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Legislative and Federal Affairs Update - September 4, 2018

Legislative and Federal Affairs Update
September 4, 2018
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Legislative and Federal Affairs Update

Legislative Features

P3 Bill Introduced to Assist D.C. with Public Infrastructure Projects
Congresswoman Eleanor Holmes Norton (D-DC) announced that she will introduce a bill that clarifies the District of Columbia's authority to enter into public-private partnerships (P3s).  The District recently began the procurement process for its first-ever P3s.

A Year After Hurricane Harvey, Congress Still Hasn't Improved U.S. Flood Policy
Although Congress has provided significant funding to reduce risk in areas affected by last year's hurricanes, these reactive, one-time efforts fall short and leave localities without the resources they need to shift from the status quo to cost-effective mitigation before disaster strikes again.

Sen. Wyden Introduces "Middle Income Housing Tax Credit Act"
Sen. Wyden's bill would create a middle-income housing tax credit (MIHTC) aimed at sparking the development of rental homes affordable to Americans with moderate incomes. S. 3365 builds on the LIHTC model, allocating funds to states based on population with state housing authorities.

How Bill Would Help Muni Bond Financing of Water, Sewer Projects
Private activity bonds issued to finance water and sewer infrastructure projects would be exempted from state PAB volume caps under a bipartisan bill introduced this week by two Senators. The "Sustainable Water Infrastructure Investment Act" (S. 3358) was introduced by Sens. Bob Menendez, D-N.J. and Mike Crapo, R-Idaho.

P3 Bill Signals New Infrastructure Path for NJ
Governor Phil Murphy has signed a bipartisan bill that enables local governments, school districts, public authorities and state colleges to enter into P3s for capital projects. P3 opportunities in New Jersey previously only applied to public colleges and universities.

LA Legislators Strengthen Statutory Lien on GOs
In a revamp of Louisiana's public financing laws, state legislators strengthened the statutory lien on local governmental bonds, a move prompted by high-profile municipal bankruptcies such as Detroit's. Clarifying the lien was the result of a comprehensive effort to modernize and consolidate financing regulations.

Main Street Employee Ownership Act of 2018 Signed Into Law
The Main Street Employee Ownership Act will make Small Business Administration (SBA) section 7(a) loans more available to employee-owned businesses, support smooth transitions to employee ownership, and provide education and technical assistance to business owners.

Sen. Grassley Urges EB-5 Reform
U.S. Sen. Charles Grassley, R-Iowa, has been critical of the EB-5 program in its current form and has called for the elimination of loop holes and potential for graft. Grassley argues that "as interest in the EB-5 Regional Center Program has grown, so have cases of fraud, corruption and threats to national security."

Rep. Clyburn Introduces Affordable Housing Legislation
The Restoring Tax Credits for Affordable Housing Act will restore the 235,000 affordable housing units projected to be lost over the next ten years as a result of the Tax Cuts and Jobs Act. The Act increases the Low-Income Housing Tax Credit (LIHTC) allocation and improves the credit percentage formula to promote affordable housing. 

House Bill to Expand Tax Credit Program Would Target Rural Areas
Reps. Jason Smith, a Missouri Republican, and Terri Sewell, an Alabama Democrat, in late July introduced legislation dubbed the Rural Jobs Zones Act. Their bill would provide $500 million annually in 2018 and 2019 in additional New Markets Tax Credit authority, specifically aimed at rural areas.

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Federal Features

OCC Seeks Public Comments on CRA
The Office of the Comptroller of the Currency (OCC) has published an advance notice of proposed rulemaking (ANPR) on its website inviting public comment on ways to transform or modernize the regulations that implement the Community Reinvestment Act (CRA). 

Seven Things to Know about the SEC's Amendments to Rule 15c2-12
Under amendments recently adopted by the SEC, municipal bond issuers and obligated persons will soon see additions to their continuing disclosure undertakings related to Rule 15c2-12. Also, broker-dealers will need to have systems in place to ensure compliance with those new undertakings.

20th Anniversary Drinking Water State Revolving Loan Fund (DWSRF) Report
This document is the 2017 Annual Report from the U.S. EPA regarding the Drinking Water State Revolving Fund. It contains recent highlights, future opportunities, infrastructure fund activity, set-asides activity, a 2017 financial statement, and success stories.

WIFIA Issues $699M Loan to San Francisco Public Utilities
The U.S. EPA has issued a $699 million loan to the San Francisco Public Utilities Commission to help finance its innovative Southeast Treatment Plant Biosolids Digester Facilities Project. The loan has been issued through the Water Infrastructure Finance and Innovation Act (WIFIA) Program.

USDA Invests $124 Million to Improve Water Infrastructure in 23 States
USDA is investing more than $124 million to help rebuild and improve rural water infrastructure in 23 states through the Water and Waste Disposal Loan and Grant program. It can be used to finance drinking water, stormwater drainage and waste disposal systems for rural communities with 10,000 or fewer residents.

EPA Announces $9.1B in WIFIA Loan Requests
The U.S. Environmental Protection Agency received 62 letters of interest collectively requesting $9.1 billion in loans from a wide range of prospective borrowers in response to the WIFIA program's 2018 NOFA.

In Opportunity Zones, Good Things Come to Those Who Hustle
While it's clear that Opportunity Zone communities are in dire need of investment to help fuel their revitalization, there is no guarantee that investors will materialize. State and local leaders need to quickly implement policies to make their zones more attractive to investors.

USDA Issues NOSA for FY2019 REAP Program
The USDA has issued a Notice of Solicitation of Applications prior to passage of a final appropriations act to allow potential applicants time to submit applications for financial assistance under Rural Energy for America Program for FY 2019.

Water Districts, Communities Encouraged to Apply for USDA Loans
Assistant to the Secretary for Rural Development Anne Hazlett recently announced a major commitment by the U.S. Department of Agriculture to upgrade and rebuild rural water infrastructure. Eligible rural communities and water districts can apply online for funding to maintain, modernize or build water and wastewater systems. 

IRS Issues New Guidance on Rules for Investment Tax Credit Qualification
The ITC provides a credit to taxpayers equal to a percentage of the basis of qualifying energy property, which percentage varies depending on the type of such property, the year in which construction begins, and the year in which the property was placed in service. In general, the ITC Notice is similar to guidance provided for wind facilities qualifying for the ITC.

CDFI Fund Releases Application Demand for 2018 Round of NMTC Program
The CDEs that applied under the 2018 round are headquartered in 43 states, the District of Columbia, and Puerto Rico. These applicants requested an aggregate total of $14.8 billion in NMTC allocation authority, over four times the $3.5 billion in authority available for the 2018 round.

USDA Making $4B Available for Rural Water Infrastructure
The U.S. Department of Agriculture has announced that $4 billion of grants and low-cost loans are available for the improvement or development of rural water infrastructure. Rural communities and water districts can apply online for the funding assistance to maintain, modernize or build water and wastewater programs.

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)

Direct Loans
The U.S. Export-Import Bank's (EXIM Bank) direct loans help secure competitive financing for international buyers. EXIM Bank provides fixed-rate financing-- up to 12 years in general and up to 18...

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,...

Agency Seal U.S. Dept. of Housing & Urban Development (HUD)

Hope VI Revitalization Grants Program
The HOPE VI Program was developed as a result of recommendations by the National Commission on Severely Distressed Public Housing, which was charged with proposing a National Action Plan to eradicate...

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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