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Legislative and Federal Affairs Update - March 6, 2018

Legislative and Federal Affairs Update
March 6, 2018
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Legislative and Federal Affairs Update


Deadline to Designate Opportunity Zones is March 21
States have until March 21st to designate 25 percent of their qualified census tracts as Opportunity Zones. CDFA has been working with states and advising them on best practices for Zone designation, and recently convened a meeting with state leaders to discuss the Opportunity Zone initiative as a whole. For regular updates on the Opportunity Zone initiative, visit the CDFA Opportunity Zone Resource page.

Legislative Features

3 Ways State and Local Governments Can Influence Infrastructure Bill
In this article, Charles Kolling details the ways state and local governments can influence Congressional action on infrastructure spending.

Governors, Mayors Urge Action on Public Buildings Renewal Act
Ten governors and 14 mayors have sent separate letters to Congress supporting legislation that would authorize $5 billion of private activity bonds for government-owned buildings. CDFA is a part of the advocacy efforts surrounding the Public Buildings Renewal Act.

Hultgren and Ruppersberger Intro Legislation to Restore Advance Refundings
Reps. Randy Hultgren and Dutch Ruppersberger introduced legislation to restore the tax exemption for advance refunding bonds. This financing tool allows states and local governments to take advantage of favorable interest rates to build essential infrastructure projects.

President's Budget Counters Infrastructure Plans
President Trump's fiscal 2019 budget proposals to reduce funds for water infrastructure programs seem to run counter to his infrastructure plan and have left water, environmental, and state and local government groups disappointed.

Upcoming Events

CDFA Federal Financing Webinar Series: U.S. Department of Transportation (DOT)
April 12, 2018 - 2:00 PM Eastern
In this webinar, CDFA will convene transportation and infrastructure experts to discuss the financing tools available through the DOT. The main focus of the webinar will be on the Transportation Infrastructure Finance and Innovation Act (TIFIA), Transportation Investment Generating Economic Recovery (TIGER) Grants, and the Bicycle and Pedestrian Program.

CDFA Urban Finance Forum
June 6-7, 2018 - Cleveland, OH
Join CDFA in Cleveland, OH this June for the Urban Finance Forum. Limited to urban communities, the CDFA Urban Finance Forum will feature a panel of development finance experts from various federal agencies, as well as representatives from America's largest urban areas to discuss the future of urban development finance.

Federal Features

Governor LePage to Decide Which Towns Could Get Business Incentives
Maine Gov. Paul LePage has less than three weeks to make his Opportunity Zone designations. Maine can designate up to 25 percent of its low-income Census tracts – areas between 2,500 and 8,000 residents – as opportunity zones, which works out to 31 tracts statewide.

NM EDD is Soliciting Applications for Opportunity Zones
The New Mexico Economic Development Department (NMEDD) announced that the Department is soliciting applications for Opportunity Zone designations from each County through March 21. There are 249 eligible qualified census tracts in New Mexico, of which 63 may be designated Opportunity Zones.

RI Considers Opportunity Zone Designations
The Qualified Opportunity Zone program allows Gov. Gina Raimondo's administration to name census tracts within the state where investments would receive a federal tax break.  87 of Rhode Island's 244 census tracts qualify as low income.

9 San Francisco Spots Could Benefit from Opportunity Zones
Gov. Jerry Brown released a list and map of 798 census tracts across California that he says should be considered as Opportunity Zones. Nine locations encompassing 11 tracts are in San Francisco.

IRS Releases Adjusted 2018 Caps for LIHTCs, PABs
The Internal Revenue Service (IRS) today issued Revenue Procedure 2018-18, which includes updated low-income housing tax credit (LIHTC) and private activity bond (PAB) state cap numbers based on a chained consumer-price index introduced by tax legislation that passed in December. 

President Proposes Boost to Maritime Infrastructure Investment
Unlike prior federal infrastructure development strategies, which rarely discussed the need for maritime infrastructure investment, the proposal places maritime infrastructure on equal footing with other surface transportation modes in terms of potential funding opportunities.

HUD Updates Fair Market Rents for Eight Areas
The U.S. Department of Housing and Urban Development (HUD) will publish in Tuesday's Federal Register a notice revising fiscal year (FY) 2018 fair market rents for eight areas based on new survey data.

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 Export-Import Bank of the United States (EXIM Bank)

Working Capital Loan Guarantee Program
The U.S. Export-Import Bank's (EXIM Bank) Working Capital Loan Guarantee can empower exporters to unlock cash flow and take on new business abroad. With EX-IM support, exporters can borrow more with...

Agency Seal Internal Revenue Service (IRS)

Business Energy Investment Tax Credit (ITC)
The federal Business Energy Investment Tax Credit (ITC) allows eligable users to claim up to 30% of expenditures for energy projects.

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

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