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CDFA Legislative and Federal Affairs Update - April 5, 2022

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Legislative and Federal Affairs Update
April 5, 2022
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Legislative and Federal Affairs Update

Legislative Features

Bipartisan Bill to Create a Permanent Office for Rural Prosperity at the White House
A bipartisan bill has been introduced in Congress that would create a permanent office in the White House for rural prosperity issues. According to its proponents, the office would improve lives and livelihoods over time in rural America.

Farm Credit Administration Announces Efforts to Work with Native American Producers
Chairman and CEO of the Farm Credit Administration (FCA), Glen R. Smith, pledges to work in collaboration with the Native American Agriculture Fund (NAAF) to address issues surrounding access to capital for Native American producers by establishing two separate Other Financing Institutions within the Farm Credit System to expand opportunities for lending to underserved farmers and ranchers.

New TIF Transparency Bill Signed Into Law in Wisconsin
Gov. Tony Evers signed into law 2021 Act 142, which will help ensure local officials, and those they represent, will be aware of all the tax implications of a decision to use tax incremental financing districts. State Sen. Duey Stroebel, R-Saukville, worked with the bill's proponents, particularly the lead author Sen. Joan Ballweg, R-Markesan, to introduce Senate Substitute Amendment 1.

National Governors Association Hosts Infrastructure Implementation Workshop
The National Governors Association hosted an intimate workshop with State IIJA coordinators and AASHTO leaders, focused on implementation of the bipartisan Infrastructure Investment and Jobs Act (IIJA). Approximately half the nation's Governors have appointed coordinators to oversee implementation of the IIJA across their cabinets, and over a dozen coordinators gathered to discuss interagency collaboration and funding and financing opportunities.

Congress Reauthorizes EB-5 Regional Center Program, Increases Investment Minimums
The EB-5 Regional Center Program will be reauthorized through Fiscal Year 2027 in appropriations legislation passed by Congress. The law imposes a new minimum investment of $1,050,000 for standard EB-5 investments and $800,000 for investments in Targeted Employment Areas, and allocates a portion of the EB-5 immigrant visa quota to investments in rural areas, high unemployment areas, and infrastructure projects.

Senate Passes Legislation to Strengthen New York's Agricultural Industry
The New York State Senate passed legislation to promote agricultural development and the accessibility of local goods for New York. The package will aim for 15% of all food products purchased by state agencies to be New York-based; expand the New York loan forgiveness program for young farmers; establish the office of urban agriculture; and increase the farm workforce retention credit.

USDA Updates Farm Loan Programs to Increase Equity
The U.S. Department of Agriculture (USDA) is updating its farm loan programs to better support current borrowers, including historically underserved producers. These improvements are part of USDA's commitment to increase equity in all programs, including farm loans that provide important access to capital for covering operating expenses and purchasing land and equipment.

Rural Investment in America Act Introduced in the House
The Rural Investment in America Act, H.R. 6975, which has four original cosponsors, would authorize the SBA to provide loans to businesses that manufacture key critical infrastructure goods in rural industrial parks by offering partial loan forgiveness to cover payroll, permitting, and other capital costs associated with site development.

Upcoming Events
CDFA Infrastructure Finance Learning Series: Breaking Down the Infrastructure Investment and Jobs Act (IIJA)

CDFA Federal Financing Webinar Series: Affordable Housing Financing Resources from HUD
Tuesday, April 12, 2022 - 2:00 PM - 3:30 PM Eastern
This session of the Federal Financing Webinar Series will highlight the resources available at the U.S. Department of Housing and Urban Development to support projects in affordable housing and disaster relief on both the state and local levels.

Intro Tax Increment Finance WebCourse
April 25-26, 2022 - Daily: 12:00 - 5:00 PM Eastern
The Intro Tax Increment Finance WebCourse offers an in-depth look at the guiding principles and appropriate application of TIF. Topics discussed include the basics of TIF, negotiating and structuring TIF deals, understanding various financing structures, and combining TIF with different capital sources.

Federal Features

Join Us for the Federal Financing Webinar Series with HUD!
Whether you represent a municipal government receiving formula-based grants from HUD or an organization hoping to implement funding from HUD on the community level, the next installment of the CDFA Federal Financing Webinar Series has something for you! Join us on April 12 for "Affordable Housing Financing Resource from HUD" to learn about the CDBG Program, the Section 108 Loan Guarantee Program, and the HOME Investment Partnerships Program.

U.S. DOT Announces $2.9B for Major Infrastructure Projects
The Department of Transportation will provide $2.9 billion in funding for major infrastructure projects through a Notice of Funding Opportunity for three major discretionary grant programs. By rolling the three grant programs into one Multimodal Projects Discretionary Grant opportunity, the DOT would reduce the burden for state and local applicants and increase the pipeline of shovel-ready projects.

USDA Announces Resources to Increase and Expand Meat and Poultry Processing Capacity
The U.S. Department of Agriculture (USDA) announced the launch of the Meat and Poultry Processing Capacity Technical Assistance Program to provide technical assistance to meat and poultry grant applicants and grant-funded projects. USDA also announced it is accepting applications for $23.6 million in competitive grant funding through the Meat and Poultry Inspection Readiness Grant program.

USDA Announces $35M Funding Opportunity to Support Underserved and Veteran Farmers and Ranchers
 The U.S. Department of Agriculture (USDA) announced $35 million in funding through the Outreach and Assistance for Socially Disadvantaged Farmers and Ranchers and Veteran Farmers and Ranchers Program (the 2501 Program) to community-based and nonprofit organizations, institutions of higher education, and tribal entities that help historically underserved and veteran farmers and ranchers own and operate successful farms.

EPA Releases Memo Outlining Strategy to Equitably Deliver Clean Water Through IIJA
U.S. EPA issued a memorandum to guide collaborative implementation with state, local, and Tribal partners. EPA's memo is a key implementation step that outlines requirements and recommendations for the Drinking Water and Clean Water State Revolving Funds to ensure the country is working together to deliver clean and safe water and replace lead pipes for all Americans, especially disadvantaged communities.

USDA Makes Available Additional $80M in Funding to Support Long-Term Resilience in the Dairy Industry
The U.S. Department of Agriculture (USDA) announced an additional investment of $80 million in the Dairy Business Innovation (DBI) Initiatives to further support processing capacity expansion, on-farm improvements, and technical assistance to producers.

USDA-NIFA Invests Over $15M in Agricultural Economics and Rural Communities
The U.S. Department of Agriculture (USDA) National Institute of Food and Agriculture (NIFA) announced an investment of over $15 million in critical research to support building new and better markets for U.S. agriculture and rural communities. This investment addresses challenges facing the agricultural sector, including implications for food production and consumption, and natural resources management to protect the environment in the face of increasing global demands for food production.

HHS Social and Economic Development Strategies (SEDS) Notice of Funding Opportunity
This NOFO is focused on community-driven projects designed to grow local economies; strengthen Native American families, including the preservation of Native American cultures; and decrease the high rate of current challenges caused by the lack of community-based businesses and social and economic infrastructure in Native American communities.

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 U.S. Dept. of Homeland Security (DHS)

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)

CDBG HUD Administered Non-Entitled Counties in Hawaii Program
HUD's Honolulu Field Office directly administers the CDBG program for non-entitlement areas in the State of Hawaii.

Agency Seal U.S. Dept. of Justice (DOJ)

Bureau of Justice Statistics Funding Programs
The mission of the DOJ's Bureau of Justice Statistics (BJS) is to collect, analyze, publish, and disseminate information on crime, criminal offenders, victims of crime, and the operation of justice...

Agency Seal 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

California Poised to Greenlight $11.7M Vehicle-to-Grid Pilots in PG&E Footprint
Utility Dive | Apr. 4 | Energy Finance | Green Finance | Infrastructure Finance | Legislative

Bill to Cap South Carolina's Affordable Housing Tax Credit Program Advances to Senate
WRDW | Mar. 30 | Housing Finance | Legislative | Rural Development | Tax Credits

Sarasota County, FL Commission Commits $25M in Federal Funds to Affordable Housing
Herald-Tribune | Mar. 30 | Federal | Housing Finance | Tax Credits

States Considering Range of Options to Bring Broadband to Rural America
PEW | Mar. 29 | Access to Capital | Agriculture Finance | Disaster Recovery & Relief | Federal | Infrastructure Finance | Rural Development | U.S. Dept. of Agriculture (USDA) | COVID-19

Push to Renew New York State's Brownfield Cleanup Law as Part of the Budget
Spectrum News NY1 | Mar. 25 | Brownfield Financing | Economic Development | Legislative | Redevelopment | State Finance Program

Progress Made on California Sites Reservoir Project Development
AgNet West | Mar. 24 | Access to Capital | Bond Finance | Federal | Infrastructure Finance | Revolving Loan Funds (RLFs) | U.S. Dept. of Agriculture (USDA) | U.S. Environmental Protection Agency (EPA)

New Legislation Aims to Allow for Former Industrial Brownfield Sites to Be Revitalized
WEYI-TV | Mar. 23 | Brownfield Financing | Federal | Infrastructure Finance | Legislative | Redevelopment

Closing on $21M for Rehabilitation of USDA Rural Development 515 Portfolio in Georgia
Cision | Mar. 22 | Bond Finance | Federal | Housing Finance | Redevelopment | Rural Development | Tax Credits | U.S. Dept. of Agriculture (USDA)

Florida Community Loan Fund Closes NMTC Financing to Regional Food Bank
Florida Community Loan Fund | Mar. 21 | Access to Capital | Federal | Food Systems Finance | Revolving Loan Funds (RLFs) | Tax Credits

Johnson County, IA to Use American Rescue Plan Funds to Strengthen Food Initiatives
The Daily Iowan | Mar. 20 | Access to Capital | Agriculture Finance | Disaster Recovery & Relief | Federal | Food Systems Finance | COVID-19

Adams, Rouzer Introduce Bipartisan Affordable Housing Legislation
Congresswoman Alma Adams | Mar. 18 | Access to Capital | Economic Development | Federal | Housing Finance | Legislative

Will County, IL to Receive Federal Funding for Health and Safety Projects
Will County Illinois | Mar. 16 | Community Development | Infrastructure Finance | Legislative | Redevelopment | Water Finance

California Brings in Over $760M in New Congressional Earmarks
Los Angeles Times | Mar. 16 | Housing Finance | Infrastructure Finance | Legislative

Rethinking Rural: Leveraging Community Assets By Investing in People and Places
Forbes | Mar. 16 | Access to Capital | Community Development | Federal | Revolving Loan Funds (RLFs) | Rural Development

Missouri Legislation Would Redefine Small Farmer, Incentivize Growth
Fulton Sun | Mar. 15 | Access to Capital | Agriculture Finance | Legislative | Revolving Loan Funds (RLFs) | State Finance Program

Strategies to Promote Affordable Commercial Space
Next City | Mar. 14 | Access to Capital | Community Development | Federal | Revolving Loan Funds (RLFs) | Rural Development | Social Finance

EB-5 Immigrant Investor Regional Center Program Returning
The National Law Review | Mar. 10 | Access to Capital | EB-5 Visa | Federal | Legislative

How Consistent Capital Flow Can Save Rural America
Forbes | Mar. 9 | Access to Capital | Community Development | Federal | Legislative | Revolving Loan Funds (RLFs) | Rural Development | Tax Credits

New Support for Growing Indiana Agribusinesses
Inside INdiana Business | Mar. 9 | Access to Capital | Agriculture Finance | Federal | Revolving Loan Funds (RLFs) | State Finance Program | U.S. Dept. of Agriculture (USDA)

The Centennial Wins $40M in Tax Credits for ‘Transformational' Projects in Cleveland, OH
The Newark Daily Times | Mar. 3 | Bond Finance | Community Development | Federal | Historic Preservation | Housing Finance | Tax Credits

New Additions to the Online Resource Database

Hawkins Advisory: Federal Legislation Moves SOFR Closer
Bond Finance | Federal | Legislative
Long-awaited federal legislation addressing the phase-out of United States market reliance upon the London Interbank Offered Rate ("LIBOR")1 as a reference rate was signed into law. With less than 16 months remaining before the expected end of USD LIBOR publication on June 30, 2023,2 the Adjustable Interest Rate (LIBOR) Act3 (the "Federal LIBOR Act") provides important context to inform market participants' considerations of their current USD LIBOR variable-rate exposures and of potential active and passive approaches for transitioning to other reference rates.

SSBCI for Tribal Governments
Federal | Legislative | State Finance Program | State Small Business Credit Initiative (SSBCI) | Webcasts | Access to Capital | Economic Development
CDFA and guest speakers from The Choctaw Nation and gener8tor held this webinar on March 11, 2022 for a discussion on how Tribal Governments can utilize the State Small Business Credit Initiative (SSBCI) program. During this webinar, CDFA provided an overview of the information included in SSBCI for Tribal Governments, and guest speakers discussed their approach to maximizing the program from the Tribal Government perspective and the perspective of a mission-aligned fund manager.

State Small Business Credit Initiative; Demographics-Related Reporting Requirements: Interim Final Rule (IFR)
Access to Capital | Economic Development | Federal | State Small Business Credit Initiative (SSBCI)
The Secretary of the Treasury is issuing this interim final rule to institute the reporting requirements related to demographics of those who own or control small businesses that receive a loan, investment, other credit or equity support, or technical assistance under the State Small Business Credit Initiative under the American Rescue Plan Act of 2021.

Treasury SSBCI FAQs Updated 03-02-2022
Access to Capital | Economic Development | Federal | State Small Business Credit Initiative (SSBCI)
This document outlines the U.S. Department of the Treasury's State Small Business Credit Initiative (SSBCI) Frequently Asked Questions which were updated on March 2, 2022. Some of the questions answered in this document include the upcoming SSBCI Capital Program deadlines, the process for application approval, and when the applications will be reviewed.

Treasury SSBCI SEDI Incentive Funding Table
Access to Capital | Economic Development | Federal | State Small Business Credit Initiative (SSBCI)
This table provides helpful information regarding the incentive funding related to business enterprises owned and controlled by socially and economically disadvantaged individuals (SEDI). The columns contain the initial eligible amounts of the SEDI incentive funding that eligible jurisdictions may qualify for and the SEDI objectives, which is the percentage of SSBCI funds that eligible jurisdictions should aspire to expend to meet the needs of SEDI-owned businesses. For more information on the SEDI incentive funding, see Section IV of the Capital Program Policy Guidelines.

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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