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CDFA Confirms The White House - CDFA Legislative and Federal Affairs Update - April 2, 2019

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Legislative and Federal Affairs Update
April 2, 2019
Legislative and Federal Affairs Update


CDFA Confirms The White House for Federal Policy Conference
CDFA is pleased to announce that Ja'Ron Smith, Special Assistant to the President at The White House Office of Legislative Affairs, will deliver opening remarks at the 2019 CDFA Federal Policy Conference. Dr. Ben Carson, Secretary of the Department of Housing and Urban Development, also recently confirmed his attendance at the Federal Policy Conference as the event's keynote speaker.

Legislative Features

Public Buildings Renewal Act Reintroduced in U.S. Senate
Sens. Todd Young (R-IN), Tim Scott (R-SC), Catherine Cortez Masto (D-NV), and Michael Bennet (D-CO) have reintroduced the Public Buildings Renewal Act in the U.S. Senate. The Act would authorize $5 billion in private activity bonds for the construction or rehabilitation of government-owned buildings.

IRS Under Pressure to Allow Veterans Preference for Multifamily Bonds
The Internal Revenue Service is facing increasing pressure to clarify that the public use requirement for tax-exempt private activity bonds that finance multifamily housing can be applied to preferences for military veterans. Six U.S. senators from CA, HI, NV and TX sent a letter to the IRS Commissioner Charles Rettig addressing the issue.

House and Senate Members Move to Make New Markets Tax Credit Permanent
Legislation has been introduced in the House and Senate to make permanent the New Markets Tax Credit (NMTC). The New Markets Tax Credit Extension Act of 2019 was introduced in the House by Reps. Terri Sewell (D-AL) and Tom Reed (R-NY), and in the Senate by Sens. Roy Blunt (R-MO) and Ben Cardin (D-MD).

Five Ways Congress May Try to Fix the Highway Trust Fund
Taxes on gas and diesel fuel fund the Highway Trust Fund, and in turn projects for roads, bridges, and mass transit. However, for a variety of reasons, those taxes are no longer enough to replenish the Fund. Roll Call offers 5 ways Congress can solve that problem, including the passage of legislation that enables more P3s.

Senate Leadership Unveils Tax Extender and Disaster Relief Act
Chairman Grassley (R-IA) and Ranking Member Wyden (D-OR) have announced legislation that would retroactively extend tax provisions that expired at the end of 2017 and 2018 through the balance of this year and provide tax relief benefits to individuals and businesses affected by major disasters occurring in 2018.

Reps. Blumenauer and Walorski Introduce the Move America Act
Reps. Earl Blumenauer (D-OR) and Jackie Walorski (R-IN) have introduced the Move America Act, which would support national water and transportation infrastructure. The bill creates a new category of PABs called Move America Bonds, and creates Move America Credits to leverage private equity investment at a lower cost for states.

Sen. Schumer Pushes for Solution to Stalled Gateway Project
Complaining of obstructionist politics, Sen. Chuck Schumer has announced that he will propose a legislative solution to jump-start the stalled Gateway project. The Gateway Project is a $12.7 billion plan to upgrade the 110-year-old rail tunnel that links Manhattan and New Jersey.

Upcoming Events
CDFA Federal Policy Conference
Federal Features

SBA Revises SBIR and STTR Policy Directives
The Small Business Administration has revised the Small Business Innovation Research and Small Business Technology Transfer program policy directives. Specifically, the SBA combines the two directives into one document, clarifies the data rights and Phase III preference afforded to SBIR and STTR small business awardees, adds definitions relating to data rights, and clarifies the benchmarks for progress towards commercialization.

John Fleming Sworn in as Assistant Secretary of Commerce for Economic Development
A four term U.S. Congressman serving Louisiana's 4th Congressional district from January 2009 to January 2017, Fleming is also a physician, businessman and former Webster Parish coroner. As head of EDA, Dr. Fleming will be responsible for fulfilling the agency's mission of leading the federal economic development agenda.

EPA Announces New WIFIA Funding for Water Infrastructure Projects
The U.S. Environmental Protection Agency has announced the availability of funding to provide an estimated $6 billion in Water Infrastructure Finance and Innovation Act (WIFIA) loans in 2019. WIFIA loans are available to public and private borrowers for a wide range of drinking water, wastewater, drought mitigation, and alternative water supply projects.

Chao Endorses Private Funding for Infrastructure
As Congress prepares work on an infrastructure package, DOT Secretary Elaine Chao endorsed private funding through pensions and endowment funds. "There are 26 states that have some kind of limitations of allowing the private sector to participate in the financing of public infrastructure," Chao said. "That's really a shame because this is a pool of money that is very long term."

EPA Issues Guidance to Improve Water Infrastructure
Building on recent successes to move President Donald Trump's infrastructure agenda forward by providing the financing and resources communities need to modernize local water infrastructure, the U.S. Environmental Protection Agency (EPA) issued new guidance for states to use when applying for financing from the Drinking Water State Revolving Fund (DWSRF).

20 Issues to Track in the Second Tranche of OZ Guidance
In the next few weeks, the second tranche of proposed OZ regulations will be released. The issues addressed will likely include many of those presented at the most recent public hearing and included in comment letters. In this article, Michael Novogradac discusses 20 OZ guidance areas that may be addressed in the next tranche of guidance.

New TEFRA Regulations for PABs Set to Go into Effect
Beginning April 1, 2019, issuers of qualified PABs will be governed by a new set of TEFRA regulations. The Final TEFRA Regulations, which stem from the Treasury Department's 2017 Proposed Regulations, retain many of the procedures and requirements described in the 2017 Proposed Regulations.

President Releases 2020 Budget Proposal
The President has released his 2020 budget proposal, which proposes $4.7 billion in spending. The budget proposal calls for the elimination of the EDA, the Manufacturing Extension Partnership program, the CDBG Program, as well as significant funding cuts for HUD, EPA, DOT, and USDA.

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

Finance Lease Guarantees
The U.S. Export-Import Bank (EXIM Bank) supports competitive, medium-term financing structured as finance leases in addition to financing structured as installment loans. Support of lease financing...

Agency Seal Internal Revenue Service (IRS)

Business Energy Investment Tax Credit (ITC)
The Federal Business Energy Investment Tax Credit (ITC) allows eligible users to claim up to 30% of expenditures for energy projects.

Agency Seal U.S. Citizenship and Immigration Services (USCIS)

EB-5 Immigrant Investor Program
Congress created the EB-5 Program in 1990 to stimulate the U.S. economy through job creation and capital investment by foreign investors. In 1992, Congress created the Immigrant Investor Program,...

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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