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CDFA Rural Development Finance Update - January 18, 2022

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Rural Development Finance Update
January 18, 2022
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Rural Development Finance Update

Features

USDA Rural Development Invests $331M Into Rural Iowa
The USDA Rural Development announced a $331 million investment to improve critical infrastructure in rural Iowa last month. Iowa USDA Rural Development Director Theresa Greenfield says the investment comes as part of a more considerable $5.2 billion investment by the USDA into 46 states and Puerto Rico.

USDA Invests More Than $288M to Build and Improve Critical Rural Infrastructure in Missouri
U.S. Department of Agriculture Rural Development Missouri State Director Kyle Wilkens announced that USDA is investing $288,302,000 to build and improve critical rural infrastructure in Missouri. USDA is making the awards under the Water and Waste Disposal Loan and Grant Program, which provides financing for drinking water, stormwater drainage, and waste disposal systems in rural communities, and the Electric Loan Program, which provides funding to construct, improve, and expand electric distribution, transmission, and generation.

USDA Advancing Equity in Distressed Rural Communities
U.S. Department of Agriculture announced that the Department is increasing the maximum loan amount to $400,000 under the Intermediary Relending Program. This change is in accordance with provisions in the Agriculture Improvement Act of 2018 (2018 Farm Bill). USDA is offering priority points to projects that advance key priorities under the Biden-Harris Administration to help communities recover from the COVID-19 pandemic, advance equity and combat climate change.

Farmworkers Bear the Brunt of California's Housing Crisis
Despite $100 million in recent investments, many of the state's 400,000 to 800,000 farmworkers live in cramped, unsafe conditions. But while farmworker housing advocates and developers have welcomed the money, they say much more is needed given the overwhelming scale of the problem and the fact that farmworkers are essential to the productivity of California's lucrative agricultural sector.

Government of Canada Invests $35M to Expand Settlement Services for Newcomers in Small Towns and Rural Communities
To ensure newcomers settling in small towns and rural communities have access to essential services during their first year in Canada, the Honourable Sean Fraser, Minister of Immigration, Refugees and Citizenship, announced an investment of more than $35 million to expand resettlement capacity and settlement services across Canada.

Mayor Duggan and Keybank Announce $10M Commitment to Preserve and Create Affordable Housing
LISC Detroit and Detroit Mayor Mike Duggan announced a $10 million investment from KeyBank Community Development Lending and Investment toward the creation and preservation of affordable housing in the city through the Detroit Housing for the Future Fund. The DHFF, which was announced by Mayor Duggan in 2020, represents the largest single private commitment to affordable housing in Detroit's history. The DHFF is a private investment fund managed by LISC that is committed to investing private capital into affordable housing projects in need of gap financing to move the developments forward.

Rep. Cartwright Discusses Infrastructure Bill's Impact on Abandoned Mine Lands Reclamation
The Infrastructure Act includes $21 billion in funding to address Legacy Pollution and can be used to clean up brownfield and superfund sites, as well as reclaim abandoned mine lands and plug orphan oil and gas wells. Pennsylvania has more unreclaimed abandoned mine land acreage than any other state in the country and represents nearly 41 percent of the country's reclamation costs. The Infrastructure Act will provide nearly $3.8 billion to Pennsylvania for reclamation efforts.

Upcoming Events
Fundamentals of Economic Development Finance Course

Intro Bond Finance Course
February 14-15, 2022 - Daily: 12:00 - 5:00 PM Eastern
The Intro Bond Finance WebCourse provides an in-depth look at governmental and qualified private activity bonds, with a focus on industrial development bonds (IDBs), 501(c)(3) non-profit bonds, exempt facility bonds, and other special bond programs authorized by the federal government.

Advanced Bond Finance Course
February 16-17, 2022 - Daily: 12:00 - 5:00 PM Eastern
The Advanced Bond Finance Course is designed for professionals who already have an understanding of tax-exempt financing and seek detailed instruction on complex financing techniques. Expert speakers will explore topics including the application of financial derivatives, advance refundings, investing bond proceeds, and how to spot arbitrage issues.

USDA Rural Development News

USDA Invests $19.3M to Build and Improve Critical Rural Infrastructure in Arizona
USDA Rural Development Arizona State Director Charlene Fernandez announced that USDA is investing $19.3 million to build and improve critical infrastructure in rural Arizona. The investments will help expand access to clean water and high speed internet in people's homes and businesses in rural communities across the state.

Food Lockers Could Combat Hunger in Rural South Dakota Communities
South Dakota-based grocer GF Buche Co. and fourth-generation grocer and president RF Buche are taking a stand against food insecurity in rural America.  An easy, affordable way this can be achieved is by installing food lockers in neighborhoods and communities that are isolated from grocery stores. Buche is working to present this solution to Congress and the Biden Administration to see this as an option in ending hunger across the country.

Vilsack Meets with Rural Black Leaders in Georgia, Signs MOU
Agriculture Secretary Tom Vilsack met with rural Black leaders at the Federation of Southern Cooperatives office in East Point, Ga., and signed a memorandum of understanding with the Federation of Southern Cooperatives/Land Assistance Fund, signifying a continued partnership between USDA and the nonprofit organization that has worked with Black farmers for 55 years.

Lack of Competition in U.S. Meat Industry Amounts to 'Exploitation'
The U.S. Department of Agriculture will spend the $1 billion from American Rescue Plan funds to expand the independent meat processing sector, including funds for financing grants, guaranteed loans, and worker training. The initiative comes amid rising concerns that a handful of big beef, pork and poultry companies have too much control over the American meat market, allowing them to dictate wholesale and retail pricing to profit at the expense of their suppliers and customers.

White House Action Plan for a Fairer, More Competitive, and More Resilient Meat Supply Chain
The Biden-Harris Administration will dedicate $1 billion in American Rescue Plan funds for the expansion of independent processing capacity. USDA reviewed nearly 450 comments received over the summer in response to its request for input on how best to increase independent processing capacity.

USDA Seeks Applications to Advance Equity and Expand Regional Economies in Distressed Rural Communities
U.S. Department of Agriculture (USDA) Under Secretary for Rural Development Xochitl Torres Small today announced the Department is accepting grant applications that will advance equity in rural America by creating new opportunities in distressed communities.


Rural Development Finance News

India's Arya Raises $60M to Provide Farmers with Finance and Post-harvest Services
TechCrunch | Jan. 17 | Access to Capital | Agriculture Finance | Food Systems Finance | Rural Development

Kennedy, Smith Introduce Bill to Help Small Businesses Access Capital, Create Jobs in Rural America
kennedy.senate.gov | Jan. 13 | Access to Capital | Legislative | Rural Development

Newsom's Latest Housing Fix: More Californians Living Downtown
Los Angeles Times | Jan. 13 | Community Development | Housing Finance | Incentives | Rural Development | Tax Credits

Historic Preservationists in Rural Communities Across Eastern Washington Race Against Time to Save Old Buildings
INLANDER | Jan. 13 | Community Development | Historic Preservation | Rural Development

Retired Orleans County Legislator Pushes for More Rural Housing
Spectrum News 1 | Jan. 13 | Housing Finance | Rural Development

Nevada Rural Housing Authority Will Open Housing Choice Voucher Wait List January 20, 2022
Nevada Business | Jan. 12 | Federal | Housing Finance | Rural Development

State Puts Up $1.3M to Help Convert New Britain Factory Into Mixed-Income Apartments
Hartford Courant | Jan. 11 | Brownfield Financing | Community Development | Housing Finance | Rural Development | State Finance Program

Multi-Million Loan to Support Clean Energy in El Centro, TX
The Desert Review | Jan. 11 | Access to Capital | Economic Development | Energy Finance | Revolving Loan Funds (RLFs) | Rural Development

Gov. Mills Vetoes Bill to Allow Farm Workers to Unionize
13 WGME | Jan. 8 | Agriculture Finance | Rural Development

Mccook Economic Development Corp. Announces First Rural Workforce Housing Loan
McCook Gazette | Jan. 7 | Housing Finance | Rural Development | Tax Increment Finance (TIF)

Much of Michigan is Rural. What Will It Take for Small Towns to Thrive?
Bridge Michigan | Jan. 7 | Agriculture Finance | Community Development | Economic Development | Food Systems Finance | Infrastructure Finance | Rural Development

Tester Secures $6M for Montana State University's Western Transportation Institute
Jon Tester | Jan. 5 | Infrastructure Finance | Rural Development

Farmer-Friendly Loan Process Could Aid Rural Revival
La Junta Tribune-Democrat | Jan. 4 | Access to Capital | Agriculture Finance | Rural Development | Tribal Finance

Beginning Farmers, Farmers of Color Outbid as Farmland Prices Soar
Civil Eats | Jan. 3 | Access to Capital | Agriculture Finance | Food Systems Finance | Rural Development

The Latest Tug-of-War: Billions in Farm Subsidies and Rural Aid
Politico | Dec. 28 | Agriculture Finance | Disaster Recovery & Relief | Legislative | Rural Development

CDFA Resources

USDA Advancing Equity in Distressed Rural Communities
Access to Capital | Agriculture Finance | Disaster Recovery & Relief | Economic Development | Federal | Legislative | Revolving Loan Funds (RLFs) | Rural Development
U.S. Department of Agriculture announced that the Department is increasing the maximum loan amount to $400,000 under the Intermediary Relending Program. This change is in accordance with provisions in the Agriculture Improvement Act of 2018 (2018 Farm Bill). USDA is offering priority points to projects that advance key priorities under the Biden-Harris Administration to help communities recover from the COVID-19 pandemic, advance equity and combat climate change.


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
info@cdfa.net

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