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CDFA Rural Development Finance Update - July 19, 2022

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Rural Development Finance Update
July 19, 2022
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Rural Development Finance Update


Intro Rural Development Finance Course at CDFA's Virtual Summer School
The Intro Rural Development Finance Course focuses on how the development finance toolbox can be structured to support rural communities and help them with strategies to invest in infrastructure, redevelopment, and job creation. This course differs from other curriculums in that it focuses on designing programs targeted to serve rural communities.

Biden's Broadband Funds Are Finally Making Their Way to Rural Communities
The Treasury Department announced that it would provide millions of dollars to build out high-speed broadband projects in four states. The funding is part of the American Rescue Plan's Coronavirus Capital Projects Fund (CPF), which provides $10 billion for states and tribal governments to fund new broadband networks.

Real Estate Group Closes $42.6M Rural Development Loan in Flagler Beach, Florida
Churchill Stateside Group, LLC (CSG), a real estate and renewable energy financial services company, is pleased to announce the closing of financing for a new-construction workforce housing project in Flagler Beach, Florida. Preserve at Flagler will consist of 240 units catering to family tenancy. The capital stack consists of a USDA Rural Development 538 Option 3 Construction Advance Loan and Private Equity. CSG is providing the record USDA Rural Development 538 Loan totaling $42.6 million.

Kansas Awards Over $4M in Tax Credits to 29 Kansas Nonprofits
Governor Laura Kelly awarded $4.1 million in Community Service Tax Credits to bolster the fundraising efforts of 29 nonprofit organizations across Kansas that improve local access to quality child care, healthcare, education, arts, and housing. CSP tax credits have been issued in the Sunflower State since 1994. The program provides a 70% tax credit to qualified donors in rural communities and a 50% tax credit in larger communities.

Missouri Department of Transportation Gets $100M for Rural Roads
Those who live in rural Northeast Missouri may soon see roadwork underway now that Governor Mike Parson has signed the state's FY2023 budget. The Missouri Department of Transportation is set to get $100 million for rural road projects, and officials said the money is a part of their five year statewide construction program.

Here's How Pennsylvania Plans to Spend Its Billions in Federal Stimulus Money
Pennsylvania lawmakers have agreed on a plan to use $2.2 billion in remaining federal stimulus money from the pandemic on housing, conservation, and child care programs. The agreement came as the state finalized a $45.2 billion budget a week after the deadline. None of the money will be used for direct payments to Pennsylvanians. Instead, Spotlight PA identified 20 programs that will be funded using the stimulus dollars.

Minnesota Gov. Lauds Bipartisan Ag Bill That Boosts Families, Food Security, Economy
The recent Minnesota ag spending package will distribute $50 million over two years for broadband expansion and gives the state direction on how to spend more than $200 million in federal funds from the rescue and infrastructure bills. The bill also includes more than $8 million for grants to livestock and specialty-crop producers affected by last year's drought, $5 million for tree planting, and $2.5 million to the Rural Finance Authority's disaster loan account.

Financing Manufactured Homes to Boost Housing Supply in Rural America
USDA Rural Development's Single Family Housing Guaranteed Loan Program has options for lenders to help homebuyers finance homes across rural America. This includes manufactured homes, which can help boost the housing supply in rural America and bring homeownership within reach for millions of people.

Upcoming Events
CDFA Virtual Summer School

CDFA Infrastructure Finance Learning Series: Preparing for Federal Grant Applications
Tuesday, August 9, 2022 - 1:00 PM - 4:00 PM Eastern
Applying for federal grants is a competitive process that requires a significant amount of time and planning prior to submission. It is essential for applicants to know how to navigate the available funding sources and prepare the necessary information to apply well in advance. This session will provide guidance and best practices on the various components of a federal grant application.

CDFA-Bricker Webinar Series: Solar Projects
Thursday, August 11, 2022 - 2:00 PM - 4:00 PM Eastern
This webinar will provide an overview of tax abatements typically used by solar developers, with a focus on examples from the state of Ohio, and panelists will also discuss how abatements and payment-in-lieu-taxes agreements interplay with state permitting processes.

USDA Rural Development News

USDA Makes It Easier for Farmers to Grow Food, Ease Burdens for Families
The Biden Administration announced this month the additional steps it's taking to support U.S. farmers in their work to stabilize food prices and feed Americans and the world amidst continuing challenges. To reduce the risk of raising two crops on the same land in one year, a practice known as double cropping, USDA's Risk Management Agency is expanding double crop insurance opportunities in over 1,500 counties where double cropping is viable.

USDA Announces Next Steps in Biden-Harris Administration Initiative
USDA announced the next steps in the U.S. Department of Agriculture's (USDA) efforts to ensure that as part of President Biden's Justice40 Initiative. The programs that USDA identified as covered by the Justice40 Initiative are housed in four of USDA's eight mission areas: Farm Production and Conservation; Research, Education and Economics; Rural Development; and Natural Resources and Environment.

UAPB Helps Arkansas' Small Farmers Obtain USDA-NRCS Funding
Socially-disadvantaged farmers in Arkansas benefit from a decades-old partnership between the University of Arkansas at Pine Bluff and the U.S. Department of Agriculture Natural Resources Conservation Service. UAPB and NRCS work together to provide timely information and resources to minority farmers and landowners to aid them with conservation.

Rural Development Finance News

USDA to Help Rural Infrastructure in Northern Michigan Through $10.8M Investment
UpNorthLive | Jul. 14 | Infrastructure Finance | Rural Development | Water Finance

Pennsylvania Budget Allots $375M in Federal Funding to Housing Programs
Pittsburgh Post-Gazette | Jul. 9 | Community Development | Energy Finance | Federal | Housing Finance | Legislative | Rural Development | State Finance Program

Feds Release List of Poor Rural Areas That Need Affordable-Housing Lending
HW | Jul. 6 | Community Development | Federal | Housing Finance | Rural Development

VSU Rural Development Institute Focuses on Enhancing Rural Prosperity in Georgia
FOX31 | Jul. 6 | Community Development | Economic Development | Redevelopment | Rural Development

Local Industrial Development Company Provides Loan to Missouri Butcher Shop
Courier Post | Jul. 5 | Access to Capital | Economic Development | Food Systems Finance | Revolving Loan Funds (RLFs) | Rural Development

Tracking the Gains, Pains of De-risking Agricultural Financing
The Nation | Jul. 4 | Access to Capital | Agriculture Finance | Federal | Food Systems Finance | Incentives | Infrastructure Finance | Rural Development

AgChoice Farm Credit and MidAtlantic Farm Credit Merge, Forming Horizon Farm Credit
Yahoo! Finance | Jul. 1 | Access to Capital | Agriculture Finance | Revolving Loan Funds (RLFs) | Rural Development

Bipartisan Legislation to Offer Rural Hospitals Some Financial Relief
HealthLeaders | Jun. 28 | Community Development | Federal | Healthcare | Legislative | Rural Development

Healthy Food Initiative Helps Deliver Fresh Produce to Rural Areas
KX News | Jun. 27 | Community Development | Food Systems Finance | Rural Development

Rural Development Loan As Alternative Road to the American Dream of Homeownership
Main Street Nashville | Jun. 24 | Access to Capital | Housing Finance | Rural Development

Florida Department of Economic Opportunity Announces $30M to Rural Communities
EIN Presswire | Jun. 23 | Economic Development | Infrastructure Finance | Rural Development

New Hampshire DFA Announces $5M in Tax Credits to Fund Housing, Affordable Childcare, and Community Revitalization
Ink Link | Jun. 23 | Community Development | Economic Development | Education | Historic Preservation | Housing Finance | Public-Private Partnership (P3) Financing | Revolving Loan Funds (RLFs) | Rural Development | Tax Credits

Miami-Dade County, FL Urges Feds to Push Down Loan Interest on Farmland
Miami Today | Jun. 21 | Access to Capital | Agriculture Finance | Federal | Legislative | Rural Development

Michigan Milling Company Adding New Flour Mill with Support from State Commission
World-Grain | Jun. 21 | Access to Capital | Agriculture Finance | Incentives | Rural Development | State Finance Program

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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