As the nation prepares to celebrate Manufacturing Day and National Farmer's Day, CDFA is again urging federal policymakers to pass the Modernizing Agricultural and Manufacturing Bonds Act (MAMBA), which would enact bond financing reform for first-time farmers and smaller manufacturers. In an editorial, CDFA President and CEO Toby Rittner writes that the reforms proposed by MAMBA are especially important to underserved communities, including much of rural America. Rittner calls MAMBA a "smart, bipartisan plan."

Newly introduced federal legislation would more than triple the size of the Low-Income Housing Tax Credit (LIHTC). The bill also seeks to lower the private-activity bond threshold for the rehabilitation credit from 50% to 15% and extend the required affordability period for LIHTC buildings to 50 years, according to the Democrat from Rhode Island. Sen. Sheldon Whitehouse (D-R.I.) says his bill is aimed at bringing down rents by increasing the supply of affordable rental homes.

A national coalition called Municipal Bonds for America (MBFA) is pressing the importance of key federal legislative issues. Presidential candidates, Congress, states, municipalities, and the entire financial industry are staking out positions on the provisions of the Tax Cuts and Jobs Act that are set to expire at the end of 2025. The MBFA is calling for preservation of the municipal bond tax exemption and the restoration of advance refunding for tax-exempt bonds, as well as expanding the use of private activity bonds, raising the bank-qualified debt limit, and creating a direct-pay bond like the Build America Bonds that is immune to any budget sequestration efforts.

U.S. House Speaker Mike Johnson (R-La.) said some provisions of the Inflation Reduction Act, President Joe Biden's landmark clean energy bill, have been helpful to the economy overall. Negotiations over extending the 2017 tax law are still in early stages ahead of their 2025 expiration. A group of 18 House Republicans have asked Johnson to keep some energy tax credits.

CDFA has announced its support for federal legislation to create a temporary federal tax credit that would encourage the conversion of vacant and under-utilized commercial properties into residential housing. The bipartisan bill (H.R. 9002/S. 4693) was recently introduced by U.S. Reps. Mike Carey (R-OH) and Jimmy Gomez (D-Calif.), along with U.S. Sen. Debbie Stabenow (D-Mich.). The release notes the names of co-sponsors.

Congress may break from its six-week recess and return to D.C. in the last days before an extremely close election to approve emergency spending for Hurricane Helene recovery and response. How much pressure House and Senate leaders feel to cut the recess short will likely depend on when the White House budget office sends Congress the emergency supplemental spending request, how soon federal agencies expect to run out of cash, and how urgent the need appears.

President Joe Biden and U.S. Department of Agriculture (USDA) Secretary Tom Vilsack announce more than $7.3 billion in financing for rural electric cooperatives to build clean energy for rural communities across the country through the Empowering Rural America (New ERA) program. Together, New ERA and other investments in rural clean energy in the President's Inflation Reduction Act make up the largest investment in rural electrification since President Franklin Delano Roosevelt signed the Rural Electrification Act into law in 1936 as part of the New Deal.

The U.S. Environmental Protection Agency (EPA) has announced the availability of $232 million in grant funding through EPA's Brownfields Assessment, Revolving Loan Fund, and Cleanup program. This is the fourth wave of funding in recent years, as the new grants will help transform once-polluted, vacant, and abandoned properties into community assets and revitalize underserved communities. Funding was authorized by the Bipartisan Infrastructure Law, which provided $1.5 billion to EPA's Brownfields Program. EPA anticipates awarding approximately 200 grants nationwide this cycle at amounts ranging from $500,000 to $4 million per award. 

The U.S. Environmental Protection Agency (EPA) has launched a new website, the Climate Resilience and Adaptation Funding Toolbox (CRAFT). It's an online resource for technical assistance providers working with federal funding applicants and recipients to develop, apply for, and implement climate-resilient investments. CRAFT also supports the development of projects that advance multiple policy goals, such as achieving local flood resilience, adopting nature-based infrastructure solutions, and protecting the people and places most vulnerable to climate change.

Thanks to $500 million in funding from the U.S. Environmental Protection Agency (EPA), a new initiative called the Green Bank for Rural America could help channel money to nonprofit lenders to support community solar arrays, apprenticeships in renewable energy fields, electrified public transit, and other projects. The program will link over 75 rural CDFIs, prioritizing those in the Appalachian mountain region. It is part of the EPA's $27 billion Greenhouse Gas Reduction Fund created to support financial organizations with a history of deep community relationships and investment in local projects. 

Municipal market advocates have tapped the University of Chicago's Center for Municipal Finance to create first-of-its-kind municipal bond data that advocates hope to use to showcase the usefulness of tax-exempt bonds next year as the market's cherished tax exemption faces an existential threat. The center will drill down to the congressional district level to examine the amount of issuance and specific bond-financed projects.

The U.S. Environmental Protection Agency (EPA) has announced the availability of $49 million in new technical assistance funding to help rural, small, and Tribal communities address critical wastewater and water quality challenges. The new funding will be awarded to technical assistance providers who will help communities identify their water infrastructure needs and guide them toward appropriate funding options.

The U.S. Department of Agriculture (USDA) will provide $466.5 million to strengthen global food security through its premier international development programs. For the McGovern-Dole International Food for Education and Child Nutrition Program, USDA is allocating $248 million in fiscal year 2024 funds to support projects in nine countries that will provide critical school meals and boost literacy and primary education, especially for girls. Through Food for Progress, USDA will provide $218.5 million to help seven countries strengthen their agricultural systems, adopt climate-smart technologies, sustainably increase productivity, and expand international trade.

The U.S. Department of Agriculture (USDA) announced its latest funding for meat and poultry expansion by awarding more than $35 million in grants to 15 independent meat processors in 12 states. The aim of the grant awards is to increase processing capacity, spur competition to expand market opportunities for U.S. farmers, and create jobs in rural areas. This marks the final investment in the Meat and Poultry Processing Expansion Program (MPPEP), funded by the American Rescue Plan, which was first launched in 2022.

The U.S. Department of Energy (DOE) announced $90 million in competitive awards to help states, cities, Tribal Nations, and their partners implement updated energy codes for residential and commercial buildings. Funded by the Bipartisan Infrastructure Law, these awards will support 25 new projects across the country to help ensure buildings meet the latest standards for energy efficiency—lowering energy bills for American families and businesses while reducing harmful greenhouse gas emissions. The awards complement the $240 million in new funding recently selected through the Inflation Reduction Act to support the implementation of modern building codes.

The Economic Development Administration (EDA) announced a $50 million funding initiative designed to support technology entrepreneurs and scale-up innovative businesses. This program aims to bolster the growth of tech companies by providing financial resources and strategic support to help them expand their operations, enhance their technological capabilities, and drive economic development. By investing in promising startups and tech ventures, the EDA hopes to foster innovation, create high-quality jobs, and strengthen regional economies.

The U.S. Department of the Interior (DOI) has announced the availability of up to $43.5 million from the federal Bipartisan Infrastructure Law for small water storage projects that will create new sources of water for communities in the West. Through the Bipartisan Infrastructure Law, Reclamation is investing a total of $8.3 billion over five years for water infrastructure projects, including rural water, water storage, conservation and conveyance, nature-based solutions, dam safety, water purification and reuse, and desalination. Since the Bipartisan Infrastructure Law was signed in November 2021, the agency has announced more than $4.2 billion for an ever-growing list of 586 projects.

The U.S. Department of Energy (DOE) has selected 12 local governments and tribes to receive over $31 million in funding through the Communities Sparking Investments in Transformative Energy (C-SITE) funding opportunity. Under DOE's new Local Government Energy Program, C-SITE supports the implementation of high-impact clean energy projects in disadvantaged communities, energy communities, and small- and medium-sized jurisdictions.