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CDFA Legislative and Federal Affairs Update - March 1, 2022

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Legislative and Federal Affairs Update
March 1, 2022
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Legislative and Federal Affairs Update

Legislative Features

Using SLFRF with the Housing Credit Sign-On Letter to Congress
The undersigned organizations, including representatives of state and local governments and the affordable housing industry, strongly urge you to adjust the underlying statute of the SLFRF program to facilitate its use with the Low Income Housing Tax Credit program so that states and local governments may use these funds to build and preserve desperately needed affordable rental housing.

Ernst Sponsors Bill Increasing Federal Loans for Specific U.S.-Based Small Businesses
The American Small Business Competition Act of 2022, S. 3682, introduced by U.S. Sen. Joni Ernst (R-IA), would increase access to capital under the Small Business Administration's (SBA) 7(a) business loan program and its 504 loan program for American small businesses principally engaged in agriculture, manufacturing, or production of critical and emerging technologies.

Advancing Equity: Review of the Efforts to Implement a Racial Equity Agenda
In 2021 Congress reauthorized the SSBCI for the first time since it expired in 2017, injecting $10 billion for CDFIs to distribute funds to small businesses. The increase in funding toward CDFIs primarily benefits low-income and marginalized communities. Data show that 84 percent of CDFI customers are low-income, 60 percent are people of color, 50 percent are women, and 28 percent live in a rural area.

Legislation Advances to Strengthen Farms, Bolster Minority Inclusion Through NJ Farmer Registry
The Senate Economic Growth Committee advanced legislation that would direct the Department of Agriculture to establish a New Jersey Minority, Women, and Underserved Farmer Registry. This registry would coordinate outreach to minority, women, disabled, LGBTQIA+, and socially disadvantaged farmers in the State who have been historically underserved by farm loan assistance programs.

Can Paying Farmers to Stop Farming Save the Planet?
The U.S. Department of Agriculture's $2.3-billion Conservation Reserve Program (CRP) is a key tactic in its effort to cut agriculture's carbon footprint, which is responsible for around 10 percent of greenhouse gas emissions in the U.S. Enrollment for the CRP program just opened, meaning farmers can sign their acres up for the cause.

Hydrogen Tax Credits Could Help Developers Secure Project Financing
Hydrogen tax credits proposed within the Biden administration's Build Back Better Act would not only help bring down the cost of clean hydrogen, the credits themselves could catalyze hydrogen projects by helping developers lock-in long-term financing, energy financing experts say. The credits have been widely lauded as something that could unleash the hydrogen industry in the US, especially the prospect of the production tax credit.

Senators Aim to Refine Rules for $2B ReConnect Program to Better Target Rural Areas
Four U.S. Senators sought to amend the recently passed infrastructure bill to ensure funding from the USDA's ReConnect program aids only the most rural areas of the country. The proposal would also compel federal agencies to more closely cooperate to see to it that support doesn't fund overbuilds in areas that already have broadband access.

New Bipartisan Bill Would Increase Capital at Rural Community Banks
Bipartisan legislation introduced by U.S. Sen. Tim Scott (R-SC) would help community banks meet the credit needs of the local families, workers, and small businesses they serve by clarifying existing Federal Deposit Insurance Corporation (FDIC) policy to state that under safe circumstances, well-capitalized community banks, minority deposit institutions, and community development financial institutions may accept custodial deposits without facing additional regulatory requirements or scrutiny.

Private Activity Bonds for Qualified Broadband Projects
Much attention is rightly being paid to the many billions of dollars that the National Telecommunications and Information Administration will distribute to states in the coming months to ensure broadband networks reach everyone in America. However, there's been less attention given to a provision in the new law creating a new vehicle for broadband deployment: private activity bonds.

Upcoming Events
Intro Revolving Loan Fund WebCourse

CDFA Federal Financing Webinar Series: Capacity Building Programs from EDA and NIST
Tuesday, March 1, 2022 - 2:00 PM - 3:30 PM Eastern
This session of the Federal Financing Webinar Series will highlight the resources available at the Department of Commerce to support projects in communities of all sizes. Learning about these programs can help fund projects in your community such as investing in physical infrastructure, developing new small business access to capital tools, building scalable startups, and creating and retaining manufacturing jobs.

CDFA // BNY Mellon Development Finance Webcast Series: Capitalization Strategies & Funding from the American Rescue Plan
Tuesday, March 15, 2022 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will discuss capitalization strategies that communities can use to leverage federal funding to drive long-term private investment.

Federal Features

USDA Commits $215M to Enhance the American Food Supply Chain
U.S. Department of Agriculture (USDA) Secretary Tom Vilsack announced that USDA is making available up to $215 million in grants and other support to expand meat and poultry processing options, strengthen the food supply chain, and create jobs and economic opportunities in rural areas.

What is the State Small Business Credit Initiative and How Can You Apply?
Small businesses in need of capital will get a leg up from the expanded State Small Business Credit Initiative (SSBCI), a Treasury Department program that received $10 billion in funding from last year's American Rescue Act. The aim is to expand access to capital for small businesses emerging from the COVID-19 pandemic, enhance opportunity and entrepreneurship, and create high-quality jobs, according to the Treasury Department.

Influx of Federal Money Helps Fund New MBTA Bus Facility in Quincy, MA
Massachusetts is set to see $9.5 billion during the next five years as part of last year's federal infrastructure package. Baker said that more than $5 billion would go toward roads and bridges, $2 billion is for public transportation, and millions are dedicated to regional transit systems and climate resiliency.

USDA Unveils Resource Guide to Help Rural Entrepreneurs Start and Grow Businesses
USDA Rural Development unveiled a resource guide to help people in rural America start and grow businesses, create good-paying jobs in their communities and strengthen America's economy. The guide features information on how rural entrepreneurs can use USDA and other Federal programs to access financing and other assistance to help start and expand their businesses.

USDA Announces $50M in Grants Awarded to States to Support the Seafood Industry
The U.S. Department of Agriculture (USDA) announced an investment of approximately $50 million in grants to support seafood processors, processing facilities and processing vessels through the Seafood Processors Pandemic Response and Safety Block Grant Program (SPRS).

Progress on Policies to Mobilize Private Capital for Public Good
The U.S. Impact Investing Alliance's November 2020 report, "Private Capital, Public Good," contains 12 specific recommendations for how policymakers can transform the way we invest in local communities and accelerate the transition to stakeholder capitalism. Over the past year, Congress and the Biden-Harris Administration have already made substantial progress toward these recommendations.

USDA to Invest $1B in Climate Smart Commodities, Expanding Markets, Strengthening Rural America
The USDA is investing $1 billion in partnerships to support America's climate-smart farmers, ranchers, and forest landowners. The Partnerships for Climate-Smart Commodities opportunity will finance projects that create market opportunities for U.S. agricultural and forestry products that use climate-smart practices and include ways to measure and verify greenhouse gas benefits.

EPA Announces City of Springfield, MO, Selected for Brownfields Job Training Grant
The U.S. Environmental Protection Agency (EPA) announced that the city of Springfield, Missouri, has been selected to receive a grant for a Brownfields job training program, one of 19 organizations across the country to be chosen. The graduates of the Springfield job training program will be prepared for high-paying, hazardous waste cleanup jobs, like lead-based paint in houses, asbestos and others.

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 Defense (DOD)

Community Economic Adjustment Assistance for Advance Planning and Economic Diversification Program
The Department of Defense's (DOD) Community Economic Adjustment Assistance for Advance Planning and Economic Diversification assists State and local governments to lessen an area's dependence on...

Agency Seal U.S. Dept. of Education (DoED)

Education Stabilization Fund Discretionary Grants
Congress set aside 1% of the $30.75 billion allotted to the Education Stabilization Fund through the CARES Act for grants to States with the highest coronavirus burden. The Department will make these...

Agency Seal U.S. Dept. of Energy (DOE)

Utility Energy Services Contracts
In a UESC, a utility arranges financing to cover the capital costs of the project, which are repaid over the contract term from cost savings generated by the energy efficiency measures.

Agency Seal U.S. Dept. of Health & Human Services (HHS)

Community Services Block Grant (CSBG) Program
The Community Services Block Grant (CSBG) provides funds to alleviate the causes and conditions of poverty in communities.

Legislative and Federal Headlines

Florida Governor Awards $11M to Support Infrastructure in Rural Communities
Gov. DeSantis | Feb. 28 | Community Development | Federal | Infrastructure Finance | Rural Development

Tax Relief and Work Opportunities — Two Birds, One Stone in Maryland
Maryland Matters | Feb. 28 | Economic Development | Federal | Legislative | Tax Credits | COVID-19

CDFI Fund Releases Application Demand for CY 2021 Round of the NMTC Program
CDFI Fund | Feb. 28 | Federal | Tax Credits | U.S. Dept. of Treasury CDFI Fund

Senate Approves Plan For $150M in Tax Credits to Film Movies in Arizona
Green Valley News | Feb. 27 | Economic Development | Infrastructure Finance | Legislative | Tax Credits

Road Projects, Farms the Focus of Bills Putforward by Minnesota Legislators
Independent | Feb. 25 | Access to Capital | Agriculture Finance | Legislative | Revolving Loan Funds (RLFs) | State Finance Program | Tax Credits

Vermont Legislature Considers Strengthening Farm and Food Systems
VTDigger | Feb. 24 | Access to Capital | Agriculture Finance | Food Systems Finance | Legislative | State Finance Program

Atlanta, GA Community Food Bank Receives $13M Investment
The Atlanta Journal-Constitution | Feb. 22 | Access to Capital | Community Development | Federal | Food Systems Finance | Tax Credits | U.S. Dept. of Treasury

Black Farmers Fear Foreclosure as Debt Relief Remains Frozen
The New York Times | Feb. 21 | Access to Capital | Federal | Food Systems Finance | Revolving Loan Funds (RLFs) | Social Finance | U.S. Dept. of Agriculture (USDA)

Nineteen Companies Received $36.2M in Refundable Tax Credits from Iowa
The Iowa Torch | Feb. 18 | Federal | Legislative | Tax Credits

Ohio Senate Bill 225 Doubling Historic and Opportunity Zone Incentives Heads to House
JD Supra | Feb. 18 | Economic Development | Federal | Historic Preservation | Opportunity Zones | Tax Credits

Boston, MA Nonprofit Makes Transformative Purchase of Food Production Center
CommonWealth Kitchen | Feb. 18 | Access to Capital | Community Development | Economic Development | Federal | Food Systems Finance | Local Finance Program | Social Finance | U.S. Dept. of Housing & Urban Development (HUD) | Urban Development

Drought Loans Available to Idaho Residents
MagicValley.com | Feb. 18 | Access to Capital | Agriculture Finance | Disaster Recovery & Relief | Federal | Revolving Loan Funds (RLFs) | U.S. Small Business Administration (SBA)

LaSata Legislation Would Help New Farmers, Grow Michigan Agriculture
Sturgis Journal | Feb. 17 | Access to Capital | Agriculture Finance | Legislative | State Finance Program | Tax Credits

USDA and EPA Welcome New U.S. Food Loss and Waste 2030 Champions
EPA | Feb. 17 | Access to Capital | Federal | Food Systems Finance | Green Finance | U.S. Dept. of Agriculture (USDA) | U.S. Environmental Protection Agency (EPA)

Pennsylvania Invests in Charitable Food System for Improved Food Security and Economy
PennWATCH | Feb. 17 | Access to Capital | Agriculture Finance | Food Systems Finance | Legislative | Social Finance | State Finance Program | Urban Development

New Statewide Network Aims to Strengthen South Carolina's Food Economy
WLTX | Feb. 16 | Access to Capital | Federal | Food Systems Finance | State Finance Program | U.S. Dept. of Agriculture (USDA)

Ohio Invests $10M Into Food Chain Supply Issues
Scioto Valley Guardian | Feb. 16 | Access to Capital | Food Systems Finance | Legislative | State Finance Program

New Rules for 2021 Taxes May Mean Bigger Refund for Young Workers, Retirees with Side Jobs
Detroit Free Press | Feb. 16 | Federal | Tax Credits | COVID-19

Great Lakes Restoration Receives $1B for Cleanup
Governing | Feb. 16 | Brownfield Financing | Federal | Redevelopment | U.S. Environmental Protection Agency (EPA) | Water Finance

An Illinois Bill Aims to Counteract a Decades-Long Trend: The Decline of the Black Farmer
Investigate Midwest | Feb. 15 | Access to Capital | Agriculture Finance | Legislative | Social Finance | State Finance Program | U.S. Dept. of Agriculture (USDA)

Will a Kansas Mystery Megaproject Doom Efforts to Eliminate the Food Sales Tax?
Topeka Capital-Journal | Feb. 13 | Access to Capital | Incentives | Legislative

Minnesota Rural Finance Authority Expedites Disaster Funds
Red River Farm Network | Feb. 10 | Access to Capital | Agriculture Finance | Disaster Recovery & Relief | Legislative | Revolving Loan Funds (RLFs) | Rural Development | State Finance Program

Grant to the Alaska Forum, Inc. Will Help Alaskans Build Environmental Careers
U.S. EPA | Feb. 10 | Brownfield Financing | Economic Development | Federal | Redevelopment

Nebraska Bill Looks to Add Vacant Lots, Raise Valuations Target to ‘MicroTIF' Law
The North Platte Telegraph | Feb. 9 | Legislative | Redevelopment | State Finance Program | Tax Increment Finance (TIF)

Legislature Invests in Colorado's Agricultural Industry
Durango Herald | Feb. 9 | Access to Capital | Agriculture Finance | Food Systems Finance | Legislative | Revolving Loan Funds (RLFs) | Rural Development | State Finance Program

Governor Newsom Signs Package to Promote Innovation and Entrepreneurship in California
CA.GOV | Feb. 9 | Disaster Recovery & Relief | Economic Development | Legislative | State Finance Program | Tax Credits | COVID-19

Letter: Emphasizes Importance of Tax Credit for Historic Preservation
The Dispatch | Feb. 9 | Federal | Historic Preservation | Legislative | State Finance Program | Tax Credits

Georgia Senate OKs Tax Credits for Donations to Foster Care Programs
Georgia Health News | Feb. 8 | Legislative | Tax Credits

Bill Uses Energy Tax Revenue to Fund Green Building Projects in Montgomery County, MD
DCist | Feb. 7 | Green Finance | Legislative | Social Finance

Utah Tax Cut Bill Now Includes Targeted Tax Credits for Low-Income People
Kuer 90.1 | Feb. 4 | Legislative | Tax Credits


New Additions to the Online Resource Database

Using SLFRF with the Housing Credit Sign-On Letter to Congress
Access to Capital | Disaster Recovery & Relief | Federal | Housing Finance | Legislative | Tax Credits
The undersigned organizations, including representatives of state and local governments and the affordable housing industry, strongly urge you to adjust the underlying statute of the SLFRF program to facilitate its use with the Low Income Housing Tax Credit program so that states and local governments may use these funds to build and preserve desperately needed affordable rental housing.

FY 2022: Brownfields Grant Guidelines
Brownfield Financing | Disaster Recovery & Relief | Federal | Redevelopment | Revolving Loan Funds (RLFs)
The purpose of this training webinar is to assist applicants with understanding the guidelines for Assessment Grants (Community-wide and Site-specific), Revolving Loan Fund Grants, Cleanup Grants. This document includes: a general overview, types of Available Grants, changes to the program/guidelines, application submission requirements, tips & resources, overview of threshold criteria, overview of ranking criteria, EPA Brownfield Program contacts.

NOFO for the U.S. DOT Maritime Administration's Port Infrastructure Development Program
Access to Capital | Disaster Recovery & Relief | Economic Development | Federal | Water Finance
This notice solicits applications for Port Infrastructure Development Program grants. Funds for the Fiscal Year (FY) 2022 PIDP grant program will be awarded on a competitive basis to make grants for projects for coastal seaports, inland river ports, and Great Lakes ports. This notice announces the availability of $450 million in funding for grants under this program and establishes selection criteria and application requirements.

Advancing Equity: Review of the Biden Administration's Efforts to Implement a Racial Equity Agenda
Federal | Housing Finance | Infrastructure Finance | Innovation Finance | Legislative | Social Finance | State Small Business Credit Initiative (SSBCI)
This report reviews the Biden administration's key efforts and accomplishments to advance equity in its first year and outlines future policies needed to build a better and more dynamic nation that equitably respects the rights and meets the needs of all Americans.

USDA Resources for Rural Entrepreneurs
Access to Capital | Agriculture Finance | Economic Development | Federal | Rural Development
This USDA resource guide to help people in rural America start and grow businesses, create good-paying jobs in their communities and strengthen America's economy. The guide features information on how rural entrepreneurs can use USDA and other Federal programs to access financing and other assistance to help start and expand their businesses.


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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