In this first quarter installment of the CDFA Quarterly Legislative Update, CDFA's Legislative Team provides an update on what we can expect from Congress in 2019, an overview of the 2019 CDFA Policy Agenda and a briefing on our recent conversations with congressional offices.

After years of delays, a $2.75 billion plan to build a channel for flood waters around Fargo, ND, seems ready to move forward. A specially created local government entity, called the Diversion Authority, would be primarily responsible for building the channel, while various private entities, the state of ND, and the federal government will help finance and/or fund the project.

On March 12, the IRS dispatched to the White House's Office of Information and Regulatory Affairs and the Office of Management and Budget its second tranche of proposed OZ program regulations.

Legislation has been introduced in the House and Senate to make permanent the New Markets Tax Credit (NMTC). The New Markets Tax Credit Extension Act of 2019 was introduced in the House by Reps. Terri Sewell (D-AL) and Tom Reed (R-NY), and in the Senate by Sens. Roy Blunt (R-MO) and Ben Cardin (D-MD).

Beginning April 1, 2019, issuers of qualified PABs will be governed by a new set of TEFRA regulations. The Final TEFRA Regulations, which stem from the Treasury Department's 2017 Proposed Regulations, retain many of the procedures and requirements described in the 2017 Proposed Regulations.

Environmental impact bonds (EIBs), like social impact bonds, are a type of financing that provides different levels of return for investors based on how well the projects funded by the bond perform. If a green infrastructure intervention is more effective than expected, investors get a greater return; if less successful, the return is lower.

The President has released his 2020 budget proposal, which proposes $4.7 billion in spending. The budget proposal calls for the elimination of the EDA, the Manufacturing Extension Partnership program, the CDBG Program, as well as significant funding cuts for HUD, EPA, DOT, and USDA.

It was the first city in New Mexico to sell green bonds, the first in the state to have bonds certified as green by an international bonding agency in London, and the first in the world to have the construction of an anaerobic digester financed by green bonds.

During this installment of the CDFA // BNY Mellon Webcast Series, our expert speakers will discuss the financing structure that supported Plaza 122, a place based specific solution for a community in need.

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