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CDFA Rural Development Finance Update - December 20, 2022

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Rural Development Finance Update
December 20, 2022
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Rural Development Finance Update


CDFA Food Systems Finance Best Practices Guidebook, Available Now!
Linking development finance and food systems can be a daunting undertaking for any community. Research on the current ecosystem of food systems finance has positioned CDFA to identify key strategies for the path ahead in this work. The Food Systems Finance Best Practices Guidebook defines how traditional development finance tools can be used to launch and expand food and agricultural-related businesses and projects and create successful food systems finance programs at the local and regional levels.

USDA Invests $981M to Expand Market Opportunities for Rural Businesses, Entrepreneurs
The U.S. Department of Agriculture (USDA) is investing $981M to help create new and better market opportunities and expand essential services for rural people, businesses, and entrepreneurs in 47 states, Guam and the Virgin Islands. The funding will help keep resources and wealth made by rural people right at home through affordable financing and technical assistance. It will help rural Americans start businesses and allow small business owners to grow.

Announcing the Return of CDFA's Fundamentals of Economic Development Finance Course
CDFA is proud to kick off the new year with the return of the Fundamentals of Economic Development Finance Course on January 25-26, 2023! This course will help attendees understand the variety of development finance tools available including bonds, tax credits, tax increment financing (TIF), federal financing programs, RLFs, Opportunity Zones, and access to capital lending resources.

USDA Accepts Applications for Rural Energy for American Program
The U.S. Department of Agriculture (USDA) is making $300M available under the Rural Energy for America Program (REAP) to expand renewable energy and support energy-efficiency projects for people living in rural America. Two significant changes include an increase in the maximum Federal grant share from 25% to 40% of total project cost and an increase of maximum grant amounts from $250,000 to $500,000 for energy efficiency projects and an increase from $500,000 to $1,000,000 for renewable energy systems.

USDA Invests $102M for Underserved Rural People Across the U.S.
The U.S. Department of Agriculture (USDA) Rural Development is investing $102M to expand access to housing and water infrastructure for underserved rural people who live and work in 47 states and American Samoa. The 263 projects in which USDA is investing will create economic opportunities and improve the lives of hundreds of thousands of people in rural America.

U.S. Farm Agency to Spend $600M on Rural Clean Energy Projects
The U.S. Department of Agriculture (USDA) will invest nearly $600 million in clean energy projects for farms and rural communities in its effort to cut the nation's emissions while increasing energy security, adding that more money for such projects would be distributed soon.

USDA Invests $285M for Critical Infrastructure in Rural America
The U.S. Department of Agriculture (USDA) announced that it is investing $285M in critical infrastructure to lower energy costs, expand access to clean energy for people across rural America, and combat climate change. USDA is also making an additional $300M available under the Rural Energy for America Program, including $250M through the Inflation Reduction Act, to spur further investment.

EPA Announces $26M to Support Rural and Small Community Water Systems
The U.S. Environmental Protection Agency announced the availability of $25.7M in grant funding for organizations to provide technical assistance and training to support small drinking water and wastewater systems that are often located in rural communities. EPA's funding will help ensure that drinking water in these communities is safe and that wastewater is treated before it is responsibly returned to the environment.

USDA Announces $325M in Pilot Projects for Climate-Smart Commodities
The U.S. Department of Agriculture (USDA) is investing an additional $325M for 71 projects under the second funding pool of the Partnerships for Climate-Smart Commodities effort, bringing the total investment from both funding pools to over $3.1B. Partnerships for Climate-Smart Commodities is expanding markets for American producers who produce climate-smart commodities, leverage greenhouse gas benefits of climate-smart production, and provide meaningful benefits to producers.

DOT Announces $48.2M for Rural Highway Safety Project in Nicollet County, MN
The U.S. Department of Transportation (DOT) announced that its Build America Bureau has provided a low-interest loan of up to $48.2 million to the Minnesota Department of Transportation and Minnesota Management and Budget. Funding will be used to reconstruct 12 miles of Highway 14 to a four-lane, divided highway from the City of New Ulm to the City of Nicollet, bypassing the City of Courtland – helping to improve safety on a critical rural highway.

Upcoming Events
Fundamentals of Economic Development Finance Course

CDFA // BNY Mellon Development Finance Webcast Series: Financing Approaches to Meet Affordable Housing Needs
Tuesday, December 20, 2022 - 2:00 PM - 3:00 PM Eastern
Both urban and rural places in the U.S. are experiencing housing shortages, and affordability remains a major issue across much of the country. Public officials, development finance professionals, and private developers alike are working to address gaps in housing types and price points, but financing such projects often requires creativity. During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, a panel of housing finance experts will discuss the tools, programs, and strategies that can be used to meet local demand for affordable housing options.

SSBCI Learning Series - Compliance: Program Reporting Requirements
February 16, 2023 - 2:00 - 4:00 PM Eastern
This is the first installment of the 2023 SSBCI Learning Series hosted by CDFA. The learning series is focused on strengthening understanding of the SSBCI rules, supporting efforts to design effective programs, and providing strategies to help reach hard-to-serve businesses. During the 2023 SSBCI Learning Series, CDFA will elevate those conversations as well as host sessions geared toward successfully implementing new SSBCI programs and financial products, reaching targeted small businesses and business sectors, and effective program reporting and compliance strategies.

USDA Rural Development News

USDA Partners with Nevada Nonprofit on Affordable Housing Access
The U.S. Department of Agriculture (USDA) Rural Development Nevada State Director Lucas Ingvoldstad announced that USDA is partnering with a Nevada nonprofit to support access to affordable housing in Washoe County. Rebuilding Together Northern Nevada is receiving a $50,000 Housing Preservation Grant to make repairs and improve the livability of ten low- and very low-income households in Cold Springs.

Maine Solar Projects Receive $80M in USDA Loans
The U.S Department of Agriculture (USDA) Rural Energy for America program is providing loans for Solar projects across Maine. The program is investing $285M in infrastructure projects nationwide from the federal Inflation Reduction Act to combat climate change and expand access to clean energy in rural America.

USDA Invests $6M to Expand Market Opportunities in Rural Wisconsin
The U.S. Department of Agriculture (USDA) Rural Development State Director for Wisconsin announced that the department is investing $6M to help create new and better market opportunities and expand essential services for rural people, businesses, and entrepreneurs in Wisconsin. The funding will help keep resources and wealth made by rural people right at home through affordable financing and technical assistance.

New Innovations to Alaska Fishing Industry Through USDA-Guaranteed Financing
Greater Commercial Lending (GCL), which provides loans to businesses and organizations in under-served and rural communities, has completed $40 million in financing for an innovative salmon processing barge in Bristol Bay, Alaska, that will flash-freeze whole salmon right at the fishing grounds. The loan is guaranteed by the USDA through the Food Supply Chain Guaranteed Loan Program.

USDA Small Farm Funding Guide
The U.S. Department of Agriculture (USDA) Small Farm Funding Guide contains information about how to start a small farm business and develop business and marketing plans. Identify information about funding programs for beginning and experienced farmers, technical assistance contacts, disaster assistance, and organizations with available resources.

USDA Increases Total Funding Available for Tribes
The U.S. Department of Agriculture (USDA) Agricultural Marketing Service has signed a cooperative agreement with the Chickahominy Indian Tribe Eastern division under the Local Food Purchase Assistance Cooperative Agreement (LFPA) program. LFPA empowers states, tribes, and territories through cooperative agreements to provide for their communities with the purchase of domestic local foods in support of local, regional, and underserved and tribal farmers and ranchers.

Bridgestone Awarded $35M USDA Climate-Smart Grant
Bridgestone announced a $35M climate-smart grant by the U.S. Department of Agriculture (USDA) to invest in desert shrub guayule to expand natural rubber production in the U.S. and offer a solution for growers amid the ongoing water crisis in the Southwest with a more environmentally sustainable crop. The investment in guayule will allow natural rubber production expansion in the SW U.S. with lowered greenhouse gas emissions and job creation in the region.

USDA Providing $108M in Loans for Hospital in Kansas
The U.S. Department of Agriculture (USDA) is lending $108M to help Citizens Medical Center in Colby, KS expand critical healthcare services. The new facility will incorporate operations of both the hospital (Citizens Medical Center) and family practice clinic (Family Center for Health Care) under one roof, including all currently available services plus additional capabilities that include future service expansions.

USDA Grants $3.6M for Wastewater Systems and Landfill in Alaska
The U.S. Department of Agriculture (USDA) is granting $3.6M to Interior Alaska villages to help improve water systems and landfills. The grants will pay for new well and wastewater treatment systems for homes and improvements to water systems. They will also fund the engineering and environmental reports for a new solid waste facility, new landfills, and repairs to wastewater treatment systems.

Rural Development Finance News

Minnesota Announces $100M Investment in State's Broadband Infrastructure
Ag Week | Dec. 14 | Access to Capital | Infrastructure Finance | Rural Development | State Finance Program | Broadband

Awards Presented in Canada and U.S. For Innovative Approaches to Financing Infrastructure
County Live | Dec. 13 | Housing Finance | Infrastructure Finance | Rural Development

Kansas to Invest $7M Into Rural Market Communities
KZRG | Dec. 8 | Access to Capital | Agriculture Finance | Food Systems Finance | Revolving Loan Funds (RLFs) | Rural Development

U.S. Treasury Announces Capital Projects Fund Awards for High-Speed Internet
U.S. Treasury | Dec. 8 | Access to Capital | Disaster Recovery & Relief | Federal | Infrastructure Finance | Legislative | Rural Development | U.S. Dept. of Treasury | COVID-19 | Broadband | Case Studies

Broadband Access Still a Challenge in Rural Affordable Housing
PEW | Dec. 8 | Housing Finance | Infrastructure Finance | Rural Development

7 Idaho Companies Receive USDA Loans to Help Expand Services, Create Jobs
Idaho Business Review | Dec. 8 | Bond Finance | Economic Development | Rural Development

CDA Launches AG Lending Program to Diversify Colorado Agricultural Financing Options
The Fence Post | Dec. 6 | Access to Capital | Agriculture Finance | Food Systems Finance | Legislative | Rural Development

West Virginia Gets $9.8M for Rural Development Projects
The Center Square | Dec. 2 | Economic Development | Federal | Infrastructure Finance | Rural Development | Water Finance

Housing Trust Fund of Johnson County, IA Offers $1.2M for Affordable Housing
Corridor Business Journal | Dec. 2 | Access to Capital | Community Development | Housing Finance | Revolving Loan Funds (RLFs) | Rural Development

Rural Development Support Available for Federal Funding Opportunities
Office of the Governor | Nov. 30 | Community Development | Federal | Infrastructure Finance | Rural Development

U.S. Treasury Highlights Impact of American Rescue Plan on Tribal Governments
U.S. Treasury | Nov. 30 | Access to Capital | Disaster Recovery & Relief | Federal | Legislative | Rural Development | Tribal Finance | COVID-19 | Legislative Activities | Case Studies

New Small-Business Loans Aimed at Northern Wisconsin
Milwaukee Journal Sentinel | Nov. 29 | Access to Capital | Revolving Loan Funds (RLFs) | Rural Development | Tribal Finance

House Members Pledge Support for Expanding Homeownership Opportunities
Yahoo! Finance | Nov. 29 | Community Development | Housing Finance | Incentives | Legislative | Rural Development | Tax Credits

$50M Available for Orphaned Oil and Gas Wells on Tribal Lands
Red Lake Nation News | Nov. 28 | Access to Capital | Federal | Green Finance | Legislative | Rural Development | Tribal Finance | Legislative Activities | Case Studies

Georgia Department of Community Affairs Awards $28M in Housing Tax Credits
Newswires | Nov. 17 | Community Development | Housing Finance | Public-Private Partnership (P3) Financing | Rural Development | Tax Credits

The Council of Development Finance Agencies (CDFA) 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 www.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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