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CDFA Rural Development Finance Update - May 18, 2021

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Rural Development Finance Update
May 18, 2021
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Rural Development Finance Update

Features

Check Out the Advanced Tax Credit Course at CDFA's Summer School
The Advanced Tax Credit Course will take a deeper dive into the use and applicability of tax credits. Building on the basic structure of tax credits, expert speakers will discuss details of New Markets Tax Credits and Low-Income Housing Tax Credits through the lens of all parties and how they come together on a given transaction. Case studies will be presented to inform attendees about how tax credits work with other economic development tools to make projects successful.

EPA Announces $6.5B in New Funding for Water Infrastructure Projects
The U.S. Environmental Protection Agency (EPA) announced the 2021 notice of funding availability under the agency's Water Infrastructure Finance and Innovation Act (WIFIA) program. These lending programs accelerate investment in critical water infrastructure through innovative and flexible financing that can support a wide range of projects in both large and small communities.

Biden's Infrastructure Plan Takes Aim at Rural America
President Biden's $2 trillion national infrastructure plan includes many new or expanded programs for rural America. One of the notable proposals in this plan is a new $5 billion "Rural Partnership Program to help rural regions, including Tribal Nations, build on their unique assets and realize their vision for inclusive community and economic development." This program will support local planning and capacity-building efforts and offer flexible funding.

Louisiana Could Issue Up to $830M of Green Bonds for Renewable Diesel Plant
The state's economic development arm is leveraging one of its financing tools into a proposed $700 million renewable diesel refinery in north Louisiana, with hopes that it will become a multibillion-dollar green diesel hub over the next decade.  Louisiana's economic development department and Gov. John Bel Edwards support the first round of a $200 million tax-free bond allocation with potentially much more for the Louisiana Green Fuels project. 

A Housing and Development Conundrum of Rising Costs and Disrepair in Kit Carson, CO
Located in the plains of Cheyenne County among ranches and dryland farms, Kit Carson has a population of fewer than 300 and regards itself as a case study in rural Colorado's upstream struggle against powerful currents. Declining population, shifting economics of agriculture, absentee property ownership, and an aging and too-often-deteriorating housing inventory have collided to pose more than just a theoretical threat to its future.

Wisconsin Awards $35M in Federal and State Housing Tax Credits
The award of $35.1 million in federal and state housing tax credits will advance housing opportunity and economic recovery in Wisconsin through the creation of 2,200 affordable housing units. Wisconsin Housing and Economic Development Authority's plan for allocating the credits this year increased the emphasis on rural communities, supportive housing, partnerships with developers from underrepresented communities, and sustainability.

Nevada County, CA Allocates $5.8M in Federal Funds for Community and Economic Resiliency
The Nevada County Board of Supervisors unanimously allocated 30% of the county's $19.3 million allocation from the American Rescue Plan Act — approximately $5.8 million to support "Community and Economic Resiliency." The board distributed the $5.8 million allotment into three "pots," comprising four grant programs and a new revolving loan fund to support small businesses and rural communities.

Alabama House Passes Rural, Agribusiness, and Opportunity Zone Jobs Act
The Alabama House of Representatives passed legislation — the Alabama Rural, Agribusiness, and Opportunity Zone Jobs Act — that will create a fund for those struggling business owners to access the capital that they need. The funds will come from $25 million in American Rescue Act dollars that the state will receive to help small businesses, and 50 percent of the money in the fund has to be provided for businesses in counties with less than 50,000 in population.

Upcoming Events
CDFA Virtual Summer School

CDFA Rural Development Finance Webinar Series: Assembling Capital for Rural Development
Tuesday, June 1, 2021 - 2:00 PM - 3:00 PM Eastern
During the second installment of the CDFA Rural Development Finance Webinar Series, learn about essential financing sources employed by rural communities to complete projects in today's economy.

CDFA // BNY Mellon Development Finance Webcast Series: Rural Broadband & Telehealth Financing
Tuesday, June 15, 2021 - 2:00 PM - 3:00 PM Eastern
During this webinar, experts will explain how rural communities can embrace the challenges of financing high-speed internet for the economic and societal gains provided by broadband.

USDA Rural Development News

USDA Invests $487M in Rural Water, Energy, and Biofuel Infrastructure
USDA Rural Development announced the investment of $487 million in critical infrastructure that will help communities in 45 states build back better and stronger while prioritizing climate-smart solutions and environmental stewardship. USDA is making the investments under the Water and Environmental Program, the Rural Energy for America Program, the Electric Loan Program, and the Higher Blends Infrastructure Incentive Program.

USDA Expands Access to Capital for Very Small Rural Businesses
The U.S. Department of Agriculture (USDA) announced that it has implemented a series of actions to make it easier for very small rural businesses to get access to capital. A final rule was published outlining changes to the Rural Microentrepreneur Assistance Program (RMAP). The program provides loans and grants to microenterprise development organizations to help them establish revolving loan programs to assist microenterprises with 10 or fewer full-time employees.

Greystone Affordable Development Transforming Indiana Affordable Housing
Greystone Affordable Development is spearheading the $45.6 million redevelopment of 336 affordable housing units in Indiana as part of the state's "Moving Forward" Rural Development program. The combination of funding sources includes USDA 538 guaranteed loans, both 4% and 9% of LIHTC by Boston Financial Investment Management, tax-exempt bonds from IHCDA, USDA Section 515 long-term debt, and funding from IHCDA via the Rural Revolving Loan Fund.

USDA Rural Development Invests $3.2M in Colorado Center Sanitation District
Colorado Acting State Director for the United States Department of Agriculture Rural Development announced the Center Sanitation District was awarded $3,273,000, an investment in infrastructure made possible under the Water and Environmental Program (WEP).

Bill Aims to Revamp REAP, Move AgSTAR from EPA to USDA
Reps. Chellie Pingree (D-ME) and Martin Heinrich (D-NM) introduced the Agricultural Resilience Act, which outlines a farmer-focused, research-driven path to net-zero agriculture. The bill would, in part, make changes to the Rural Energy for America Program and moves the federal AgSTAR program.


Rural Development Finance News

Rezoning Tests Limits of Rural Growth
Coastal Observer | May. 15 | Community Development | Healthcare | Housing Finance | Rural Development | Tax Credits

CARES Act Funds to Capitalize Revolving Loan Fund in Wyoming
Jackson Hole Public Radio | May. 14 | Access to Capital | Disaster Recovery & Relief | Revolving Loan Funds (RLFs) | Rural Development | COVID-19

Two Vermont Entities to Receive $1.1M from EPA for Brownfields Cleanup
Vermont Business Magazine | May. 13 | Access to Capital | Brownfield Financing | Rural Development | U.S. Environmental Protection Agency (EPA)

Illinois Lawmakers Consider Tax Credit to Spur Construction of Affordable Housing
The Neighbor | May. 9 | Housing Finance | Rural Development | State Finance Program | Tax Credits

Alabama Legislature Endorses Extension of Incentive to Restore Older Buildings
AL.com | May. 6 | Historic Preservation | Incentives | Rural Development | State Finance Program | Tax Credits

U.S. Senate Adopts Drinking Water and Wastewater Infrastructure Act
Perkins Cole | May. 5 | Access to Capital | Federal | Infrastructure Finance | Legislative | Revolving Loan Funds (RLFs) | Resiliency | Rural Development | Social Finance | Tribal Finance | U.S. Environmental Protection Agency (EPA) | Water Finance | Revolving Loan Funds (RLFs) | Drinking Water | Sewage & Waste | State Revolving Fund

North Dakota and South Dakota Legislatures Make Funding Ag Infrastructure a Priority
Ag Week | May. 3 | Agriculture Finance | Infrastructure Finance | Rural Development | State Finance Program

Southeast Ohio Communities Receive $9M from Ohio EPA State Revolving Funds for Water Improvements
WTOV | Apr. 29 | Access to Capital | Infrastructure Finance | Revolving Loan Funds (RLFs) | Rural Development | Water Finance | Revolving Loan Funds (RLFs) | Water Finance | Drinking Water | Sewage & Waste | State Revolving Fund

City of Gloversville, NY to Tackle Brownfield Areas and Projects
The Leader-Herald | Apr. 29 | Brownfield Financing | Local Finance Program | Rural Development

West Virginia University Brownfields Team Earns $1M from EPA to Revamp Blighted Sites
EurekAlert! | Apr. 29 | Brownfield Financing | Education | Redevelopment | Rural Development | U.S. Environmental Protection Agency (EPA) | Case Studies | EPA Clean-Up Grants

Ohio Family Farm ReGeneration Act Proposes New Tax Credit
Cleveland Scene | Apr. 27 | Agriculture Finance | Legislative | Rural Development | State Finance Program | Tax Credits

Family-Owned Pasta Sauce Producer Expands Operations in Blair County, PA
EIN Presswire | Apr. 26 | Economic Development | Food Systems Finance | Rural Development | Tax Credits

$2.17M Announced for New Agriculture Investments in Pennsylvania
Northcentral PA | Apr. 24 | Agriculture Finance | Food Systems Finance | Revolving Loan Funds (RLFs) | Rural Development

North Dakota Counties Hope to See Infrastructure Needs Met with $680M Bonding Package
Cavalier County Republican | Apr. 23 | Access to Capital | Agriculture Finance | Bond Finance | Infrastructure Finance | Legislative | Revolving Loan Funds (RLFs) | Rural Development | State Finance Program

Biden Administration Outlines Key Resources to Invest in Coal and Power Plant Community Economic Revitalization
The White House | Apr. 23 | Brownfield Financing | Community Development | Economic Development | Energy Finance | Federal | Infrastructure Finance | Revolving Loan Funds (RLFs) | Resiliency | Rural Development | Tax Credits | U.S. Dept. of Energy (DOE)

Five New Colorado Comeback Bills Introduced
EIN Presswire | Apr. 22 | Agriculture Finance | Disaster Recovery & Relief | Infrastructure Finance | Revolving Loan Funds (RLFs) | Rural Development | State Finance Program | COVID-19

Developments Bringing Promising Signs to North Iowa
KIMT3 | Apr. 20 | Rural Development | Tax Increment Finance (TIF)

CDFA Resources

OZ Prospectus - City of Needles, California
Community Development | Opportunity Zones | Rural Development
This is an Opportunity Zone Prospectus for the City of Needles, California. It was produced through collaboration between the City, San Bernardino County, and Local Equity LLC.

Resilience in New Mexico Agriculture Strategic Plan
Access to Capital | Agriculture Finance | Bond Finance | Food Systems Finance | Resiliency | Rural Development | Tax Credits | Water Finance
The Resilience in New Mexico Agriculture Strategic Plan provides broad recommendations are coupled with specific, actionable strategies. The implementation of this plan is critical to achieving greater agricultural and natural resource resiliency, as well as a secure future for the generations of farmers and ranchers to come.

American Rescue Plan Act - Local Relief Frequently Asked Questions
Community Development | Disaster Recovery & Relief | Economic Development | Local Finance Program | Resiliency | Rural Development | Urban Development | Access to Capital
After the American Rescue Plan Act was signed into law by President Biden on March 11, 2021, it guaranteed direct relief to all 19,000 cities, towns, and villages in the United States. NLC has identified frequently asked questions about the Coronavirus Local Fiscal Recovery Fund grants, and has provided answers based on available information to help cities prepare while Treasury develops official guidance.


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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