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CDFA Legislative and Federal Affairs Update - April 7, 2020

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Legislative and Federal Affairs Update
April 7, 2020
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Legislative and Federal Affairs Update


CDFA to Host Legislative Briefing on Stimulus Phase 4 on Wednesday, April 8
CDFA will be hosting an important legislative briefing this Wednesday, April 8 at 4:00 pm (Eastern). We'll be discussing the latest information about the next stimulus act from Congress and the urgent actions development finance agencies should take.

CDFA Publishes COVID-19 Resource Center, Will Host Weekly Briefings
CDFA developed the COVID-19 Resource Center to serve as a central hub of everything the development finance world is doing to mitigate the impacts of COVID-19. CDFA's Weekly Development Finance COVID-19 Briefings will highlight these mitigation and recovery efforts.

Legislative Features

Senators Introduce Reauthorization of the State Small Business Credit Initiative
CDFA is pleased to announce that Senators Gary Peters (D-MI), Debbie Stabenow (D-MI), Jeanne Shaheen (D-NH) and Maggie Hassan (D-NH) have introduced a bill to reauthorize the State Small Business Credit Initiative (SSBCI) in the U.S. Senate as S. 3551.

APTA Calls for Infrastructure Bill in Response to COVID-19
The American Public Transportation Association (APTA) endorsed U.S. Democratic House leaders' call this week for work on a fourth economic recovery legislative package in response to the coronavirus pandemic, with the next bill focused on infrastructure.

CDFA's COVID-19 Comprehensive Recovery Strategy
Based on the input of our 500+ members, CDFA has developed a set of policy proposals that would allow state and local governments, through development finance agencies, to be immediate problem solvers that can help alleviate the extreme economic challenges facing small businesses and communities to put America securely on the path to recovery.

Muni Heavy Infrastructure Bill Touted by House Democrats
A $760 billion infrastructure plan packed with help for the public finance sector is being offered by House Democrats as the legislative vehicle for the fourth coronavirus emergency spending bill that would focus on economic stimulus.

Summary of the CARES Act
This is a summary of the Coronavirus Aid, Relief, and Economic Security (CARES) Act from the Congressional Research Service. This is the third in a series of legislative packages addressing the COVID-19 pandemic.

Second Coronavirus Emergency Aid Package Signed into Law
The legislation signed provides paid sick and family leave for some for U.S. workers impacted by the illness, expands unemployment assistance, includes nutrition assistance and increases resources for testing. Efforts are already underway to put together a third, larger relief measure that could total $1 trillion.

Bipartisan REHAB Act Introduced to Incentivize Equitable Transit-Oriented Development
Representative Earl Blumenauer (OR-03), Mike Kelly (PA-16), Darin LaHood (IL-18), and Dan Kildee (MI-05) today introduced the Revitalizing Economies, Housing, And Businesses (REHAB) Act of 2019, which would reinstate and improve a tax credit ("REHAB credit") for buildings that are more than 50 years old and within one-half of a mile of a public transportation center.

U.S. Rep. Danny Davis Co-Sponsors MAMBA, a Top Legislative Priority for CDFA
U.S. Representative Danny Davis of Illinois' 7th Congressional District just became a co-sponsor of H.R. 5422, the Modernizing Agricultural and Manufacturing Bonds Act (MAMBA). The six reforms contained within MAMBA would lower capital access barriers for small manufacturers and first-time farmers by modernizing how the Internal Revenue Code regulates the issuance of small issue bonds.

Upcoming Events
Weekly Development Finance COVID-19 Briefing

CDFA-ARI Rural Finance Webinar Series: COVID-19 Response Resources for Local Leaders
Wednesday, April 15, 2020 - 1:00 PM - 2:30 PM Central
During the first installment of the CDFA-ARI Rural Finance Webinar Series, we will explore the immediate response and resources at the state, local, and national levels that local leaders can use to reduce the impact of this crisis.

CDFA Food Systems Finance Webinar Series: Disaster Recovery for the Food System
Thursday, April 16, 2020 - 2:00 PM Eastern
During the first installment of the CDFA Food Systems Finance Webinar Series, we will explore creative financing efforts being launched to support our local food economies during this time of unprecedented crisis.

Federal Features

SBA, Treasury Launch $349B Paycheck Protection Program
The CARES Act establishes a new $349 billion Paycheck Protection Program that will provide much-needed access to capital so they can sustain their businesses and keep their workers employed. The new loan program will be available retroactive from Feb. 15, 2020, so that employers can rehire their recently laid-off employees through June 30, 2020.

CARES Act Supplemental Appropriations Summary
This is a Summary of the Supplemental Appropriations included in the Senate's third COVID-19 Stimulus package, the CARES Act. More than 80% of the total $339.855 billion provided in the emergency supplemental appropriations goes to state and local governments and communities.

USDA Implements Measures to Help Affected Rural Residents, Businesses, Communities
USDA Rural Development has taken several immediate actions to help rural residents, businesses and communities affected by the COVID-19 outbreak. Rural Development will keep its customers, partners, and stakeholders continuously updated as more actions are taken.

SBA Makes Economic Injury Disaster Loans Available to Small Businesses in All States
Small business owners in all U.S. states and territories are currently eligible to apply for a low-interest loan due to Coronavirus (COVID-19) through the Economic Injury Disaster Loan Program.

White House Mandates Agencies' Operational Realignment to Reduce COVID-19 Risk
The Office of Management and Budget released a memorandum late Tuesday that instructed agency leadership to use the "full extent of their legal authority and discretion" to realign their agencies' non-mission-critical operations in a way that cuts down on the risk of coronavirus exposure.

FHFA Moves to Provide Eviction Suspension Relief for Renters in Multifamily Properties
To keep renters in multifamily properties in their home and to support multifamily property owners during the coronavirus national emergency, the Federal Housing Finance Agency (FHFA) is announcing that Fannie Mae and Freddie Mac (the Enterprises) will offer multifamily property owners mortgage forbearance with the condition that they suspend all evictions for renters unable to pay rent due to the impact of coronavirus.

USDA Extends ReConnect Application Deadline to April 15
U.S. Department of Agriculture Rural Development announced that the agency has extended the deadline for ReConnect Pilot Program applications to April 15 in light of the COVID-19 pandemic. This program provides funding to rural businesses, cooperatives, and communities to help bring high-speed broadband connectivity to rural communities.

Treasury and IRS Issue Guidance on Deferring Tax Payments Due to COVID-19 Outbreak
Following President Donald J. Trump's emergency declaration pursuant to the Stafford Act, the U.S. Treasury Department and IRS issued guidance allowing all individual and other non-corporate tax filers to defer up to $1 million of federal income tax (including self-employment tax) payments due on April 15, 2020, until July 15, 2020, without penalties or interest.

USDA Invests $900M in Rural Electric Infrastructure in 16 States
USDA is providing financing through the Electric Loan Program. It will help build and improve 2,743 miles of line to strengthen reliability in rural areas and will benefit 1.1 million rural residents and businesses. The loans include $17 million for investments in smart grid technology that uses digital communications to detect and react to local changes in electricity usage.

IRS Publishes Population Figures to Determine PAB and LIHTC Caps for 2020
IRS Notice 2020-10 provides population figures to calculate calendar-year 2020 limits for private activity bonds (PABs) and low-income housing tax credit (LIHTC). The PAB cap is the greater of the population multiplied by $105 or $321,775,000. The LIHTC cap for each state is the greater of the population multiplied by $2.8125 or $3,217,500.

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 Export-Import Bank of the United States (EXIM Bank)

Fixed-Rate Term Financing for International Buyers (Direct Loans)
EXIM Bank direct loans secure competitive financing for international buyers. Fixed-rate financing up to 12 years in general and up to 18 years for renewable energy projects is offered to...

Agency Seal Northern Border Regional Commission

NBRC Local Development Districts
The NBRC Federal-State partnership is aided by a group of regional organizations called Local Development Districts (LDD's) that assist the NBRC in its outreach activities and administer NBRC...

Agency Seal U.S. Dept. of Agriculture (USDA)

Rural Economic Development Loan (REDL) and Grant (REDG) Program
The Rural Economic Development Loan (REDL) and Grant (REDG) programs provide funding to rural projects through local utility organizations. USDA provides zero-interest loans to local utilities which...

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

Revolving Loan Fund Program
Competitive grants are awarded to units of local government, state governments, institutions of higher education, public or private non-profit organizations, approved economic development district...

New Additions to the Online Resource Database

Listen: COVID-19 Weekly Development Finance Briefing - March 27 (Free Recording)
Access to Capital | Disaster Recovery & Relief | Economic Development | Legislative | Organizational Management | Resiliency | Rural Development | Urban Development | Webcasts
On the March 27, 2020 Weekly COVID-19 Development Finance Briefing, we discussed how Development Finance Agencies have initially responded to COVID-19, examined Congressional legislation, analyzed how federal agencies are reacting, and looked at a few exemplary state and local financing programs.

COVID-19: Comprehensive Recovery Strategy
Access to Capital | Agriculture Finance | Bond Finance | Community Development | Disaster Recovery & Relief | Economic Development | Federal | Housing Finance | Infrastructure Finance | Legislative | Resiliency | Revolving Loan Funds (RLFs) | Rural Development | State Small Business Credit Initiative (SSBCI)
Based on the input of our 500+ members, CDFA has developed a set of policy proposals that would allow state and local governments, through development finance agencies, to be immediate problem solvers that can help alleviate the extreme economic challenges facing small businesses and communities to put America securely on the path to recovery.

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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