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CDFA COVID-19 Recovery & Relief Update - August 24, 2021

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COVID-19 Recovery & Relief Update
August 24, 2021
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COVID-19 Recovery & Relief Update

Spotlight

Today: New EDA and USDA Funding Available for Investing in Critical Communities
On today's Federal Financing Webinar, CDFA will highlight new funding available for essential public services and facilities in rural areas. Attendees will hear from the EDA's Deputy Assistant Secretary for Regional Affairs, Craig Buerstatte, and the USDA's Joseph Ben-Israel, who is Assistant Deputy Administrator for the Community Facilities Programs. The EDA is making its $3 billion allocation from the American Rescue Plan available to communities through six new funding opportunities, and the USDA just announced a new Emergency Rural Healthcare Grant program.

Features

$500M in Emergency Rural Health Care Funding Available Through American Rescue Plan
The USDA is making up to $500 million available in grants to help rural health care facilities, tribes, and communities expand access to COVID-19 vaccines, health care services, and nutrition assistance. These funds may be used to increase vaccine distribution and telehealth capabilities; purchase medical supplies; replace revenue lost during the pandemic; build structures for health care services; and support operations expenses associated with food banks and food distribution facilities.

Six Months After Storm, $4B in Utility Debts Loom in Oklahoma
The Oklahoma Development Finance Authority approved contracting with bond counsel, special counsel, disclosure counsel, and 18 banks to underwrite the state's new, mammoth utility ratepayer debt securitization programs. ODFA could end up issuing about $4 billion in bonds in an effort to limit the interest rate payments that utility companies will pass along to Oklahomans who sustained inflated electricity and gas bills when natural gas prices spiked during February's historic winter storm.

MSRB Study Points to Impact of Federal Reserve's Pandemic Response
A significant disparity between how the effective spreads of municipal and corporate bonds declined following the most volatile month early in the pandemic may be at least partly explained by the differential treatment they received from Federal Reserve backstop programs. That was a conclusion drawn by a new Municipal Securities Rulemaking Board study.

IRS Notice Provides Population Figures for Disaster-Zone LIHTC Allocation
Internal Revenue Bulletin 2021-31 provides state and territory low-income housing tax credit (LIHTC) allocating agencies with population figures to calculate disaster LIHTCs they can allocate under the Taxpayer Certainty and Disaster Tax Relief Act of 2020. Notice 2021-45 identifies the counties and parishes eligible for the disaster LIHTCs along with their combined populations.

Federal COVID-19 Grants and Loans Still Available But Slow to Be Disbursed
Even as life slowly returns to normal, many small-business owners are struggling with keeping a venture they've had to reinvent afloat. They're hoping for relief through a recently expanded emergency COVID-19 program, the Economic Injury Disaster Loan (EIDL) program. But because of processing backlogs, efforts to prevent fraud and a general lack of awareness about the program, funds have been slow to trickle down to businesses when they say they need it most.

SBA Reaches New Milestone Awarding $7.5B in Shuttered Venue Operators Grants to Over 10,000 Venues
The U.S. Small Business Administration reached a new milestone of successfully awarding over $7.5 billion in Shuttered Venue Operators Grants (SVOGs) to more than 10,000 hard-hit live entertainment small businesses, nonprofits, and venues. The SVOG program is designed to assist in getting the nation's cultural institutions, which are critical to the economy and were among the first to shutter, back on track.

Upcoming Events
CDFA Federal Financing Webinar Series: Investing in Critical Community Facilities

SSBCI Learning Series - Module I
August 27, 2021 - 1:00 PM Eastern
The first module of the SSBCI Learning Series will provide an overview and explanation of updated guidance that will have a meaningful impact on how SSBCI funding is deployed and administered. It will also provide insights on strategies for meeting the TA needs of small businesses and share strategies for working in partnership with Tribal Governments.

CDFA Rural Development Finance Webinar Series: Best Practices for Rural Development Finance Agencies
Tuesday, August 31, 2021 - 2:00 PM - 3:00 PM Eastern
During the third installment of the CDFA Rural Development Finance Webinar Series, discover best practices of development finance agencies to help you identify the right partner for your projects.

SSBCI Coalition Meeting - September 10 (Virtual)
September 10, 2021 - 1:00 PM Eastern

State & Local Programs

Gov. Pritzker Announces $250M Back to Business Grant Program in Illinois
The Southland Journal | Aug. 12 | Access to Capital | Disaster Recovery & Relief | Economic Development | Rural Development | State Finance Program | COVID-19

New York Launches $35M Restaurant Return-to-Work Tax Credit Program
New York State Senate | Jul. 29 | Disaster Recovery & Relief | Food Systems Finance | Incentives | State Finance Program | Tax Credits | COVID-19

Federal Financing Programs

Agency Seal U.S. Dept. of Commerce (DOC)

Build Back Better Regional Challenge
The Build Back Better Regional Challenge is designed to assist communities nationwide in their efforts to build back better by accelerating the economic recovery from the coronavirus pandemic and...

Coal Communities Commitment Program
EDA's Coal Communities Commitment allocates $300 million of its $3 billion American Rescue Plan appropriation to support coal communities as they recover from the pandemic and to help them create new...

Economic Adjustment Assistance Programs
The EAA program provides a wide range of technical, planning, and public works and infrastructure assistance in regions experiencing adverse economic changes that may occur suddenly or over time. The...

COVID-19 Headlines

California Faces Heavy Burden From Unemployment Insurance Debt
The Bond Buyer | Aug. 19 | Bond Finance | Disaster Recovery & Relief | COVID-19

CARES Funding for Rural Assisted Living Gets Protections Within Infrastructure Bill
The Daily Yonder | Aug. 18 | Disaster Recovery & Relief | Federal | Healthcare | Legislative | Rural Development | Social Finance | COVID-19

The Inside Story of COVID-Crushed Small Businesses and Their Comeback Hopes
Bankrate | Aug. 17 | Access to Capital | Disaster Recovery & Relief | Federal | Revolving Loan Funds (RLFs) | Rural Development | COVID-19

I-80 Fund Expands Loan Opportunities in Rural Nevada
Elko Daily | Aug. 16 | Access to Capital | Disaster Recovery & Relief | Food Systems Finance | Revolving Loan Funds (RLFs) | Rural Development | COVID-19

More Muni Issuers Are Making Banks Compete to Win Bond Deals
Bloomberg | Aug. 13 | Bond Finance | Disaster Recovery & Relief | Economic Development | COVID-19

Uncovering Local-level Risk Factors for Municipal Exposures
S&P Global | Aug. 12 | Bond Finance | Disaster Recovery & Relief | Economic Development | COVID-19

Small Businesses Recover Through New Sources of Capital
Yahoo! Finance | Aug. 3 | Access to Capital | Disaster Recovery & Relief | Economic Development | Revolving Loan Funds (RLFs) | Rural Development | COVID-19

Wealth Matters: The Black-White Wealth Gap Before and During the Pandemic
Center for American Progress | Jul. 28 | Access to Capital | Community Development | Disaster Recovery & Relief | Economic Development | Revolving Loan Funds (RLFs) | Social Finance | COVID-19


Highlights from the Online Resource Database

Community Investment Explorer Tool 2.0
Community Development | Economic Development | Foundations | Rural Development | Social Finance | Urban Development
Developed by the Federal Reserve Bank of St. Louis, the newly enhanced Community Investment Explorer (CIE) 2.0 includes over 73 million transactions totaling over $3.2 trillion in community and economic development capital from 2012 to 2020. This interactive tool allows users to find out where capital is going, how equitably is it being distributed, and for what purpose is it serving.

Repaying California's Federal Unemployment Insurance Loan
Bond Finance | Disaster Recovery & Relief | Economic Development | Resiliency
The Governor's 2021‑22 May Revision budget proposes $36 million General Fund to pay the first, partial payment on the state's outstanding federal Unemployment Insurance (UI) loan and proposes to direct $1.1 billion in federal American Rescue Plan (ARP) Act funds to pay down a portion of the outstanding loan.


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

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