CDFA Legislative and Federal Affairs Update - December 3, 2024

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Legislative and Federal Affairs Update December 3, 2024	Subscribe View Archives

Spotlight

CDFA Announces 2024 Administration Transition Paper

With the national election concluded, President Trump and the 119th Congress will take office in January 2025. With this change comes the opportunity for the development finance industry to work with our newly elected federal leaders to continue to improve the tools that support local, regional, and state economic development. New leadership allows us to explore new ideas, improve existing financing tools, and usher in a new wave of collaboration between our federal leaders and local economic development stakeholders.

Legislative Features

Last Chance to Register for CDFA's Intro Federal Finance WebCourse!

Register for CDFA's Intro Federal Finance WebCourse, taking place on December 9-10, to learn about the federal funding resources available to help advance economic development. Our panel of expert speakers will discuss how federal support tools can work in coordination with other development finance tools for programs and projects on the local level.

State Lawmakers Accuse Scottsdale, AZ of Bucking New State Housing Law

The Scottsdale City Council passed an ordinance that state lawmakers say does not align with a new Arizona state law that is aimed at tackling the housing crisis. It is a unique idea: turning old or unused commercial and office buildings into new housing. Starting next year, a new state law would require cities with more than 150,000 people to put the idea into practice. And it is something the City of Scottsdale is fighting tooth and nail.

Mayor Harrell Signs Legislation to Expand Co-living Housing Opportunities in Seattle, WA

Mayor Bruce Harrell joined State leadership and housing developers to sign new legislation that will boost the production of co-living housing opportunities in Seattle. Also known as micro-apartments or single-room occupancy buildings, co-living housing provides residents with small, independently rented living and sleeping areas and communal kitchen spaces or other common facilities. These units cost below market rate, often renting for $850 to $950 a month, creating an opportunity for more affordable housing throughout the city.

Bill to Strengthen Massachusetts' Global Leadership in Climatetech, Life Sciences and AI

Governor Maura Healey signed into law the Mass Leads Act, an economic development bill that will make Massachusetts a global leader in emerging industries like climatetech and applied artificial intelligence (AI), while also building on the success of the state's renowned life sciences sector. The package will create jobs, support business growth, expand workforce development programs, and support rural and regional economic development initiatives.

Toby Rittner Featured in The Bond Buyer: CDFA Administration Transition Paper

CDFA President & CEO, Toby Rittner, was recently featured in The Bond Buyer where he discussed the CDFA Administration Transition Paper and what it means for the future of public finance. One key concern is the possibility of eliminating the tax-exempt status of municipal bonds, which would raise borrowing costs for governments. Rittner emphasized the need for the new administration to support state and local government financing to ensure continued economic growth. He highlighted that policy uncertainty could lead to challenges, but stressed the importance of maintaining investment in infrastructure and local projects for future prosperity.

Upcoming Events

2024 CDFA Equitable Lending Learning Series: Equitable Lending Assessment Tools & Spreadsheet Solutions
December 10, 2024 - 1:00 PM - 3:00 PM Eastern

In this installment of the CDFA Equitable Lending Learning Series, leading lenders in the development finance industry will walk through various assessment tools, spreadsheets, and other platforms used in their review process. A facilitated discussion among the panel will explore how each organization navigates application review to increase access to capital while maintaining financially sound practices.

CDFA // BNY Development Finance Webcast Series: Exploring Common Bond Reserve Funds
December 17, 2024 - 2:00 PM - 3:00 PM Eastern

During this installment of the CDFA // BNY Development Finance Webcast Series, local practitioners will present their Common Bond Reserve Fund program models to demonstrate the potential of this innovative pathway for increasing access to capital.

Federal Features

USDA Invests $46M in Efforts to Address Food and Nutrition Security

The U.S. Department of Agriculture (USDA) announced an investment of more than $46 million in projects aimed at tackling food and nutrition insecurity in underserved communities, as well as supporting healthy diets by providing access to fruits and vegetables for eligible families. These funds support efforts across the USDA National Institute of Food and Agriculture's (NIFA) Community Food Projects Competitive Grants Program (CFPCGP) and Gus Schumacher Nutrition Incentive Program (GusNIP) to catalyze small production agriculture, increase food access in low-income communities, increase community engagement in planning for food security solutions and bridge gaps in local foods systems.

HUD Announces 2025 Loan Limits

The U.S. Department of Housing and Urban Development's (HUD) Federal Housing Administration (FHA) is announcing new loan limits for calendar year 2025 for its Single Family Title II forward and Home Equity Conversion Mortgage (HECM) mortgage insurance programs. Loan limits for most of the country will increase in the coming year due to the continued appreciation of home prices over the past year.

$30M to Ease Interconnection Backlog, Deliver More Energy Supply on Power Grid

The Biden-Harris Administration, through the U.S. Department of Energy (DOE), announced that up to $30 million is available from the Bipartisan Infrastructure Law to accelerate the interconnection process for new energy generation through the introduction of artificial intelligence techniques. The new Artificial Intelligence for Interconnection (AI4IX) program will develop partnerships between software developers, grid operators (including Regional Transmission Operators (RTOs) and Power Marketing Administrations), and energy project developers to modernize the interconnection application process and significantly reduce the time required to review, approve, and commission new generation interconnections across the country.

EPA Provides $196M Loan for Indiana Water Projects

The head of the U.S. Environmental Protection Agency's (EPA) Water Office Bruno Pigott joined Indiana Finance Authority's Jim McGoff to announce a $196 million loan to improve drinking water and wastewater systems statewide. This funding will help address the demands of a growing population. The State of Indiana intends to use this loan to finance drinking water and wastewater infrastructure improvement projects to better serve Indiana communities.

$2B to Strengthen Specialty Crops Sector, Expand Crop Storage for Producers

Agriculture Secretary Tom Vilsack announced the creation of new programs that will help farmers who grow fruits, vegetables, and nuts overcome market barriers for their products, and help producers access necessary pre-market storage for their crops following severe weather events, including recent hurricanes. Specifically, the new Marketing Assistance for Specialty Crops initiative will provide $2 billion to assist specialty crop growers in maintaining a strong domestic supply and expanding market opportunities for their crops.

HUD Awards $73M to Support Grantees With Vital Technical Assistance

The U.S. Department of Housing and Urban Development (HUD) will award $73 million in cooperative agreements under the Community Compass Technical Assistance and Capacity Building Program (Community Compass) to 34 non-profit and for-profit organizations, including 6 new organizations to help HUD grantees, such as local governments and housing agencies, effectively use HUD resources to expand access to quality, affordable housing nationwide.

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 Homeland Security (DHS)

Building Resilient Infrastructure and Communities (BRIC)

The Federal Emergency Management Agency (FEMA) makes federal funds available through the new Building Resilient Infrastructures and Communities (BRIC) grant program to states, local communities,...

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

CDBG Entitlement Program

CDBG Entitlement Program provides grants to entitled cities and counties to meet their housing and community development needs.

U.S. Dept. of Justice (DOJ)

Office on Violence Against Women Grant Programs

The Office on Violence Against Women (OVW) provides Federal leadership to reduce violence against women, and to support the administration of justice for and strengthen services to all victims of...

U.S. Dept. of the Interior (DOI)

Historic Preservation Tax Incentives

The Federal Historic Preservation Tax Incentives program encourages private sector investment in the rehabilitation and re-use of historic buildings. It creates jobs and is one of the nation's most...

Legislative and Federal Headlines

>>> SEARCH HEADLINES

New Additions to the Online Resource Database

Most low- to moderate-income households in North America must contend with the critical shortage in medium-density housing. Since the mid-1940s, American cities have been emblematic of low- and high-density developments with little in-between. The shift was due to strict density-based zoning laws, which made "blended densities" illegal, and car-centric transportation policies, which prioritized private over public transportation such as buses, trains, and streetcars. In response to this housing shortage, the federal government as well as state and local governments have developed several economic development and incentive programs to bridge the gap. This Toolkit summarizes the key development finance tools and incentives available to developers and homebuilders in connection with medium-density housing developments.

>>> 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