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CDFA Rural Development Finance Update - June 18, 2024

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Rural Development Finance Update
June 18, 2024
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Rural Development Finance Update

Features

Join CDFA for Our Upcoming Intro Tax Increment Finance WebCourse
Register for CDFA's Intro Tax Increment Finance (TIF) WebCourse taking place on June 26-27. Join us to learn the guiding principles and appropriate application of TIF. Our panel of expert instructors will discuss TIF deal-making and best practices highlighted by projects from around the country.

USDA Offers $12M in Grants to Repair Affordable Housing in West Virginia
The U.S. Department of Agriculture (USDA) is offering approximately $12 million in grants to repair affordable housing in rural West Virginia communities. The USDA is seeking applications from eligible organizations to repair or rehabilitate homes, rental properties, or cooperatives for rural residents with low or very low incomes.

It's Time to Register for the 2024 CDFA Summer School!
CDFA Summer School is a 2-week long virtual series of courses designed to help you accelerate your development finance education, with a curation of seven different training courses to choose from. Don't miss the opportunity to learn from our expert practitioners and experience CDFA's most interactive educational event of the year! Register today!

USDA Unveils $145M REAP Initiative to Boost Renewable Energy in Rural America
The U.S. Department of Agriculture (USDA) is making $145 million in funding available for 700 loan and grant awards through the Rural Energy for America Program (REAP). The initiative aims to help rural small business owners and farmers lower energy costs, generate new income, and strengthen the resilience of their operations.

South Carolina Communities Awarded Over $25M in Grants to Improve Infrastructure
The South Carolina Rural Infrastructure Authority (RIA) announced they approved grants totaling over $25 million to infrastructure projects across the state. The grants will fund 36 projects in 22 different counties with a primary focus on pressing upgrades and planning studies of water systems, wastewater systems, and stormwater drainage facilities.

USDA Invests in Montana Clean Energy Projects for Businesses, Agriculture Producers
The U.S. Department of Agriculture (USDA) announced investments in six Montana clean energy projects to support rural Montana businesses and agricultural producers. The projects were funded by the Inflation Reduction Act and are part of the Rural Energy America Program (REAP).

Appalachian Regional Commission Awards $32.2M to West Virginia for Broadband
The Appalachian Regional Commission (ARC) awarded $32.2 million for the West Virginia Department of Economic Development. This funding is made possible through the Bipartisan Infrastructure Law's Broadband Equity, Access, and Deployment (BEAD) program within the National Telecommunications and Information Administration (NTIA) and will expand access to affordable, reliable broadband across West Virginia.

U.S. EPA Announces $30.7M for Water Systems in Small and Rural Communities
The U.S. Environmental Protection Agency (EPA) announced its selection of training and technical assistance providers who will have $30.7 million to support water systems and private well owners in small and rural communities. This grant funding will support water systems with building technical, financial, and managerial capacity and will also assist private well owners with improving water quality, including actions such as testing for PFAS contamination.

Upcoming Events
CDFA Summer School

CDFA Food Systems Finance Webinar Series: Empowering Agriculture with PACE Financing
June 25, 2024 - 2:00 PM - 3:30 PM Eastern
In this installment of the CDFA Food Systems Finance Webinar Series, experts will highlight the innovative ways in which PACE programs are evolving to support the agriculture industry across the country.

SSBCI Learning Series - Enhancing SSBCI Impacts in Indian Country
July 2, 2024 - 2:00 PM - 4:00 PM Eastern
The second iteration of SSBCI provided over $500 million to Tribal governments to catalyze investment in small businesses. In this session, speakers will provide guidance on how to maximize SSBCI investment in Indian country at the local and state levels.

USDA Rural Development News

USDA Awards Colville Tribes $16.5M Grant for Food Processing
The United States Department of Agriculture's (USDA) Rural Development program has awarded the Colville Tribes a $16.5 million grant to build a new food processing facility that will combine traditional and modern techniques. Colville is the largest recipient of this grant. This new facility will include several buildings with a total area of approximately 28,000 square feet.

U.S. House Agriculture Committee Completes Markup of 2024 Farm Bill
The U.S. House of Representatives Committee on Agriculture completed its markup of the Farm, Food and National Security Act of 2024 (Farm Bill) and passed the proposed legislation 33-21. When or whether the Farm Bill is brought to the House floor for a vote is uncertain due to substantive and logistical factors. U.S. Senate Committee on Agriculture, Nutrition, and Forestry leadership has also indicated it will unveil its draft text, which will provide a clearer indication of the challenges ahead for final passage of a Farm Bill.

High-Speed Internet Coming to New Parts of Rural Georgia Thanks to PAC Fiber
Pembroke Telephone Company to announce that high-speed internet will soon be coming to new parts of Candler, Evans, and Tattnall counties in Georgia. This is made possible with a U.S. Department of Agriculture (USDA) ReConnect grant of more than $9 million that will be used along with a $3.2 million investment by Pembroke Telephone Company and will benefit 3,332 people, 55 businesses, 120 farms, and four educational facilities.

USDA Announces $257M in Investments for South Carolina Electric Infrastructure
The U.S. Department of Agriculture (USDA) announced that South Carolina is receiving $257 million in electric infrastructure for rural communities. The announcement was made in honor of President Biden's Infrastructure Week and will provide investments for three electric cooperatives across the Palmetto State: the Aiken Electric Cooperative (AEC), the Blue Ridge Electric Cooperative (BREC), and the Haywood Electric Membership Corporation (Haywood EMC).


Rural Development Finance News

Arkansas EDC Announces Rural Services Grants
TB&P | Jun. 13 | Community Development | Economic Development | Rural Development

Kentucky Farmers Eligible for Grants to Fund Clean Energy Projects
Louisville Public Media | Jun. 10 | Agriculture Finance | Community Development | Energy Finance | Rural Development

Vermont Announces Water Infrastructure Funding
WCAX 3 | Jun. 5 | Community Development | Rural Development | Water Finance

Orange County, FL Moves Forward With Proposed Rural Land Protections Amendment
Spectrum News 13 | Jun. 4 | Community Development | Economic Development | Rural Development

Churchill Stateside Group Closes $1.8M USDA Rural Development Loan in Brevard, NC
Business Wire | Jun. 3 | Community Development | Housing Finance | Rural Development | Tax Credits

Rural New Mexico Gets Disaster Relief for Economic, Workforce Development
Albuquerque Journal | May. 29 | Access to Capital | Disaster Recovery & Relief | Federal | Rural Development | U.S. Dept. of Commerce (DOC)

USDA Invests in Illinois Water Projects to Boost Rural Community Resources
News Channel 20 | May. 28 | Community Development | Rural Development | Water Finance

USDA Rural Development Highlights Pennsylvania Energy Efficiency Improvement Projects
U.S. Department of Agriculture | May. 28 | Community Development | Energy Finance | Rural Development

New Affordable Housing Development in Madison, ME to Support New Workforce, Seniors
News Center Maine | May. 28 | Community Development | Economic Development | Housing Finance | Rural Development

Solar Development has Minimal Impact on Ag Land Use
Sandhills Express | May. 27 | Agriculture Finance | Energy Finance | Green Finance | Rural Development

Texas Rural Woman's Grant Available for Rural Woman-Owned Businesses
KFDA | May. 23 | Community Development | Economic Development | Rural Development

$17M in Grant Funding Awarded to Rural Hospitals in Texas
KXAN | May. 22 | Community Development | Healthcare | Rural Development

Arkansas Approves $79M for Upgrades to Aging Water Systems Statewide
KATV | May. 17 | Community Development | Rural Development | Water Finance

LT. Gov. Davis Highlights New Funding for Site Development in Rural Pennsylvania
FOX 56 | May. 15 | Community Development | Economic Development | Rural Development

Carbondale, IL Awarded $500K Energy Grant
WSILTV | May. 14 | Community Development | Energy Finance | Rural Development

CDFA Resources

White House's Climate Capital Guidebook
Access to Capital | Agriculture Finance | Community Development | Economic Development | Energy Finance | Foreign Investment | Green Finance | Innovation Finance | Legislative | Rural Development | Tax Credits | Tribal Finance | Urban Development
The Climate Capital Guidebook aggregates current federal funding opportunities—including grants, loans, loan guarantees, and cooperative agreements—for small- and medium-sized companies, both start-ups and established businesses, focusing on clean energy technologies and other climate solutions. The Guidebook also notes which programs are part of the Biden-Harris Administration's Justice40 Initiative.


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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CDFA National Sponsors

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  • BNY Mellon
  • Bricker Graydon LLP
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  • The Bond Buyer
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  • Wells Fargo Securities
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