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Legislative and Federal Affairs Update - August 7, 2018

Legislative and Federal Affairs Update
August 7, 2018
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Legislative and Federal Affairs Update


CDFA Announces Opportunity Zones Conference
CDFA is excited to announce a new partnership with the Beeck Center for Social Impact and Innovation to bring together a special convening of local communities for a conference focused on Opportunity Zones. Please join us for Opportunity Zones: Maximizing Impact in Your Community on September 5-6, 2018 in Washington, DC!

CDFA to Host Webinar on EPA Financing
On August 16 CDFA will host the fourth installment of its Federal Financing Webinar Series, with a focus on the EPA. In the webinar EPA financing experts will give a thorough overview of the financing options the EPA provides to support brownfields redevelopment and the development of water infrastructure. Register today!

Legislative Features

Sen. Whitehouse Introduces New Infrastructure Finance Legislation
Sens. Sheldon Whitehouse (D-RI), Lamar Alexander (R-TN), Mike Rounds (R-SD), and Cory Booker (D-NJ) have introduced S. 3341, the IMAGINE Act, which, in addition to encouraging the use of innovative materials to extend the life of essential infrastructure, would provide $65 million to both the FHWA and EPA for infrastructure grants.

Why Pending Bill in Michigan Senate is Controversial
Municipal bond market players in Michigan are at odds over a bill pending in the state Senate that would require localities to sell issuances over $500,000 on a competitive or public basis to the underwriter offering the lowest interest cost. The municipalities also would have to publish a notice of sale at least seven days before the sale.

H.R. 6627 Would Expand NMTC in Rural Communities
Reps. Jason Smith (R-MO) and Terri Sewell (D-AL) introduced the Rural Jobs Zones Act, bipartisan legislation that would expand NMTC allocation authority for projects targeted at certain rural communities. The bill would provide $500 million in additional NMTC authority for both 2018 and 2019, targeted at Rural Job Zones

Unpacking the House Infrastructure Proposal
On July 23, Representative Bill Shuster (R-Pa.) released a discussion bill on a transportation and water resources infrastructure investment package. This article contains key insights as to where the chairman's infrastructure proposal is leaning, and how that may impact cities

Restoring Tax Credits for Affordable Housing Act Introduced in House
The legislation would increase the per-capita LIHTC allocation from $2.70 to $2.90 and the small-state minimum LIHTC allocation from $3.1 million to $3.365 million. The legislation would also change the discount rate formula and add a one-time increase of 16 percent to the applicable percentage for the LIHTC.

Rep. Shuster's Infrastructure Plan a Non-Starter in Congress
Rep. Bill Shuster's infrastructure discussion draft has drawn applause from some transportation groups but is not expected to gain support from Republican leaders and lawmakers in Congress. Shuster (R-PA) had hoped to see an infrastructure bill passed this year before he retires from Congress in January.

U.S. House Passes JOBS and Investor Confidence Act
The House passed an amendment to S. 488 which combines provisions of 32 individual bills principally designed to spur entrepreneurship by reinvigorating business startups and IPOs. Senate Majority Leader Mitch McConnell has reportedly committed to bring the bill up for a vote.

S. 3190 Would Shift Transportation Funding Role to States
Three Republican senators have introduced a bill that would sharply reduce federal spending on transportation and slash fuels taxes over five years, shifting much of the authority to states and away from the ailing Highway Trust Fund. The bill would eliminate the HTF's mass transit account.

UT Congressman Introduces Bill to Help Small Businesses
Congressman John Curtis (R-UT) has introduced the bipartisan Small Business Access to Capital and Efficiency Act, which aims to reduce regulations that are burdening the Small Business Administration's 504 loan program.

Upcoming Events

CDFA Federal Financing Webinar Series: U.S. Environmental Protection Agency (EPA)
August 16, 2018 - 2:00 PM Eastern
Experts on EPA financing programs will give a thorough overview of the financing options the EPA provides to support brownfields redevelopment and the development of water infrastructure. CDFA will place a specific emphasis on the various EPA Brownfields Grant Programs, including Brownfields Assessment Grants, Brownfields Revolving Loan Fund Grants, and Brownfields Cleanup Grants, as well as the financing offered through the Water Infrastructure Finance And Innovation Act (WIFIA).

Federal Features

USDA Making $4B Available for Rural Water Infrastructure
The U.S. Department of Agriculture has announced that $4 billion of grants and low-cost loans are available for the improvement or development of rural water infrastructure. Rural communities and water districts can apply online for the funding assistance to maintain, modernize or build water and wastewater programs.

USDA Announces RESP Loan Availability
The Rural Utilities Service, an agency of the USDA, is announcing funding availability and is soliciting letters of intent for loan applications under the Rural Energy Savings Program. Prospective loan applicants have until September 30 to submit their application.

EPA Provides $135M for Orange County, CA Project
The U.S. Environmental Protection Agency has announced a $135 million Water Infrastructure Finance and Innovation Act (WIFIA) loan to the Orange County Water District to help finance its Groundwater Replenishment System final expansion. The Orange County Water District estimates the project will cost $282 million.

USDA Invests $17.4M in 41 Projects in 22 States
USDA is making the investments through the Community Facilities Direct Loan Program. The funding helps rural areas purchase, construct or improve essential facilities. The projects will improve the quality of life for more than 220,000 rural residents.

504 Loan Program Rural Initiative to Increase Lending to Rural Communities
In an effort to increase economic development and job creation in rural areas, the SBA has announced the creation of the 504 Loan Program Rural Initiative. This pilot program allows Colorado Lending Source to provide SBA 504 financing to businesses in rural counties in Wyoming, Montana, North Dakota, South Dakota and Utah.

Fundrise Plans to Launch Opportunity Fund
Fundrise LLC plans to open investment in the Fundrise Opportunity Fund soon, aiming to raise $500 million by the end of 2019. Clients can invest as little as $10,000, and the money will be used for projects throughout the U.S. that fall in qualified Opportunity Zones.

CDFI Fund Opens 2018 Round for Capital Magnet Fund
The CDFI Fund will award approximately $142.9 million to CDFIs and qualified nonprofit housing organizations this year to finance affordable housing activities, related economic development activities and community service facilities, with the goal of attracting private capital to economically distressed communities.

SBA Disaster Loans Available to Businesses Affected by April Storms
Low-interest federal disaster loans from the SBA are available to Louisiana businesses and residents affected by the severe storms, tornadoes and straight-line winds that occurred April 13-14. SBA acted under its own authority to declare a disaster following the denial of the state's request for a major disaster declaration for individual assistance.

DOE Issues $2B Tribal Energy Loan Guarantee Program Solicitation
The U.S. Department of Energy (DOE) has issued the first loan guarantee solicitation for the Tribal Energy Loan Guarantee Program (TELGP). This solicitation provides as much as $2 billion in partial loan guarantees to support economic opportunities for Native American and Alaska Native communities.

USDA Partners to Improve Rural Water Infrastructure in 103 Communities
USDA is making investments in 35 states through the Water and Waste Disposal Loan and Grant program. The funds can be used to finance drinking water, storm water drainage and waste disposal systems for rural communities with 10,000 or fewer residents. In total, $267 million will be invested this round.

How WIFIA is Surviving the EPA Firestorm
Though the loan program was created in 2014 under the Obama Administration, it fits the current administration's model of setting up infrastructure programs that encourage private investment, Kane said. "It transcends the partisanship – or left vs. right perspectives on how each would pay for infrastructure," Kane said.

EDA Publishes EDAP Funding Opportunity
The EDA has published the 2018 Economic Development Assistance Programs (EDAP) Notice of Funding Opportunity. Under this NOFO, EDA solicits applications for construction, non-construction, planning, technical assistance, and revolving loan fund projects under the Public Works program and EAA programs.

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. Economic Development Administration (EDA)

Investing in Manufacturing Communities Partnership (IMCP) Program
The Investing in Manufacturing Communities Partnership (IMCP) program is an initiative designed to revolutionize the way federal agencies leverage economic development funds. It encourages...

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

Brownfields Area-Wide Planning Program
The U.S. Environmental Protection Agency's (EPA) Brownfields Area-Wide Planning Program in an EPA grant program which provides funding to recipients to conduct research, technical assistance and...

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

U.S. Export Assistance Centers
SBA's U.S. Export Assistance Centers provide help to businesses exploring the possibilities and challenges of competing in the global marketplace. These centers are located in major metropolitan...

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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