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CDFA Rural Development Finance Update - March 19, 2024

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Rural Development Finance Update
March 19, 2024
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Rural Development Finance Update

Features

Register Today for the 2024 Federal Policy Conference!
Reserve your spot at the 2024 CDFA Federal Policy Conference on April 2-3, 2024, in Washington, D.C. CDFA, with sponsorship by Ice Miller LLP and Grow America, will bring together leaders from the Biden administration, Congress, federal agencies, nonprofit organizations, and finance agencies who will discuss a range of federal legislative and policy topics. Interact with reps from the Department of the Treasury, the Small Business Administration, and the Environmental Protection Agency. Space is limited; act fast!

City of Chase, KS Hopes for RLF Funding for Sewer Improvements
There's a commonly held belief that small, rural Kansas communities are evaporating from the windswept plains, plagued by a dwindling, aging population. However, spurred by an influx of new families, the city of Chase - population 390 in Rice County and Pawnee Rock, and population 190 in Barton County - hopes to cobble together Kansas Department of Health and Environment Revolving Loan Fund money and a $650,000 Community Development Block Grant to pay for a $3.6 million project to improve their sewers.

Join CDFA for the Return of the Revolving Loan Fund WebCourse Week!
Revolving Loan Fund WebCourse Week is returning with the intro level on May 13-14 followed by the advanced level on May 15-16. Register for one or both of these courses to learn from experts about developing, implementing, and managing efficient and impactful revolving loan fund programs.

Biden Administration Taps $366M to Fund Clean Energy for Native American Tribes and Rural Areas
The federal government will fund 17 projects across the U.S. to expand access to renewable energy on Native American reservations and in other rural areas. The $366 million plan will pay for solar, battery storage, and hydropower projects in sparsely populated regions where electricity can be costly and unreliable.

U.S. DOE Announces $366M for Rural and Remote Community Energy Security
The U.S. Department of Energy (DOE) announced $366 million for 17 projects across 20 states and 30 Tribal Nations and communities to accelerate clean energy deployment in rural and remote areas across the country. This funding will support a variety of community-driven energy projects in rural and remote regions, such as building microgrids for community health centers to ensure electricity for critical life-saving equipment or constructing a new hydroelectric facility on Tribal lands to improve access to reliable, affordable energy. 

USDA Announces $45.3M for Rural Kentucky Projects
U.S. Department of Agriculture (USDA) Rural Development officials announced $45.3 million in funding for 14 projects in rural Kentucky. From large projects to small, USDA Rural Development will serve as Kentucky's partner in prosperity, especially in those communities that have too often been left behind.

South Carolina Health and Human Services Awards $48M in Grants to Help Rural and Medically Underserved Areas
Counties across South Carolina are set to receive millions of dollars aimed at enhancing access to medical care, thanks to a grant program initiated by the State Department of Health and Human Services (SCDHHS).

USDA Announces $772.6M for Rural Infrastructure Projects
The U.S. Department of Agriculture (USDA) announced $772.6 million in funding for 216 projects in 45 states, Puerto Rico, and the Northern Mariana Islands to bring high-speed internet, clean water, state-of-the-art infrastructure, and economic growth to rural communities. The new projects will benefit more than 1 million people living in remote areas of the country by providing reliable high-speed internet access, clean, safe water, and a range of support for rural families, agricultural producers, and small businesses.

Upcoming Events
2024 CDFA Federal Policy Conference

CDFA-Bricker Graydon Webinar Series: Revitalizing Brownfields with TIFs and Special Assessments
April 9, 2024 - 2:00 PM - 4:00 PM Eastern
Join expert speakers to learn how communities are diversifying their capital stacks by using tax increment financing (TIF) and special assessments to reimburse brownfield-related costs incurred while redeveloping these contaminated, functionally obsolete, blighted, historic, or otherwise eligible properties.

CDFA // BNY Mellon Development Finance Webcast Series: Why Bond Deals Go Bad
April 16, 2024 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, panelists will explore factors that contributed to the challenges these high-profile deals encountered and discuss best practices for development finance practitioners to set the stage for successful bond finance in their communities.

USDA Rural Development News

USDA Invests $2.3B for Clean Power in Rural Communities
U.S. Department of Agriculture (USDA) announced at the National Rural Electric Cooperative Association's PowerXchange annual meeting that USDA is moving forward on clean energy investments in 23 states to reduce pollution and strengthen rural America's power grid. This is the first of five awards totaling $139 million under the Powering Affordable Clean Energy (PACE) program. USDA also announced $2.2 billion in funding awarded to 39 projects to help ensure over 2 million people in rural areas have access to reliable electricity.

New USDA/DOE Initiative to Help Farmers Access Wind Energy
The U.S. Department of Agriculture (USDA) and the U.S. Department of Energy (DOE) are launching a new initiative to help farmers cut costs and increase income using underutilized renewable technologies including smaller-scale wind projects. Through the Rural and Agricultural Income & Savings from Renewable Energy (RAISE) initiative, USDA is setting an initial goal of helping 400 individual farmers nationwide deploy smaller-scale wind projects using USDA's Rural Energy for America Program (REAP).

USDA Rural Development Office Provides $2.8M Loan to Audubon, IA for New Firestation
The City of Audubon, IA has been selected to receive a $2.8 million loan from the U.S. Department of Agriculture (USDA) Rural Development to construct a new station for the Audubon Fire Department. For the past several years, Audubon has attempted to build a new station due to space constraints caused by the size of new firefighting vehicles, including two failed bond referendums for the project. 

USDA Announces $2M in Business Development Grants for Oklahoma
The U.S. Department of Agriculture (USDA) Rural Development Office announced it is investing more than $2 million to support small or emerging businesses in Oklahoma. The support is via the USDA Rural Development Rural Business Development Grant. The program promotes economic development and job creation projects through the awarding of grant funds to eligible entities.


Rural Development Finance News

Rural Development Assisting With Essential Medical Care to Rural North Carolina
U.S. Department of Agriculture | Mar. 15 | Community Development | Healthcare | Rural Development

National New Markets Fund Invests $17.5M in Minnesota-Based Creamery
RE Journals | Mar. 1 | Food Systems Finance | Rural Development | Tax Credits | Federal New Markets Tax Credits (NMTCs)

USDA Rural Development Invests $1.8M in Telemedicine Grants in Rural Iowa
U.S. Department of Agriculture | Feb. 29 | Community Development | Healthcare | Rural Development

Fertilizer Grant Increases Access for Growers in Rural Montana
U.S. Department of Agriculture | Feb. 28 | Agriculture Finance | Community Development | Rural Development

Economic Innovation Group Launches Distressed Communities Index
Economic Innovation Group | Feb. 28 | Community Development | Economic Development | Rural Development | Urban Development

Opportunity Finance Network Announces $10M Investment From Charles Schwab Bank
Opportunity Finance Network | Feb. 26 | Access to Capital | Community Development | Rural Development | Tribal Finance | Urban Development

Over $1.5M in Federal Funding to Herkimer, NY for Rural Water Infrastructure
News Channel 2 | Feb. 23 | Community Development | Rural Development | Water Finance

USDA Grants Nearly $1M to Improve Internet in Rural Michigan Communities
News Channel 3 | Feb. 22 | Community Development | Infrastructure Finance | Rural Development

Kansas Awarded Nearly $1M From USDA to Assist With Rural Digital Divide
Kansas Commerce | Feb. 21 | Community Development | Infrastructure Finance | Rural Development

$23.5M Towards Strengthening Kansas Agriculture Through Rail Infrastructure
bnn | Feb. 21 | Access to Capital | Agriculture Finance | Infrastructure Finance | Rural Development | State Finance Program

U.S. HUD Approves $298M Disaster Recovery Grant for Eastern Kentucky
Kentucky Lantern | Feb. 21 | Access to Capital | Community Development | Disaster Recovery & Relief | Federal | Rural Development | U.S. Dept. of Housing & Urban Development (HUD) | COVID-19 | HUD Community Development Block Grant (CDBG) | HUD Disaster Recovery Assistance Program

Oklahoma USDA Office Awards $2M in Business Development Grants
KOSU | Feb. 19 | Community Development | Economic Development | Rural Development

Greater Commercial Lending Completes $25M in Financing for Copper Mining Company in Utah
Yahoo! Finance | Feb. 14 | Economic Development | Energy Finance | Rural Development

CDFA Resources

USDA Equity Action Plan - 2023 Update
Access to Capital | Agriculture Finance | Community Development | Economic Development | Federal | Food Systems Finance | Rural Development | Social Finance
A groundbreaking report from the U.S. Department of Agriculture's (USDA) Equity Commission features more than 60 recommendations designed to make policies affecting farming and rural America more fair. A few key recommendations include institutionalizing equity and accountability as well as improving staff diversity at the USDA; providing technical assistance and translation services to help applicants submit applications for programs; and improving access to nutrition for disadvantaged and underserved communities.


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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