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CDFA Legislative and Federal Affairs Update - March 3, 2020

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Legislative and Federal Affairs Update
March 3, 2020
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Legislative and Federal Affairs Update

Legislative Features

Talk to Lawmakers at the CDFA Federal Policy Conference
As part of the CDFA Federal Policy Conference, we will head to Capitol Hill to conduct legislative briefings on the importance of bond legislation such as MAMBA. Join CDFA and our members and partners as we visit with Congressional leaders to reinforce the importance of federal economic development finance solutions and proactive approaches.

Sens. Thune, Sinema Introduce Bi-Partisan Bill to Improve and Maintain Tribal Infrastructure
U.S. Sens. John Thune (R-S.D.) and Kyrsten Sinema (D-Ariz.), members of the Senate Committee on Commerce, Science, and Transportation, this week introduced the Tribal Transportation Equity and Transparency Improvement Act, legislation to increase tribal transportation funding flexibility and improve the transparency and consistency of the Tribal Transportation Program's administration and data collection practices.

Bipartisan Bill Targets Aviation, Aerospace Development
Sens. Jim Inhofe (R-OK) and Tammy Duckworth (D-IL) introduced last week a measure establishing the National Center for the Advancement of Aviation, which they said focuses on aviation and aerospace workforce development.

Congressman Floats Treasury Infrastructure Bond Plan
The chairman of the House Transportation and Infrastructure Committee favors the creation of a series of Treasury bonds dedicated to transportation that would be paid for by indexing the federal gasoline tax. The last estimate was the added revenues from inflationary rises in the gas tax could allow $500 billion of bonds to be sold over 13 years.

U.S. Chamber of Commerce Urges Senate to Expand Bonding for Public Transit
Public transit advocates told a Senate committee that a significant increase in federal funding for new buses and rail cars along with flexibility for reaching rural populations should be included in the next transportation reauthorization bill. The U.S. Chamber of Commerce favors paying for those investments with an increase in gas and diesel taxes along with increased use of federal loan programs, private activity bonds, and public-private partnerships.

Top Congressional Republicans Press for Action on Highway Bill
Congress resumes its legislative agenda amid recent calls from Republican leaders on the transportation committees for passage of a highway bill meant to update a law expiring in seven months. The Senate Environment and Public Works Committee's 5-year, $287 billion highway policy bill was approved unanimously last summer but stopped short of covering several matters.

Ways and Means Republicans Announce New Focus on Opportunity Zones Helping Communities
Ways and Means Republicans are launching a new series to highlight how Opportunity Zones are working and benefiting communities across the country, regardless of party. Regular updates will showcase where Opportunity Zones are boosting investments.

Bipartisan Hazard Eligibility and Local Projects (HELP) Act Introduced to Expedite Disaster Recovery Projects
Senators Lankford (R-OK), Tillis (R-NC), Burr (R-NC), Jones (D-AL), Cornyn (R-TX), Cruz (R-TX), and Rounds (R-SD) introduced bipartisan legislation that would expedite the start of certain hazard mitigation projects after natural disasters, while grant applicants await federal assistance through the Federal Emergency Management Agency's (FEMA) hazard mitigation grant program.

Upcoming Events
CDFA Federal Policy Conference

CDFA // BNY Mellon Development Finance Webcast Series: To TIF or Not to TIF?
Tuesday, March 17, 2020 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series experts will examine the best strategies local governments and analysts are using to determine appropriate TIF assistance levels.

Intro Tax Credit Finance WebCourse
March 25-26, 2020 - Daily: 12-5pm (Eastern)
The Intro Tax Credit Finance WebCourse examines the application of tax credit programs in greater economic development finance efforts. This course discusses the practical application of tax credit programs including brownfields, new markets, low income housing, historic preservation, and state-specific programs.

Federal Features

CDFI Fund Announces $130.9M in Awards for Affordable Housing Nationwide
The U.S. Department of the Treasury's CDFI Fund awarded 38 organizations $130.9 million for the development of affordable housing and community facilities in low-income communities. These awards were made through the fiscal year (FY) 2019 round of the Capital Magnet Fund.

EXIM Board Approves $18M Loan Guarantee to Support Export of Oil and Gas Services Equipment to Argentina
The Export-Import Bank of the United States (EXIM) Board of Directors unanimously approved an $18.4 million loan guarantee that will directly support three U.S. small businesses. The medium-term loan guarantee will assist with the export of U.S. goods and services to be utilized in the development of the Vaca Muerta Formation in Argentina, which will support 100 American jobs between Colorado, Pennsylvania, and Texas.

FY 2020 CDFI Program and NACA Program Round Open for Applications
The U.S. Department of the Treasury's CDFI Fund opened the fiscal year (FY) 2020 funding round for the CDFI Program and Native American CDFI Assistance Program (NACA Program). The awards from these programs will support CDFIs that provide affordable financing and related services to low-income communities and populations that lack access to credit, capital, and financial services.

SBA Officials Visiting SD To Promote Opportunity Zones For Economic Development
Officials from Washington D-C with the Small Business Administration visited with Governor Kristi Noem to discuss economic development for rural parts of South Dakota. National Director of Rural Affairs for S-B-A Michelle Christian said they're encouraged.

IRS Releases Critical Guidance on Carbon Capture Tax Credits
The guidance issued by the Internal Revenue Service is the type that the carbon capture and storage industry had sought, and will hopefully open up the market for investment by eliminating tax-related uncertainties for financial investors. Similar guidance was provided for renewable energy projects which proved valuable.

FDIC, OCC Announce 30-day Extension of Comment Period for Proposed Changes to CRA
The Federal Deposit Insurance Corporation (FDIC) and Office of the Comptroller of the Currency (OCC) today extended the public comment period for proposed changes to the rules implementing the Community Reinvestment Act (CRA) until April 8, 2020.

USDA Announces Details of Risk Management Programs for Hemp Producers
The U.S. Department of Agriculture (USDA) today announced the availability of two programs that protect hemp producers' crops from natural disasters. Producers may apply now for both a pilot hemp insurance program through Multi-Peril Crop Insurance (MPCI) as well as the Noninsured Crop Disaster Assistance Program (NAP) through March 16, 2020.

Mtech Ventures Wins $50K in SBA Funding to Support Opportunity Zone Innovation
Mtech Ventures, a University of Maryland technology company incubator program, won a $50,000 U.S. Small Business Administration Growth Accelerator Fund competition award to support innovation in federal Opportunity Zones in the Baltimore-Washington metropolitan area.

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 Appalachian Regional Commission (ARC)

Distressed Counties Grants
ARC targets special resources to the most economically distressed counties in the Region, using a measure of economic distress based on three economic indicators: three-year average unemployment...

Agency Seal Delta Regional Authority (DRA)

States' Economic Development Assistance Program (SEDAP)
The main investment tool used by the Delta Regional Authority is the States' Economic Development Assistance Program (SEDAP), which provides direct investment into community-based and regional...

Agency Seal Denali Commission

Energy & Bulk Fuel Program
Recognizing the critical role energy plays in the quality of life and economic development of Alaska's rural communities, the Denali Commission has made energy and bulk fuel its primary...

Agency Seal U.S. Dept. of Defense (DOD)

Community Economic Adjustment Assistance for Compatible Use and Joint Land Use Studies Program
The Community Economic Adjustment Assistance for Compatible Use and Joint Land Use Studies Program assists State and local governments in preparing and adopting a planning study to mitigate or...

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
  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
  • SB Friedman Development Advisors
  • Stern Brothers
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
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