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CDFA Legislative and Federal Affairs Update - July 6, 2021

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Legislative and Federal Affairs Update
July 6, 2021
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Legislative and Federal Affairs Update

Legislative Features

CDFA Sends Letter to Congress Asking for Bond Finance Provisions in Infrastructure Bill
CDFA and its coalition of partners have sent a letter to Congress asking for several key tax-exempt bond finance provisions to be included in the infrastructure bill. You can still sign the coalition letter to show your organization's support for tax-exempt bonds.

White House Releases Fact Sheet on the Bipartisan Infrastructure Framework
President Biden and Vice President Harris announced their support for the Bipartisan Infrastructure Framework, the largest long-term investment in our infrastructure and competitiveness in nearly a century. This fact sheet from the White House provides high-level descriptions of what the bipartisan infrastructure framework will contain.

House Approves $715B Transportation Bill Amid Infrastructure Push
The House approved the INVEST in America Act on Thursday with a vote of 221 to 201. The measure would dedicate $343 billion to roads, bridges, and safety, $109 billion to transit, and $95 billion to passenger and freight rail. It would also commit $117 billion to drinking water infrastructure and over $51 billion to wastewater infrastructure. The bill passed along party lines, even though it included earmarks proposed by Republican members that would explicitly help their districts.

Infrastructure Bill Deal: Congress Can Spend Now, Pay Later
Despite a somewhat inflationary environment and a huge run-up in debt during the pandemic, the federal government's borrowing costs remain exceptionally low, with 30-year bond yields at less than 2.5% and rates negative in inflation-adjusted terms. Congress should work to identify worthwhile medium-term projects and just do them. Don't worry about the money.

CDFA Wants PABs for Electric Vehicle Charging Stations
The Council of Development Finance Agencies is including the enactment of tax-exempt private activity bonds for electric car charging stations among its top lobbying priorities for inclusion in federal infrastructure legislation. CDFA also wants Congress to enact enhancements for aggie bonds and industrial development bonds as well as reinstate the tax exemption for advance refunding bonds.

Growing Climate Solutions Act Passes U.S. Senate
The U.S. Senate passed the Growing Climate Solutions Act, legislation that will help farmers, ranchers, and foresters understand and access carbon markets, helping the environment and boosting farm income at the same time. The bi-partisan legislation helps producers to generate and sell carbon credits by setting up a third-party certification process through the U.S. Department of Agriculture.

Four Proposals to Watch in Sen. Manchin's Big Energy Bill
Sen. Joe Manchin (D-W.Va.) released a 423-page draft bill that includes a $1.2 billion annual nuclear credit program, full funding for Energy Act of 2020 clean energy demonstration programs, and money to deploy more carbon capture and hydrogen pipeline infrastructure. It is also widely seen as a potential piece of the broader $1 trillion infrastructure agreement backed by a group of 21 bipartisan senators.

Bipartisan Infrastructure Plan 2-Pager Released
This bipartisan infrastructure plan is supported by a group of 20 senators—10 Democrats and 10 Republicans—to usher our nation's infrastructure into the 21st century. If signed into law, it would represent the largest infrastructure investment in American history. The plan includes $579 billion in new spending to rebuild America's roads and bridges, improve public transit systems, invest in broadband infrastructure, and upgrade our airports.

Everything You Need to Know About the Infrastructure Bills Traveling Through Congress
There are eight infrastructure bills out there right now, though none of them appears at this moment to have the votes needed to pass into law. Walking through them can illuminate what the Biden administration's strategy should be going forward.

Upcoming Events
CDFA Virtual Summer School

CDFA Food Systems Finance Webinar Series: Financing Food Systems Through FinTech
Tuesday, July 13, 2021 - 2:00 PM - 3:30 PM Eastern
In this installment of the CDFA Food Systems Finance Webinar Series, we will explore how tech innovations are increasing access to financing for food-related businesses and projects, and how finance is supporting the integration of new technology in local food systems.

CDFA SSBCI Briefing
Friday, July 16, 2021 - 1:00 PM - 2:00 PM Eastern

CDFA // BNY Mellon Development Finance Webcast Series: How Healthcare is Investing in Communities
Tuesday, July 20, 2021 - 2:00 PM - 3:00 PM Eastern
During this webinar, we will hear from experts on creative ways that hospitals and healthcare systems can be better partners in solving the most pressing issues in our communities.

Federal Features

CDFA SSBCI Coalition Submits Comments to Notice and Request for Information on SSBCI
The Council of Development Finance Agencies and its SSBCI Coalition provided comments in response to the U.S. Department of the Treasury's Notice and Request for Information — State Small Business Credit Initiative (RFI). Detailed responses to questions posed in the RFI reflect the following broad principles, which CDFA and the SSBCI Coalition believe are key to ensuring the effective implementation of the current round of SSBCI funding.

U.S. Treasury Awards $1.25B to CDFIs to Support Economic Relief in Underserved Communities Affected by COVID-19
The U.S. Department of the Treasury awarded $1.25 billion in COVID-19 relief funds to 863 community development financial institutions (CDFIs). The grants will be made through Treasury's CDFI Rapid Response Program (CDFI RRP) and will provide the necessary capital for CDFIs to respond to economic challenges created by the COVID-19 pandemic, particularly in underserved communities.

Inside the President's Budget Request: Spatial Inequality and Economic Dynamism
On Friday, the Biden Administration released its FY22 budget request, detailing the White House's federal spending priorities, and totaling roughly $6 trillion for FY 2022. The budget is unprecedented in its size and scope, as it would lead to sustained spending levels not seen since World War II. It also contains several key provisions aimed at addressing spatial inequality and economic dynamism.

Expand Your Knowledge of Public Finance at CDFA's Intro Bond Finance Course!
Bonds are the bedrock of development finance and are used to help build roads, bridges, sewers, city halls, hospitals, and thousands of public and private projects. The Intro Bond Finance Course is essential for public leaders, economic development professionals, financial experts, and anyone working to address local economic challenges. Learn how to bring economic growth to your community by utilizing the vast resources of the development bond finance industry.

USDA, FCC, and NTIA Announce Interagency Agreement to Coordinate Broadband Funding Deployment
The U.S. Department of Agriculture (USDA), the Federal Communications Commission (FCC), and the National Telecommunications and Information Administration (NTIA) announced an interagency agreement to share information about and coordinate the distribution of broadband deployment federal funds.

White House Releases Fiscal Year 2022 Budget Request
The White House has released its fiscal year 2022 Budget Request. The Budget lays out the essential investments that the Biden Administration has proposed through the American Jobs Plan, the American Families Plan, confronting the pandemic, rescuing the economy, and building back better.

USDA Invests $185M to Improve Rural Community Facilities and Essential Services in 32 States
The U.S. Department of Agriculture announced that USDA is investing $185 million to equip, rebuild, and modernize essential services in rural areas of 32 states through the USDA Community Facilities Direct Loan and Grant Program. The investments will benefit 3 million rural residents.

Treasury Highlights Ways State and Local ARP Resources Can Help Communities Address Violent Crime
The U.S. Department of the Treasury today provided states and localities with additional guidance on how the State and Local Fiscal Recovery Funds included in the American Rescue Plan Act can be used to reduce and respond to violent crime – particularly gun violence – by investing in community policing, community violence interruption, and other programs that are proven to reduce crime.

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 Transportation (DOT)

Transportation Alternatives Program (TAP)
TAP is a new program under MAP-21 that funds a variety of alternative transportation projects, including many that were previously covered under separate programs.

Agency Seal U.S. Dept. of Treasury

Commercial Paper Funding Facility
The Facility serves as a funding backstop for commercial paper issuers to support the flow of credit to households and businesses.

Agency Seal U.S. Environmental Protection Agency (EPA)

Drinking Water State Revolving Fund (DWSRF)
The DWSRF program provides low interest loans to eligible recipients for drinking water infrastructure projects. Under the DWSRF, EPA provides grants to all 50 states plus Puerto Rico to capitalize...

Agency Seal U.S. Small Business Administration (SBA)

Small Business Innovation Research (SBIR) Program
The Small Business Innovation Research (SBIR) program is a highly competitive program that encourages domestic small businesses to engage in Federal Research/Research and Development (R/R&D) that has...

Legislative and Federal Headlines

Biden to Push Electric Vehicles, Clean Energy, Schools in Reconciliation Bill
Reuters | Jun. 30 | Education | Energy Finance | Federal | Green Finance

Renew the Federal Brownfield Tax Deduction
National Brownfields Coalition | Jun. 28 | Brownfield Financing | Disaster Recovery & Relief | Federal | Incentives | Legislative | Redevelopment | Tax Credits

SBA Cancels Grants to Minority-Led Restaurants After Discrimination Lawsuit
Next City | Jun. 25 | Access to Capital | Disaster Recovery & Relief | Federal | Food Systems Finance | Social Finance | U.S. Small Business Administration (SBA) | COVID-19

U.S. Green Banks Urge Congress to Establish a National Climate Bank
S&P Global | Jun. 24 | Energy Finance | Federal | Green Finance | Legislative | Resiliency

EPA Announces $11M for Farm-Focused Projects to Improve Water Quality and Environmental Education
EPA | Jun. 16 | Agriculture Finance | Federal | Resiliency | U.S. Environmental Protection Agency (EPA) | Water Finance

USDA Launches Resource Guide to Help America's Rural Workforce Build Back Better
USDA | Jun. 14 | Access to Capital | Agriculture Finance | Disaster Recovery & Relief | Education | Federal | Infrastructure Finance | Legislative | Rural Development | U.S. Dept. of Agriculture (USDA)

U.S. Department of Energy Announces New Vehicle Technologies Funding and Future Partnerships with Battery Industry
U.S. Department of Energy | Jun. 14 | Access to Capital | Federal | Green Finance | Legislative | U.S. Dept. of Energy (DOE)

What Does the Executive Order on Climate-Related Risk Mean for Agriculture Finance?
Environmental Defense Fund | Jun. 14 | Access to Capital | Agriculture Finance | Federal | Revolving Loan Funds (RLFs) | Resiliency | U.S. Dept. of Agriculture (USDA)

Walorski Co-Chairs the Municipal Finance Caucus
The Bond Buyer | Jun. 10 | Bond Finance | Legislative

Three Bi-partisan Bills Delivering for Small Business
The Guardian | Jun. 10 | Access to Capital | Economic Development | Legislative | Opportunity Zones | Revolving Loan Funds (RLFs) | Rural Development

USDA to Invest an Additional $4B to Strengthen Food System
USDA | Jun. 8 | Agriculture Finance | Disaster Recovery & Relief | Federal | Food Systems Finance | Resiliency | Rural Development | U.S. Dept. of Agriculture (USDA) | COVID-19

SBA Recognizes the Office of Surety Guarantees FY20 Award Winners
Global News Wire | Jun. 7 | Access to Capital | Bond Finance | Federal | U.S. Small Business Administration (SBA)

Biden-Harris Administration Announces New Actions to Build Black Wealth and Narrow the Racial Wealth Gap
The White House | Jun. 7 | Access to Capital | Community Development | Federal | Housing Finance | Social Finance

USDA to Invest $1B to Purchase Healthy Food & Build Food Bank Capacity
USDA | Jun. 4 | Agriculture Finance | Disaster Recovery & Relief | Federal | Food Systems Finance | U.S. Dept. of Agriculture (USDA) | COVID-19

USDA Seeks Applicants to Improve Water and Wastewater Infrastructure in Rural Areas
Water World | Jun. 4 | Access to Capital | Federal | Revolving Loan Funds (RLFs) | Resiliency | Rural Development | U.S. Dept. of Agriculture (USDA)

Reps. Phillips, Walorski Introduce Bipartisan Bill to Spur Innovation, Protect Vulnerable Startups
Rep. Dean Phillips | Jun. 3 | Access to Capital | Disaster Recovery & Relief | Legislative | COVID-19

The Smartest Way to Finance Clean Energy That You've Never Heard Of
Vox | Jun. 2 | Energy Finance | Federal | Green Finance | Innovation Finance | Legislative

Nation's Mayors, Cities, Counties Send Joint Letter to House and Senate Leaders Opposing Clawback Proposals to Repurpose ARP Funds
NACo | Jun. 2 | Access to Capital | Disaster Recovery & Relief | Federal | Legislative | COVID-19

The American Rescue Plan is the Broadband Down Payment the Country Needs
Brookings | Jun. 2 | Access to Capital | Federal | Infrastructure Finance | Legislative


New Additions to the Online Resource Database

Federal Brownfields Tax Incentive: Case Studies and Impacts
Access to Capital | Brownfield Financing | Federal | Green Finance | Legislative | Redevelopment | Resiliency | Tax Credits
The federal Brownfields Tax Incentive was established by Congress in 1997 and was in place for 14 years but was not renewed by Congress in 2012. The report sponsors are concerned that there was insufficient information about the outstanding success of this program in promoting economic development and cleanup of vacant and abandoned former industrial properties and that this may have contributed to the Congressional decision to discontinue the program. The report is aimed toward filling that information gap.


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
info@cdfa.net

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CDFA National Sponsors

  • BNY Mellon
  • Bricker Graydon LLP
  • Bryan Cave Leighton Paisner 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
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
Become a Sponsor