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CDFA Legislative and Federal Affairs Update - June 4, 2019

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Legislative and Federal Affairs Update
June 4, 2019
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Legislative and Federal Affairs Update


CDFA to Host Webinar on Opportunity Zones and Affordable Housing with HUD, USDA
Financing experts from HUD and USDA will provide an outline of how their respective financing and grant programs can drive investments into Opportunity Zones. CDFA will center the discussion around USDA Rural Development programs and HUD programs within the office of Community Planning and Development. We hope you'll join the discussion!

Legislative Features

House Passes $19.1B Disaster Aid Bill
The House has approved a $19.1 billion disaster aid package despite earlier delays. The legislation was approved 354-58. The Senate already passed the bill overwhelmingly and it heads to the President's desk for his signature.

Bill with CDRLF Funding, Increased CDFI Fund Passes House Subcommittee
The House Appropriations subcommittee on financial services and general government passed its legislation for the fiscal year 2020. The bill would fund the Treasury's Community Development Financial Institutions (CDFI) Fund at $300 million for FY2020, a $50 million increase from last year's $250 million.

P3 Act Would Remove the Volume Cap for Green Infrastructure PABs
The Preventing Pollution through Partnerships Act has been introduced by two House Democrats from Washington State as lawmakers continue to offer proposals for infrastructure investment. The P3 Act would expand the use of private activity bonds to include so-called green bonds.

As Infrastructure Talks Collapse, Focus Turns to Highway Bill
After a White House meeting on infrastructure fell apart, the odds of Congress passing a broad $2 trillion package are slim. Instead, Congress may pursue a narrower surface transportation bill. That would happen through the reauthorization of the Fixing America's Surface Transportation Act, which is set to expire in October 2020.

House Proposes LIFT America Act
This bill authorizes appropriations for the nation's infrastructure, including appropriations for broadband internet access, drinking water improvements, the electric power grid, energy efficiency in buildings, incentives for renewable energy systems, clean energy, revitalization of brownfield sites, hospital infrastructure and the Indian Health Service, and more.

House Panel Votes to Boost Interior, EPA Budget by $1.7B
The House Appropriations Committee voted 30-21 to push forward $37.28 billion in funds for the Department of the Interior and the Environmental Protection Agency. It represents an increase in their funding by $1.73 billion over last year. The measure now moves to the House floor for a vote.

Bipartisan Bill to Grow Historic Tax Credit Introduced in House
Reps. Earl Blumenauer, Darin LaHood, Terri Sewell, and Mike Kelly have introduced the Historic Tax Credit Growth and Opportunity Act. The legislation aims to bring more value to HTC transactions by eliminating the HTC basis adjustment requirement and increasing the credit from 20 to 30 percent for properties with rehabilitation expenses of less than $2.5 million.

Upcoming Events
CDFA Summer School

CDFA Federal Financing Webinar Series: Opportunity Zones and Affordable Housing featuring HUD and USDA
June 27, 2019 - 2:00 PM Eastern
In this webinar, financing experts from the Departments of Housing and Urban Development and Agriculture will be on hand to provide an outline of how their respective financing and grant programs can drive investments into Opportunity Zones. CDFA will center the discussion around USDA Rural Development programs and HUD programs within the office of Community Planning and Development.

Federal Features

CDFI Fund Awards $3.5B in New Markets Tax Credits
The CDFI Fund announced NMTC Award recipients for the calendar year 2018. Approximately $2.6 billion of NMTC investment proceeds will likely be used to finance and support businesses in low-income communities, and $809.1 million to finance and support real estate projects in low-income communities.

New GASB Standard Clarifies Conduit Debt Reporting
The Governmental Accounting Standards Board has issued new guidance: GASB Statement No. 91, Conduit Debt Obligations, calls for conduit issuers to stop reporting conduit debt in their financial statements and to report all of it in their accompanying notes starting Dec. 15, 2020.

HUD Awards $1.5B to Seven States for Disaster Recovery
The U.S. Department of Housing and Urban Development (HUD) today awarded nearly $1.5 billion to support seven states in their recovery from major disasters that occurred last year, including Hurricane Michael, Hurricane Florence and devastating wildfires in California.

EDA Invests in Infrastructure in NJ Opportunity Zone
Assistant Secretary John Fleming announced that EDA is investing $3 million to upgrade and improve infrastructure in the Town of Kearney, New Jersey. The project is expected to help create more than 7,000 jobs, generate $1 billion in private investment and be matched by $1.3 million in local funds.

Transformation of Former TX Air Force Base Has Local Economy Booming
In 2015, EDA announced a $1.2 million Economic Adjustment Program investment in the Brooks Development Authority. The Brooks Tax Increment Reinvestment Zone now supports nearly 13,000 jobs with more than $440 million in annual earnings. The value of Brooks and the surrounding acreage increased from $36.8 million in 2004 to $617 million today.

IRS Private Letter Ruling a Breakthrough for Ports, Airports
Government-owned ports and airports are expected to benefit from a recently released IRS Private Letter Ruling supporting a simplified method of calculating a safe harbor for private leases of tax-exempt bond-financed facilities.

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 Internal Revenue Service (IRS)

Business Energy Investment Tax Credit (ITC)
The federal Business Energy Investment Tax Credit (ITC) allows eligable users to claim up to 30% of expenditures for energy projects.

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 Treasury CDFI Fund

New Markets Tax Credit (NMTC) Program
The New Markets Tax Credit (NMTC) Program permits taxpayers to receive a credit against federal income taxes for making qualified equity investments in designated Community Development Entities...

New Additions to the Online Resource Database

NMTC Program Award Book CY 2018
Community Development | Federal | Tax Credits | U.S. Dept. of Treasury CDFI Fund
The CDFI Fund awarded 73 community development entities $3.5 billion under the 2018 allocation round of the New Markets Tax Credits program. The recipients are located in 35 states also including Puerto Rico and the District of Columbia.

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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