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CDFA Rural Development Finance Update - November 15, 2022

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Rural Development Finance Update
November 15, 2022
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Rural Development Finance Update


Don't Miss the Upcoming Intro Brownfields Finance Course on December 7-8!
Join us on December 7 & 8 for the Intro Brownfields Finance Course, the industry's only comprehensive training curriculum that helps economic developers, policymakers, and real estate professionals master the financing strategies for the lifecycle of a brownfield property. Learn the basics of brownfields, the legal and regulatory challenges, and the financing tools available to clean up and build up these sites.

$40M Awarded to Spur Economic Growth in Rural, Low-Income Communities in New Jersey
New Jersey Community Capital, New Jersey's largest community development financial institution, has received $40 million in New Markets Tax Credit Program Awards from the U.S. Department of the Treasury's CDFI Fund. This investment is part of a larger $5 billion round of funding in NMTC awards nationwide aimed to support economic development initiatives in rural and urban low-income communities.

Minnesota Receives $15M to Boost Meat and Poultry Processing
The State of Minnesota is receiving $15 million from the United States Department of Agriculture to establish a revolving loan program that will support small and medium-sized meat and poultry processors. The new Meat and Poultry Revolving Loan Fund will be available through the Minnesota Department of Agriculture's (MDA) Rural Finance Authority.

USDA Provides $759M for High-Speed Internet Access to Rural America
The U.S. Department of Agriculture (USDA) is providing $759M in loans and grants from the ReConnect Program to bring high-speed internet access to people living and working across 24 states, Puerto Rico, Guam, and Palau. These investments include funding from President Biden's Bipartisan Infrastructure Law, which provides a historic $65B to expand reliable, affordable, high-speed internet to all communities across the U.S.

Gov. Whitmer Announces Business and Community Projects Creating Jobs across Michigan
Governor Gretchen Whitmer joined the Michigan Economic Development Corporation to announce Michigan Strategic Fund approval of a wide range of projects, that, in total, will create 1,869 jobs and generate more than $550 million in investment in Michigan.

Greater Commercial Lending Completes $50M for High-Tech Berry Farm in Kentucky
Greater Commercial Lending, which provides loans to businesses and organizations in under-served and rural communities, has completed approximately $50 million in financing for a high-tech berry farm in Somerset, Kentucky. The farm will use up to 90% less water than open field growing and will produce yields up to 30 times greater than those from traditional agriculture,

Infrastructure Law Pumps Billions into Arizona Wildfire Resilience Projects
Funds from last year's Infrastructure Investment and Jobs Act could help fire managers in Arizona as wildfires continue to burn bigger and hotter. The law includes more than $8B for resilience projects and will help implement a 10-year plan to fight wildfires in the state. It'll pump more than $60M into the long-stalled Four Forest Restoration Initiative along with the Flagstaff Watershed Protection Project and other forest health projects on the Coconino and Tonto national forests.

USDA Provides Nearly $800M in Farm Loan Assistance to Help Distressed Farmers
The U.S. Department of Agriculture (USDA) announced that distressed borrowers with qualifying farm loans received assistance as part of the $3.1B for distressed farm loan borrowers provided through the Inflation Reduction Act (IRA). The IRA directed USDA to expedite assistance to distressed borrowers of direct or guaranteed loans administered by the USDA's Farm Service Agency (FSA) whose operations face financial risk.

Upcoming Events
Intro Brownfields Finance Course

CDFA-Bricker Webinar Series: PACE and Traditional Lending Institutions
Tuesday, November 22, 2022 - 2:00 PM - 4:00 PM Eastern
Since the origins of PACE financing in the early 2010s, PACE lenders have been primarily non-traditional lending institutions. However, with the explosive growth of PACE across the country, the traditional lending world has begun to enter the PACE market. In this session, attendees will get an overview of the PACE lending history and the influx of traditional lending institutions across the country.

CDFA Infrastructure Finance Learning Series: How Different Communities Can Benefit From IIJA
Tuesday, December 6, 2022 - 1:00 PM - 4:00 PM Eastern
One of the goals of the IIJA is to foster an equitable economy by investing in historically underserved and under-resourced communities. Infrastructure challenges in these areas range from public transportation to digital access to online information. Speakers on this final installation will cover the variety of problems experienced across different communities - including those in urban, mid-sized, rural, and tribal communities - to discuss how IIJA funds can best be deployed.

USDA Rural Development News

USDA Awards Nearly $90M to Oklahoma for Rural Broadband Development
The U.S. Department of Agriculture (USDA) announced it will award nearly $90 million to Oklahoma to provide high-speed internet access for rural residents, farms and businesses across 14 counties. Counties will receive the federal money through the USDA's ReConnect program to help connect Oklahoma residents, farms, businesses and schools to high-speed internet.

Cheyenne River Sioux Tribe Telephone Receives $17M from USDA for Broadband
The Cheyenne River Sioux Tribe Telephone is getting $17M from the USDA to deploy a fiber-to-the-premises network to connect individuals, farms, and businesses to high-speed internet in Corson and Dewey counties (WY). Cheyenne River Sioux Tribe Telephone will be participating in the FCC's Affordable Connectivity and Lifeline programs and will serve socially vulnerable communities in those counties and on the Cheyenne River and Standing Rock Reservations.

Missouri Receives $58M from USDA for Rural Broadband
The U.S. Department of Agriculture (USDA) announced that Missouri will receive more than $58M through the ReConnect Pilot Program to expand rural broadband across the state. A large portion of this funding is from the Infrastructure Investment and Jobs Act (IIJA). The ReConnect Pilot program targets areas that lack access to broadband, while preventing overbuilding existing infrastructure.

USDA Launches Loan Assistance Tool to Enhance Equity and Customer Service
The U.S. Department of Agriculture (USDA) launched a new online tool to help farmers and ranchers better navigate the farm loan application process. This uniform application process will help to ensure all farm loan applicants receive equal support and have a consistent customer experience with USDA's Farm Service Agency (FSA) regardless of their individual circumstances.

USDA Rural Development Attends Housing Project Grand Opening
Wisconsin's USDA Rural Development state director joined others at a grand opening to celebrate completion of an affordable housing complex. USDA Rural Development's Off-Farm Labor Housing Direct Loans and Grants program contributed $3.2M to construct the 32-unit complex available exclusively to agriculture and farmworkers and their families. Total project cost is $8M and includes $3.7M in Low Income Housing Tax Credits.

Rural Development Finance News

DOT Infrastructure Loan Earmarks Funds for Cameron Ferry in Lake Charles, LA
7KPLC News | Nov. 14 | Infrastructure Finance | Innovation Finance | Rural Development | U.S. Dept. of Transportation (DOT)

How Is Technological Innovation Breaking Down Barriers and Increasing Access to Financial Services?
Protocol | Nov. 14 | Access to Capital | Economic Development | Rural Development

Minnesota Offers Matching Funds for First Land Purchases for Beginning Farmers
AgWeek | Nov. 10 | Agriculture Finance | Legislative | Rural Development

Chris Callahan on Increased Demand for Specialty Financing in Multifamily
Multi-Housing News | Nov. 9 | Access to Capital | Healthcare | Housing Finance | Legislative | Property Assessed Clean Energy (PACE) | Rural Development

Rural Development Partners Awarded $45M in New Markets Tax Credits
PR Newswire | Nov. 8 | Economic Development | Rural Development | Tax Credits | U.S. Dept. of Treasury CDFI Fund

Sen. Brown Announces $500K for Rural Development in Knox County, OH
BrownSenate.gov | Nov. 7 | Economic Development | Federal | Redevelopment | Rural Development

U.S. Treasury Announces $5B in New Markets Tax Credits for Low-Income, Distressed Communities
U.S. Treasury | Oct. 28 | Community Development | Development Finance Toolbox | Federal | Rural Development | Tax Credits | Urban Development | Federal New Markets Tax Credits (NMTCs) | Federal New Markets Tax Credits (NMTCs)

Gov. Ron DeSantis Announces Nearly $5M for Infrastructure in Rural Northwest Florida Communities
FLgov.com | Oct. 27 | Economic Development | Infrastructure Finance | Rural Development | Water Finance

Tractor Supply Foundation Announces $5M Scholarship for Future Agricultural Leaders
Yahoo! Finance | Oct. 27 | Access to Capital | Agriculture Finance | Foundations | Rural Development

USDA Provides $3M for High-Speed Internet in Kansas
Sunflower Radio | Oct. 27 | Development Finance Toolbox | Federal | Infrastructure Finance | Rural Development | Broadband

Rural Development Loan for Heart of America Medical Center in Rugby, ND
The Dakotan | Oct. 25 | Community Development | Healthcare | Rural Development

Why Green Banks Should Be Able to Finance Upgrades to Old Buildings
Canary Media | Oct. 25 | Access to Capital | Energy Finance | Green Finance | Rural Development

Developers Seek Tax Credits for Three Residential Projects in Missouri
Emissourian.com | Oct. 21 | Housing Finance | Rural Development | Tax Credits

Sustainable Agriculture Practices for Long-Term Success
Accesswire | Oct. 17 | Agriculture Finance | Energy Finance | Food Systems Finance | Rural Development

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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CDFA National Sponsors

  • Alliant Insurance Services, Inc.
  • BNY Mellon
  • Bricker Graydon LLP
  • Business Oregon
  • CohnReznick
  • Frost Brown Todd LLP
  • Grow America | Formerly NDC
  • Hawes Hill and Associates LLP
  • Hawkins Delafield & Wood LLP
  • Ice Miller LLP
  • KeyBanc Capital Markets
  • Kutak Rock LLP
  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
  • PGAV Planners, LLC
  • Raza Development Fund
  • SB Friedman Development Advisors
  • Stifel Nicolaus
  • The Bond Buyer
  • U.S. Bank
  • Wells Fargo Securities
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