CDFA Legislative and Federal Affairs Update - April 6, 2021

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Spotlight

CDFA Launches SSBCI Coalition; Hosting SSBCI Briefing April 9

After successfully leading advocacy efforts to secure additional funding for the SSBCI program, CDFA is excited to launch a nationwide SSBCI Coalition and host regular SSBCI Briefings during the rulemaking, application, and implementation process. SSBCI Briefings will be held every other Friday at 1:00 PM Eastern from April - July. The first of these briefings will take place on April 9 at 1:00 PM Eastern.

Legislative Features

Fact Sheet: The American Jobs Plan

President Biden's American Jobs Plan aims to spend approximately $2.25 trillion on infrastructure. The plan includes $621 billion for transportation, $100 billion for broadband, $111 billion for drinking water, $50 billion for improve infrastructure resilience, $213 billion for affordable housing, and more.

Biden Proposes American Jobs Plan: Renewable Energy Initiatives

On March 31, 2021, President Biden released a fact sheet on his proposed $2.3 trillion initiative known as the American Jobs Plan. The plan includes spending to upgrade the electric grid and promote renewable energy. This update from McGuireWoods covers highlights of the plan related to renewable energy initiatives.

Build America Bonds May Be Key to Financing Biden's Infrastructure Plans

Republicans and Democrats agree that the U.S. is in dire need of a major infrastructure overhaul, and at the very least, that Congress should authorize significant repairs to roads and bridges. Democrats may soon turn to an Obama-era tool to finance their infrastructure plans: Build America Bonds.

Senate Clears PPP Bill, Extending Loan Applications Through May

The Senate voted 92-7 on March 25 to extend the Paycheck Protection Program to the end of May. The vote cleared the measure that would extend the program, which is due to expire on March 31. The House passed the bill 415-3 earlier this month, and it next heads to President Joe Biden for his signature.

IIUSA & CSCJ Applaud Bipartisan Introduction of EB-5 Reform & Reauthorization Bill

The Coalition to Save and Create Jobs (CSCJ) and Invest in the USA (IIUSA) announced the introduction of the EB-5 Reform and Integrity Act of 2021 by Senators Chuck Grassley (R-IA) and Patrick Leahy (D-VT). The bipartisan bill supports the long-term reauthorization and reform of the EB-5 Regional Center Program. Sign on to the Coalition to Save & Create Jobs to support the future of EB-5 before the program's June 30, 2021 sunset date.

Initial Key Takeaways from the American Rescue Plan Act of 2021

President Joseph Biden signed the American Rescue Plan Act of 2021 on March 11, which provides $1.9 trillion in relief funds across a broad spectrum of categories. Among the most notable takeaways is the reauthorization of the State Small Business Credit Initiative (SSBCI), which expired in 2017.

$350B Slated for State, Local Governments as President Signs American Rescue Plan

The American Rescue Plan will provide $350 billion in payments to U.S. territories, states, and local and tribal governments as crucial assistance for budgets depleted by COVID-19. Of the amounts to be provided to states and local governments, states will receive 60 percent and local governments will receive 40 percent of the distributions.

Democrats Inviting Republicans to Infrastructure Talks

Now that President Joe Biden has signed the $1.9 trillion coronavirus relief package into law, Democrats are eyeing their next Congressional feat: passing major infrastructure legislation. This time, they hope to have Republican support. House Speaker Nancy Pelosi has instructed committee chairs to begin outreach to their Republican counterparts on upcoming legislation.

EIG Applauds Inclusion of State Small Business Credit Initiative in American Rescue Plan

The Economic Innovation Group (EIG) applauds the inclusion of the State Small Business Credit Initiative (SSBCI) in the American Rescue Plan Act of 2021. The reauthorization of SSBCI is a major step forward in recognizing the economic challenges faced by underserved communities and restoring entrepreneurial activity across the country.

American Rescue Plan Passed; Small Business Credit Initiative Included as $10B Program

The U.S. House of Representatives last week passed the American Rescue Plan Act of 2021, a $1.9 trillion stimulus package to support COVID-19 recovery and relief. The bill includes $10 billion to reauthorize the State Small Business Credit Initiative (SSBCI), according to the Council of Development Finance Agencies (CDFA). The SSBCI is one of CDFA's top legislative priorities.

Upcoming Events

CDFA SSBCI Briefing
Friday, April 9, 2021 - 1:00 PM - 2:00 PM Eastern

CDFA SSBCI Briefing
Friday, April 23, 2021 - 1:00 PM - 2:00 PM Eastern

Federal Features

President Biden Signs American Rescue Plan to Provide Almost $2T in COVID-19 Relief

President Joe Biden signed the first major legislative achievement of his young presidency on Thursday, March 11, moving to get a $1.86 trillion COVID-19 aid package into law as quickly as possible.

HUD Makes Historic $450M Investment to Provide COVID-19 Relief Funding to Native American Communities

U.S. Department of Housing and Urban Development (HUD) Secretary Marcia L. Fudge announced $450 million in Indian Housing Block Grants (IHBG) to Indian tribes across the country to respond to COVID-19. This funding will be used to help Tribes carry out affordable housing activities to protect the safety and health of their Tribal members and communities.

EPA Celebrates World Water Day, Announces $2.7B to Improve Water Infrastructure

On World Water Day, the U.S. EPA announced the availability of $2.7 billion for State Revolving Funds (SRFs) to assist states, tribes, and territories with infrastructure projects that help provide safe drinking water and protect surface waters in communities across the United States. Additionally, EPA is announcing a new $12 million grant program to help wastewater utilities that serve small, rural, and tribal communities.

EIG Sends Opportunity Zones Policy Recommendations Letter to Treasury

EIG writes as a broad coalition of stakeholders to make recommendations to the Biden administration to improve and strengthen the Opportunity Zones incentive, which provides tax benefits for qualifying investments in low-income communities. With such improvements, the OZ incentive will be well-positioned to play a key role in a "build back better" agenda that supports historically underserved communities.

U.S. EDA Marks Milestone: $1B in CARES Act Grants Awarded

It was nearly a year ago that the CARES Act was implemented, and $1.5 billion in supplemental funding was provided to EDA to help communities prevent, prepare for, and respond to coronavirus. Today, EDA is pleased to note that it has awarded more than $1 billion in CARES Act grants.

USDA Invests $598M to Improve and Modernize Rural Electric Infrastructure

The USDA announced a $598 million rural electric loan package to build or improve electric infrastructure in 11 states. This funding will benefit 460,000 rural residents and businesses in Arizona, Kentucky, Maine, Minnesota, Missouri, New Mexico, North Dakota, Oklahoma, South Carolina, Utah, and Virginia. Several of the loans will help expand smart grid technologies, which can be a catalyst for broadband and other telecommunications services.

NPS Report: Federal Historic Tax Credit Generated More Than $6.5B in Private Investment in 2020

In the fiscal year 2020, the Federal Historic Tax Credit generated over $6.5 billion in private investment for the preservation and revitalization of historic properties. The National Park Service's annual report, Federal Tax Incentives for Rehabilitating Historic Buildings, indicated that 5,730 housing units were rehabilitated and 10,894 new housing units were completed in 2020.

U.S. Department of Energy Announces $52.5M to Support U.S. Manufacturers and Industrial Workers

The U.S. Department of Energy (DOE) announced up to $52.5 million for DOE's Industrial Assessment Centers that help American manufacturers and wastewater treatment facilities improve their efficiency, save money, and reduce their carbon footprint. These university-based training programs also create a pipeline for students looking to join the growing clean energy economy.

SEC Announces Enforcement Task Force Focused on Climate and ESG Issues

The SEC sent a very clear signal about one of its chief enforcement priorities by announcing the creation of a Climate and ESG Task Force within the Division of Enforcement. ESG stands for Environmental, Social, and Governance.

FY 2021 CDFI Bond Guarantee Program Application Period Now Open

On March 3, the U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund) opened the fiscal year 2021 application period for the CDFI Bond Guarantee Program. A total of up to $500 million in bond guarantee authority is available for Eligible Community Development Financial Institutions in FY 2021.

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

U.S. Dept. of Defense (DOD)

Community Economic Adjustment Assistance for Compatible Use and Joint Land Use Studies Program

The Community Economic Adjustment Assistance for Compatible Use and Joint Land Use Studies Program assists State and local governments in preparing and adopting a planning study to mitigate or...

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...

U.S. Dept. of Energy (DOE)

Title XVII Innovative Clean Energy Projects Loan Program

The Title XVII innovative clean energy projects loan program provides loan guarantees to accelerate the deployment of innovative clean energy technology.

U.S. Dept. of Health & Human Services (HHS)

HRSA Nurse Corps Loan Repayment Program

The HRSA Nursing Education Loan Repayment Program is a selective program of the U.S. Government that helps alleviate the critical shortage of registered nurses currently experienced by certain types...

Legislative and Federal Headlines

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New Additions to the Online Resource Database

SSBCI was signed into law as part of the American Rescue Plan Act of 2021. CDFA hosted this National SSBCI 2.0 Call serving as an interface between Treasury and stakeholders during the rulemaking process. On March 26, 2021, we discussed insights and recommendations to Treasury and our understanding of what resources need to be developed.

Legislative Analysis for Counties: American Rescue Plan Act of 2021
Community Development | Disaster Recovery & Relief | Economic Development | Legislative | Rural Development

As part of the American Rescue Plan's $362 billion in federal fiscal recovery aid for state and local governments, $65.1 billion is provided in direct aid to counties and an additional $1.5 billion for public land counties. This analysis by the National Association of Counties highlights key provisions for county governments.

The federal programs and tools available today to help generate social and economic development in rural communities serve as a reminder of active and broad federal involvement in the 20th century, and the possibilities for federal leadership to help rural communities meet the current moment. Yet they are outdated, fragmented, and incoherent. This report identifies over 400 programs open to rural communities for economic and community development, spanning 13 departments, 10 independent agencies, and over 50 offices and sub-agencies.

SSBCI was signed into law as part of the American Rescue Plan Act of 2021. CDFA hosted this National SSBCI 2.0 Call with interested stakeholders on March 11, 2021, to discuss SSBCI 2.0. We discussed key SSBCI 2.0 questions and timelines. We also discussed CDFA's plans for SSBCI education and future engagement. Several states spoke about their efforts to re-launch SSBCI programming.

Revolving Loan Fund De-federalization – Implementation of the RLF Act
Access to Capital | Legislative | Revolving Loan Funds (RLFs)

This presentation from the EDA discusses Revolving Loan Fund de-federalization and implementation of the RLF Act passed in late 2020.

>>> MORE LEGISLATIVE RESOURCES
>>> MORE FEDERAL RESOURCES

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
info@cdfa.net