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Legislative and Federal Affairs Update - February 20, 2018

Legislative and Federal Affairs Update
February 20, 2018
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Legislative and Federal Affairs Update


CDFA Launches Opportunity Zone Resource Center
Created as part of the Tax Cuts and Jobs Act, Opportunity Zones are a federal economic development tool aiming to improve the outcomes of distressed communities around the country. CDFA is leading the effort on understanding this new tool, and has created an Opportunity Zone Resource Center to help state decision makers as they prepare to designate their respective Opportunity Zones.

Legislative Features

Broader PAB Uses in WH Infrastructure Plan
The White House proposal seeks to provide $200 billion in federal funds to spur $1.5 trillion in infrastructure investments with state, local and private partners over the next 10 years. CDFA's Tim Fisher is quoted in the piece.

Hultgren Welcomes Expansion of PABs in Infrastructure Proposal
Rep. Randy Hultgren (IL-14) welcomed the inclusion of an expansion of PABs in the President's infrastructure proposal. Rep. Hultgren has sponsored CDFA legislation, the Modernizing American Manufacturing Bonds Act (MAMBA) of 2017, H.R. 1115, to expand the use of the key financing tools for manufacturers.

What the Budget Deal Means for American Agriculture
This article from the National Sustainable Agriculture Coalition lays out what the new federal budget deal means for American agriculture.

Energy Tax Credits in Final Budget Deal
Tax credits for nuclear power, carbon sequestration and small natural gas and renewable energy technologies were included in a Congressional budget deal that passed in the early hours of Friday morning and was later signed by President Trump.

$1B Proposed in New Bill for Water Infrastructure Systems
A bill introduced by U.S. Rep. John Katko, New York, would provide $1 billion over five years for water infrastructure projects and streamline the application process to help states seeking funding for system upgrades. 

Upcoming Events

CDFA Federal Financing Webinar Series
February 28, April 12, June 14, August 16, and October 18, 2018 - 2:00PM Eastern
The CDFA Federal Financing Webinar Series is an exclusive, five-part online offering that will convene finance experts, federal agencies, and local practitioners to discuss the development finance programs offered by the federal government.

Federal Features

$3.5B in NMTC Awarded Nationwide
The CDFI Fund has awarded 73 Community Development Entities $3.5 billion in New Markets Tax Credits. The tax credit allocation awards, made through the calendar year 2017 round of the NMTC Program, will help stimulate investment and economic growth in low-income urban and rural neighborhoods.

CY 2017 NMTC Awardees
This report contains information on the calendar year 2017 New Markets Tax Credit allocatees. $3.5 billion in New Markets Tax Credits have been awarded nationally this year.

A Primer on the New Federal Qualified Opportunity Zone Provisions
This report of the Investing in Opportunity Act, produced by Butler Snow LLP, dives further in the nuances of Opportunity Funds as well as the functionality of the deferments of capital gains.

States Must Act Now on Opportunity Zone Tax Incentives
The IRS and the CDFI Fund have released guidance on the procedure for designating population census tracts as Qualified Opportunity Zones (QOZ). States must act quickly if they want to designate any QOZs, as they have until March 21, 2018 to submit their designations to Treasury.

Infrastructure Ideas for the RRIF Loan Program
Richard Sherman of the Seneca Group offers recommendations for how Congress can improve the Railroad Improvement Financing Program through an infrastructure bill.

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)

Research and National Technical Assistance
EDA's Research and National Technical Assistance program supports research of cutting-edge economic development practices and information dissemination efforts to national audiences. EDA's Research...

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)

Certified Development Company/504 Loan Program
The Certified Development Company (CDC)/504 loan program is a long-term financing tool, designed to encourage economic development within a community. The 504 Program accomplishes this by providing...

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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CDFA National Sponsors

  • Baker Tilly Virchow Krause
  • BNY Mellon
  • Bricker & Eckler LLP
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
  • CohnReznick
  • FBT Project Finance Advisors LLC
  • Fifth Third Bank
  • Frost Brown Todd, LLC
  • Hawkins Delafield & Wood LLP
  • Ice Miller LLP
  • KeyBanc Capital Markets
  • Kutak Rock LLP
  • McCarter & English, LLP
  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
  • Petros PACE Finance
  • SB Friedman Development Advisors
  • Stern Brothers
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Wilmington Trust
  • Z. The Bond Buyer
Become a Sponsor