalition members will discuss rural housing programs and policy issues and the status of federal legislation affecting affordable housing programs.

New Proposal in Congress on Debt Relief for 'Limited-Resource' Farmers
Stymied by lawsuits that contend USDA debt relief for farmers of color is actually reverse discrimination, House Democrats proposed an alternative: full or partial forgiveness of USDA loans to limited-resource farmers. The multi-billion-dollar proposal, which does not mention race, is directed toward economically distressed farmers and ranchers in high-poverty areas. The proposal was part of a $1.75 trillion social welfare and climate change package.

Michigan Agricultural Development Director Says Federal Relief Funds Provide Rare Chance for Transformational Change
Gary McDowell, director of the Michigan Department of Agriculture and Rural Development, believes the state has a rare opportunity to make transformational investments to its rural and agricultural infrastructure. McDowell believes part of the billions of federal rescue dollars sent to Michigan in coronavirus relief packages could be spent in ways that address some of the issues caused by the pandemic, like supply shortages, both in the immediate and foreseeable future.

Biden-Harris Administration Invests Over $3M to Improve Rural Water Infrastructure for Lusk, WY
The U.S. Department of Agriculture is investing $272 million to modernize rural drinking water and wastewater infrastructure for 270,000 people living in rural communities across 37 states and Puerto Rico. The Water and Waste Disposal Loan and Grant Program provides funding for clean and reliable drinking water systems, sanitary sewage disposal, sanitary solid waste disposal, and storm water drainage. The program serves people and businesses in eligible rural areas with populations of 10,000 or less.

USDA Under Secretary Xochitl Torres Small Brings New Enthusiasm to Rural Development
From investing in broadband, water, sewer, community facilities, and housing, the person who oversees the Rural Development mission area at the U.S. Department of Agriculture has a vast array of responsibilities. The new leader of USDA's rural development efforts wants to underscore the importance and diversity of farm country and "making sure that all of our country knows how crucial rural America is for our success."

Rural Development Finance News

Real Estate Sales Boom in PA.'s Rural Areas
Bedford Gazette | Nov. 15 | Community Development | Rural Development

Indiana Farm Bureau Pushing Lawmakers for Rural Protection From Economic Damage
95.3 MNC | Nov. 14 | Rural Development

State Incentive Brings Plant to Rural Utah
Utah Business | Nov. 12 | Economic Development | Rural Development | State Finance Program | Tax Credits | Tax Increment Finance (TIF)

132-Acre Housing Development Proposed for Rural Southeast Jefferson County, KY
WDRB.com | Nov. 10 | Community Development | Housing Finance | Rural Development

Order to Help Farmers, Producers Respond to Drought Extended
Hastings Star Gazette | Nov. 8 | Agriculture Finance | Disaster Recovery & Relief | Food Systems Finance | Rural Development

Creating Financial Strength in Tribal Nations
Native News Online | Nov. 8 | Access to Capital | Community Development | Economic Development | Food Systems Finance | Revolving Loan Funds (RLFs) | Rural Development | Tax Credits

House Passes a Trillion Dollar Infrastructure Bill
Successful Farming | Nov. 6 | Agriculture Finance | Infrastructure Finance | Legislative | Rural Development

Winchendon, MA Sustainable Agriculture Market Receives $68K Microloan
Worcester Business Journal | Nov. 3 | Access to Capital | Economic Development | Food Systems Finance | Revolving Loan Funds (RLFs) | Rural Development

Growth Projects Bringing 3,000 Jobs to Alabama's Rural Counties
Made in Alabama | Oct. 27 | Access to Capital | Economic Development | Rural Development

Rethinking Food With Solidarity in Mind: Lessons from COVID-19
Nonprofit Quarterly | Oct. 20 | Access to Capital | Agriculture Finance | Food Systems Finance | Resiliency | Rural Development

CDFA Resources

Local and Regional Infrastructure Interactive Map - Kinder Institute
Economic Development | Energy Finance | Infrastructure Finance | Rural Development | Urban Development | Water Finance
The Kinder Institute Local and Regional Infrastructure Database contains more than 1,800 planned infrastructure projects identified by surveying local and regional leaders, reviewing capital investment documents, and using other sources. This interactive map allows users to explore the data.

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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