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CDFA Legislative and Federal Affairs Update - December 6, 2022

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Legislative and Federal Affairs Update
December 6, 2022
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Legislative and Federal Affairs Update

Legislative Features

U.S. Treasury Highlights Impact of American Rescue Plan on Tribal Governments
The U.S. Department of the Treasury released a report detailing how Tribal governments are using a historic level of financial support through the American Rescue Plan to provide critical recovery assistance and improve the health and well-being of Tribal citizens. The $20B in State and Local Fiscal Recovery Funds allocated to Tribal governments represents the largest single infusion of federal funding into Indian Country.

More Than 100 U.S. Legislators Pledge Support for Affordable Housing Legislation
A bipartisan group of U.S. lawmakers has pledged support for an affordable housing bill that could lead to the development of 500,000 starter homes in struggling communities over the next decade. The Neighborhood Homes Investment Act, introduced in both the House and Senate, would offer a tax incentive to developers to minimize their risk when building or rehabilitating existing housing. In some areas of the U.S., the cost of rehabilitating or building a home could exceed the eventual sale price. This bill would fill the "value gap," up to 35 percent of eligible development costs for new homes.

$50M Available for Orphaned Oil and Gas Wells on Tribal Lands
The Department of the Interior announced final guidance for Tribes on how to apply for the first $50M in grant funding available under the Bipartisan Infrastructure Law to clean up orphaned oil and gas wells. The Bipartisan Infrastructure Law provides a total of $4.7B to address orphaned wells across the country, including $150M for Tribal communities over five years.

Boston, MA Contributes Public Land, $60M for Affordable Housing
The federal funding that's been allocated for local communities over the last few years has provided administrators with an unprecedented opportunity to address a wide range of social challenges including access to education, connectivity, homelessness, and affordable housing. City administrators from Boston, MA are allocating $60M in American Rescue Plan Act (ARPA) funding to develop 150 parcels of public land into income-restricted affordable housing.

DOE Announces $550M in Clean Energy Funding to Benefit Americans
The U.S. Department of Energy (DOE) announced $550M to support community-based clean energy in state, Tribal, and local governments — serving more than 250 million Americans. This investment, through the Energy Efficiency and Conservation Block Grant (EECBG) Program, will support communities across the country to develop local programming and deploy clean energy technologies to cut emissions and reduce consumers' energy costs.

National Resources Conservation Services Requests Public Comment on the IRA
The Natural Resources Conservation Service (NRCS) requests public input by December 21, 2022, to inform how NRCS will fund the deployment of climate-smart practices on US farms, ranches, and forestlands through four Farm Bill conservation programs. NRCS is also requesting input on funding to quantify carbon sequestration and carbon dioxide, methane, and nitrous oxide emissions at the field scale.

White House Announces $13B for Power Grid Modernization Through IIJA
The White House announced through the Department of Energy that it is soliciting grant applications for $13B in new financing under the Bipartisan Infrastructure Bill for the expansion and modernization of the U.S. electric grid. The $1.2T bill, passed last year, provides $10.5B to harden power systems against growing threats like extreme weather and climate change, the Department said, and a further $2.5B to help build new transmission lines.

The Infrastructure and Investment Jobs Act: An Anniversary Report
November 15, 2022, marked the one-year anniversary of President Biden signing the Infrastructure and Investment Jobs Act (IIJA) into law. The IIJA made investments in roads, bridges, electric vehicles, broadband, hydrogen hubs, cybersecurity, water infrastructure, and grid resilience, among other areas of infrastructure.

CHIPS for America Program Releases National Semiconductor Technology Center Update
The CHIPS for America initiative will invest $50B to supercharge the U.S. semiconductor industry and revitalize our innovation ecosystem. This funding includes $11B for research and development—the focal point of which will be the National Semiconductor Technology Center (NSTC), an innovation hub that will advance semiconductor technology and seed new industries built on the capabilities of a wide range of advanced chips.

EPA Seeking Public Input on Implementation of Greenhouse Gas Fund
The Inflation Reduction Act (IRA) appropriates nearly $27B to provide financial assistance to certain entities in their efforts to reduce greenhouse gases. This Greenhouse Gas Reduction Fund (the Fund) prioritizes funding for projects in low-income and disadvantaged communities. The EPA is currently soliciting comments for insight into how best to design and implement the Fund to award grants to eligible parties.

Upcoming Events
Intro Brownfields Finance Course

CDFA-Bricker Webinar Series: Impacts of the Inflation Reduction Act on Energy Efficiency & Renewable Energy Projects
Wednesday, December 7, 2022 - 2:00 PM - 4:00 PM Eastern
The historic Inflation Reduction Act (IRA) will lead to increased energy efficiency and renewable energy projects throughout all market segments. The financial incentives that will be available in 2023 and beyond will make energy efficiency upgrades and solar power a true "no brainer." This webinar will focus on the commercial, industrial, agricultural, and non-profit sectors, with a panel of experts discussing how to access the financial incentives and highlighting specific project examples.

CDFA Federal Financing Webinar Series: Tools for Economic Growth with Treasury and SBA
Tuesday, December 13, 2022 - 2:00 PM - 3:30 PM Eastern
This session will highlight the resources available at the U.S. Department of the Treasury and Small Business Administration to finance economic growth in distressed communities. Featured programs include the State Small Business Credit Initiative, the CDFI Fund, New Market Tax Credits, and other small business financing programs like SBA 504 and 7a.

Federal Features

USDA Seeks Applications to Support Rural Entrepreneurs, Create Jobs
The USDA is accepting applications to support economic development and create jobs for people in rural America under the Rural Business Development Grant program, which supports business opportunities or business enterprise projects in rural communities. Eligible entities are rural towns, communities, state agencies, authorities, nonprofits, federally recognized Tribes, public institutions of higher education, and non-profit cooperatives.

USDA Increases Total Funding Available for Tribes
The USDA Agricultural Marketing Service (AMS) has signed a cooperative agreement with the Chickahominy Indian Tribe Eastern division under the Local Food Purchase Assistance Cooperative Agreement (LFPA) program. LFPA empowers states, tribes, and territories through cooperative agreements to provide for their communities with the purchase of domestic local foods in support of local, regional, and underserved and tribal farmers and ranchers.

USDA Providing $108M in Loans for Hospital in Kansas
The USDA is lending $108M to help Citizens Medical Center in Colby, KS expand critical healthcare services. The new facility will incorporate operations of both the hospital (Citizens Medical Center) and family practice clinic (Family Center for Health Care) under one roof, including all currently available services plus additional capabilities that include future service expansions.

Bridgestone Awarded $35M USDA Climate-Smart Grant
Bridgestone announced a $35M climate-smart grant by the USDA to invest in desert shrub guayule to expand natural rubber production in the U.S. and offer a solution for growers amid the ongoing water crisis in the Southwest with a more environmentally sustainable crop. The investment in guayule will allow natural rubber production expansion in the SW U.S. with lowered greenhouse gas emissions and job creation in the region for local U.S. farmers and Native American tribes.

New York Announces $33M in Federal Housing and Infrastructure Grants
New York Governor Kathy Hochul announced that more than $33M in Community Development Block Grant funding has been awarded to dozens of municipalities for local infrastructure improvement and housing rehabilitation projects. The grants are designed to help communities provide decent affordable housing and safe living environments primarily for low- and moderate-income residents.

USDA Invests $50M to Strengthen School Meals
USDA's Food and Nutrition Service launched a new and innovative initiative for healthier school meals through a $50M grant opportunity that will support collaboration with the food industry to develop nutritious, appetizing school meals for students. This launch follows through on a commitment made in the administration's National Strategy on Hunger, Nutrition, and Health.

DOE Announces Finalists for Sunny Awards for Equitable Community Solar
The U.S. Department of Energy's (DOE) Solar Energy Technologies Office announced 31 teams as finalists for The Sunny Awards for Equitable Community Solar. The Sunny Awards is a $100,000 prize competition that recognizes community solar projects and programs that employ or develop best practices to increase equitable access to the meaningful benefits of community solar for subscribers and their communities.

EPA Announces First Ever WIFIA Loan Closing in Texas
The EPA announced the closing of a $52M WIFIA loan in Pflugerville, Texas--the first in the state's history. The project will expand the City of Pflugerville's drinking water system capacity to meet projected demand and improve treatment processes to address water quality concerns. The project will upgrade the raw and finished water pump stations, install new pretreatment, filtration, and solids handling technologies, and provide a more efficient disinfection process.

UMOS Receives $57M in Funding to Help Agricultural Workers
Milwaukee-based UMOS has been given a grant worth nearly $57 million from the United States Department of Agriculture to assist roughly 75,000 farm workers and meatpackers nationwide, including more than 14,000 in Wisconsin. The grant includes a one-time payment of $600 to be paid to more than 75,000 eligible applicants nationwide within a two-year period.

EPA Awards Grants to Monitor Air Quality in 37 States
The Environmental Protection Agency (EPA) awarded grants for projects to monitor air quality in 37 states, with a focus on minority communities and other areas overburdened by pollution. A total of 132 projects will receive $53.4M to enhance air quality monitoring near chemical plants, refineries and other industrial sites — part of a commitment by the Biden administration to focus on environmental justice in communities adversely affected by decades of industrial pollution.

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)

INSPIRE Initiative
The INSPIRE Initiative is a $10 million initiative addressing the substance abuse crisis by creating or expanding a recovery ecosystem that will lead to workforce entry or re-entry.

Workforce Opportunity for Rural Communities Grant Program
The WORC Initiative is designed to facilitate the alignment of workforce development efforts with existing economic development strategies in rural communities hard hit by economic transition and...

Agency Seal Delta Regional Authority (DRA)

Workforce Opportunity for Rural Communities Grant Program
The WORC Initiative is designed to facilitate the alignment of workforce development efforts with existing economic development strategies in rural communities hard hit by economic transition and...

Agency Seal Denali Commission

Village Infrastructure Protection (VIP) Program
Village Infrastructure Protection (VIP) Program to assist rural Alaskan communities that are threatened by erosion, flooding and permafrost degradation. The goal of the VIP Program is to mitigate the...

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

Environmental Export Financing Program
EXIM Bank's financing helps mitigate risk for U.S. environmental companies and also offers competitive financing terms to international buyers for the purchase of U.S.-made environmental goods and...

Legislative and Federal Headlines

EPA Awards $105M to Oklahoma Water Infrastructure Improvements
Water World | Dec. 1 | Access to Capital | Federal | Infrastructure Finance | Legislative | Revolving Loan Funds (RLFs) | U.S. Environmental Protection Agency (EPA) | Water Finance | Revolving Loan Funds (RLFs) | Water Finance | Case Studies | State Revolving Fund | EPA Case Studies

House Members Pledge Support for Expanding Homeownership Opportunities
Yahoo! Finance | Nov. 29 | Community Development | Housing Finance | Incentives | Legislative | Rural Development | Tax Credits

Proposed Tax Credit Bill Would Spur Creation of 500K Affordable Homes
The Epoch Times | Nov. 29 | Federal | Housing Finance | Legislative | State Finance Program | Tax Credits

U.S. Treasury Announces SSBCI Tribal Government Capital Program Application Submissions
U.S. Treasury | Nov. 29 | Access to Capital | Disaster Recovery & Relief | Federal | Legislative | State Small Business Credit Initiative (SSBCI) | Tribal Finance | U.S. Dept. of Treasury | Treasury State Small Business Credit Initiative (SSBCI) | COVID-19 | State Small Business Credit Initiative (SSBCI)

Legislation Introduced to Ensure Cannabis Businesses Can Access SBA Loans, Programs
Sierra Sun Times | Nov. 19 | Cannabis Finance | Economic Development | Federal | Legislative

Marijuana Industry Hopeful for Federal Reform During Lame-Duck Congress
MJBizDaily | Nov. 18 | Access to Capital | Cannabis Finance | Economic Development | Federal | Legislative | Social Finance | Legal & Regulatory | Policies & Procedures

$2B in Tax Credits Will Benefit Natural Gas in Pennsylvania
The Allegheny Front | Nov. 18 | Energy Finance | Federal | Incentives | Infrastructure Finance | Tax Credits

U.S. Treasury Publishes SSBCI Capital Program National Compliance Standards
U.S. Dept. of the Treasury | Nov. 17 | Access to Capital | Disaster Recovery & Relief | Federal | Legislative | State Small Business Credit Initiative (SSBCI) | U.S. Dept. of Treasury | Understanding Access to Capital | COVID-19 | State Small Business Credit Initiative (SSBCI)

USDA Invests $21.6M in Small Business-Led Innovations
USDA | Nov. 16 | Access to Capital | Agriculture Finance | Development Finance Toolbox | Federal | Innovation Finance | U.S. Dept. of Agriculture (USDA)

USDA Provides $24M Boost for Beginning Farmers and Ranchers
USDA | Nov. 15 | Access to Capital | Agriculture Finance | Development Finance Toolbox | Federal | Rural Development | U.S. Dept. of Agriculture (USDA) | Understanding Access to Capital | Ag Finance

USDA Announces New Resources to Empower Indigenous Food Sovereignty
USDA | Nov. 14 | Access to Capital | Agriculture Finance | Federal | Rural Development | Tribal Finance | U.S. Dept. of Agriculture (USDA) | Understanding Access to Capital

Pennsylvania Approves $80M in Tax Credits for Natural Gas, Hydrogen Purchases
NGI | Nov. 14 | Energy Finance | Infrastructure Finance | Legislative | State Finance Program | Tax Credits

Danville, VA Awarded $30M in Federal Tax Credits to Attract Investment
ABC 3 News | Nov. 10 | Access to Capital | Economic Development | Federal | Tax Credits | U.S. Dept. of Treasury CDFI Fund

Camden, NJ Receives $25M to Rebuild Neighborhoods and Port
ROI NJ | Nov. 8 | Access to Capital | Development Finance Toolbox | Federal | Infrastructure Finance | State Finance Program | Understanding Infrastructure Finance | Stormwater

More Than $700M in Federal Funds Earmarked for Seaports
Recycling Today | Nov. 7 | Brownfield Financing | Economic Development | Federal | Redevelopment | Water Finance

New Additions to the Online Resource Database

U.S. Treasury Announces Tribal Government SSBCI Capital Program Applications
Access to Capital | Disaster Recovery & Relief | Legislative | State Small Business Credit Initiative (SSBCI) | Tribal Finance | Economic Development
The U.S. Department of the Treasury announced the list of Tribal governments that submitted SSBCI Capital Program applications on November 29, 2022. The applications will now be reviewed prior to release of any funding for those programs.

SSBCI Capital Program National Compliance Standards
Access to Capital | Disaster Recovery & Relief | Economic Development | Federal | Legislative | State Small Business Credit Initiative (SSBCI)
The U.S. Department of the Treasury published the SSBCI National Compliance Standards on November 17, 2022.

U.S. Department of Treasury to Hold SSBCI Virtual Conference in November
Access to Capital | Disaster Recovery & Relief | Federal | Legislative | State Small Business Credit Initiative (SSBCI) | Economic Development
The U.S. Department of the Treasury announced that it will hold an SSBCI Fall Virtual Conference via Zoom from Monday, November 14, 2022, to Friday, November 18, 2022. The Virtual Conference will include discussion sessions and roundtables to allow state SSBCI program managers and staff to learn from one another.

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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