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Legislative and Federal Affairs Update
February 5, 2019
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Legislative and Federal Affairs Update

Spotlight

Help Make the NMTC Program Permanent
The New Markets Tax Credit Coalition is sending a sign-on letter to Congress requesting the permanent extension and expansion of the New Markets Tax Credit. CDFA has signed-on to the letter, and asks all development finance stakeholders to do the same.

Legislative Features

Senators, House Members Request Clarity from Treasury on OZ Issues
Seven U.S. senators and nine members of the House of Representatives – all original co-sponsors of the Investing in Opportunity Act – sent a letter to Treasury Secretary Steven Mnuchin calling for further clarity on several issues related to the OZ regulations.

Mayors Welcome Water Infrastructure Improvement Act
The passage of the Water Infrastructure Improvement Act came in the nick of time for U.S. mayors as they battle to shore up aging water infrastructure. According to panelists at the U.S. Conference of Mayors, the bipartisan bill gives municipalities more flexibility to meet federal standards under the Environmental Protection Agency's Clean Water Act.

Move America Act Reintroduced in U.S. Senate
The Move America Act (S. 146), a bipartisan proposal to expand PABs for infrastructure projects and establish a new federal infrastructure tax credit to encourage P3s, has been reintroduced after languishing in the last Congress.

Municipal Bonds: A Primer for the 116th Congress
The next generation of Congress should start with an issue that affects every voter in every district: the protection of the tax-exemption of municipal bonds to help rebuild our infrastructure. Although not currently under siege, the tax-exemption of municipal bonds becomes more vulnerable with every increase in the deficit. 

U.S. Senate Committee Assignments Announced
The U.S. Senate has released its committee assignments for the 116th Congress.

Muni Market Gains Sympathetic Ear on Tax Policy
The legislative outlook for the tax treatment of municipal bonds is brighter in 2019 than a year ago with a strong supporter of municipal bonds ascending to the chairmanship of the Ways and Means Committee as part of the new Democratic majority. Rep. Richard Neal begins serving with a pledge to ask municipal market advocates to testify on the impact of the TCJA.

Upcoming Events
CDFA Federal Policy Conference

CDFA - PFM Capital Markets Webinar Series - Regulatory Landscape with MSRB and SEC Framework
Feburary 7, 2019 - 2:00 - 3:30 PM Eastern
Under the recent amendments to rule 15c2-12 adopted by the SEC, municipal bond issuers and obligated persons will soon see additions to their continuing disclosure undertakings. Issuers and borrowers will be required to report two new material events likely beginning sometime in the first quarter of 2019. This session will discuss the recent amendments and how to prepare. We'll also hear from the main regulatory bodies for bond financing in the capital markets with insights and reminders about how to remain compliant in all areas.

Federal Features

NABL Letter Requests Clarification on Multifamily PABs
The National Association of Bond Lawyers sent a letter to top officials of the IRS and Treasury requesting regulatory clarification on the permissibility of using veterans' preferences in projects financed with multifamily private activity bonds.

IRS Reschedules Public OZ Hearing for February 14
The IRS has rescheduled the public hearing on the proposed Opportunity Zones regulations for February 14, 2019. The original hearing, scheduled for January 10, 2019, was postponed due to the government shutdown.

Issuers Not Clear on 15c2-12 Amendments
With rule 15c2-12 amendments set to take effect at the end of February, issuers at the Government Finance Officers Association meeting aired out their confusion over how the changes will affect their continuing disclosure responsibilities.

USDA Broadband Initiative Provides Hope, Ignores Major Barrier
While the $600 million offered by USDA for rural broadband development is a step in the right direction, according to the Center for Rural Affairs, current broadband reporting methods required by the FCC will undercut the efforts of the USDA to service rural broadband needs.

EPA Letter to IRS on Opportunity Zones Merits Attention
In a letter to the IRS submitted on December 18, the Office of Brownfields and Land Revitalization requested clarification of the substantial improvement and original use tests, primarily in the context of brownfields remediation. The purpose of the OBLR request is to spur redevelopment of brownfield and other underutilized sites by expanding the breadth and impact of the OZ program.

Final TEFRA Regulations Released
The Final TEFRA Regulations put into final, effective form the proposed TEFRA regulations that were issued on September 28, 2017. The Final TEFRA Regulations apply to qualified private activity bonds issued pursuant to a public approval given on or after April 1, 2019. 

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)

Working Capital Loan Guarantee Program
The U.S. Export-Import Bank's (EXIM Bank) Working Capital Loan Guarantee can empower exporters to unlock cash flow and take on new business abroad. With EX-IM support, exporters can borrow more with...

Agency Seal Internal Revenue Service (IRS)

Production Tax Credit (PTC)
The Recovery Act allows a tax credit for the generation of qualified energy from qualified facilities. The Production Tax Credit (PTC) specifies amounts, credit periods, and definitions of qualified...

Agency Seal U.S. Citizenship and Immigration Services (USCIS)

EB-5 Immigrant Investor Program
Congress created the EB-5 Program in 1990 to stimulate the U.S. economy through job creation and capital investment by foreign investors. In 1992, Congress created the Immigrant Investor Program,...


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
info@cdfa.net


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CDFA National Sponsors

  • Alaska Industrial Development and Export Authority
  • Baker Tilly Virchow Krause
  • Ballard Spahr LLP
  • BNY Mellon
  • Bricker & Eckler LLP
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
  • CohnReznick
  • FBT Project Finance Advisors LLC
  • Frost Brown Todd, LLC
  • Grant Thornton LLP
  • Hawkins Delafield & Wood LLP
  • Ice Miller LLP
  • KeyBanc Capital Markets
  • Kutak Rock LLP
  • MB Financial Bank, NA
  • McCarter & English, LLP
  • McGuireWoods
  • NW Financial Group, LLC
  • SB Friedman Development Advisors
  • Squire Patton Boggs
  • Stern Brothers
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Wilmington Trust
  • Z. The Bond Buyer
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