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CDFA Legislative and Federal Affairs Update - May 3, 2022

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Legislative and Federal Affairs Update
May 3, 2022
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Legislative and Federal Affairs Update

Legislative Features

CDFA Releases SSBCI Interim Final Rule Comment Letter
The Council of Development Finance Agencies (CDFA) and its SSBCI Coalition write to provide comments in response to the U.S. Department of the Treasury Interim Final Rule on Demographics-Related Reporting Requirements for the SSBCI program. Detailed responses to the IFR reflect broad concerns, which are expressed in this letter.

The Small Business Boom Under the Biden-Harris Administration
This new White House report details the historic recovery for America's small businesses and demonstrates how the Biden-Harris agenda laid the foundation for this small business boom. By providing Americans with greater financial security, and delivering more than $450 billion in emergency relief to small businesses, the Biden-Harris Administration has helped create the conditions for unprecedented business and job creation.

The 2021 Paycheck Protection Program Reboot
Was the $278 billion reboot of the $800 billion Paycheck Protection Program (PPP) in early 2021 disbursed equitably to minority communities? This paper provides the first analysis of how PPP funds were disbursed to minority communities in the third and final round of the program, which was specifically targeted to underserved and disadvantaged communities.

Buy America Policy May Boost Already-Inflated Construction Costs
The White House detailed its new policy requiring that U.S.-made materials be used in all new infrastructure projects, a cornerstone of President Joe Biden's infrastructure law that some transportation advocates warn may increase costs and delays.

Small Businesses Face $2B Cut from COVID-19 Relief Fund
Congress is considering taking back some of the money it authorized last year for a small business aid program in order to pay for new Covid-19 vaccines, testing and therapeutics. A bipartisan deal reached in the Senate earlier this month would fully offset the $10 billion legislation by reallocating a variety of Covid-19 relief funds that were previously authorized by Congress but have not yet been spent.

Meaning of the Revitalization of EB-5 Financing for Real Estate Developers and Entrepreneurs
On March 15, President Biden signed the Omnibus Spending Bill, which included the "EB-5 Reform and Integrity Act of 2022." This bipartisan bill restores viability to EB-5 by reauthorizing the lapsed Regional Center Program, a component essential to the success of EB-5. The character of available financing and the projects most desirable for EB-5 investment are directly influenced by program requirements that must be met to qualify investors for a green card.

Reps. Carter and Guest Introduce Legislation to Revitalize Small and Local Businesses
Congressman Troy A. Carter, Sr. (D-LA) and Congressman Michael Guest (R-MS) introduced the bipartisan Revitalizing Small and Local Businesses Act (RSLBA) in the House of Representatives. This bill would create a new program to infuse resources into national networks of local business district entities that support place-based entrepreneurship activities.

Sens. Booker, Scott, Kind, Kelly Introduce Bipartisan, Bicameral Bill Reforming OZs
U.S. Senators Cory Booker (D-NJ) and Tim Scott (R-SC) and U.S. Representatives Ron Kind (D-WI) and Mike Kelly (R-PA) introduced a bipartisan, bicameral bill reforming Opportunity Zones, the tax incentive for individuals who reinvest unrealized capital gains into high-impact projects in underserved communities.

Upcoming Events
Intro Housing Finance WebCourse

CDFA // BNY Mellon Development Finance Webcast Series: What Development Finance Needs to Know about Web3
Tuesday, May 17, 2022 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will catch you up on the landscape of Web3 and discuss how development finance fits into the next wave of digital currency.

CDFA Federal Financing Webinar Series: Creating More Equitable Environments with the EPA
Tuesday, June 14, 2022 - 2:00 PM - 3:30 PM Eastern
This session of the Federal Financing Webinar Series will highlight the resources available at the U.S. Environmental Protection Agency to encourage development strategies that protect human health and the environment while also creating economic opportunities.

Federal Features

CDFA Sends Letter to Treasury Regarding Proposed Cuts to SSBCI Program
The Council of Development Finance Agencies (CDFA) and the national State Small Business Credit Initiative (SSBCI) Coalition call on the U.S. Department of the Treasury to fully implement the SSBCI program, and immediately deploy capital to Eligible Governments and Technical Assistance providers. Treasury's prolonged regulatory and review process has exposed the program to Congressional scrutiny. As a result, the SSBCI program is now subject to proposed rescissions that would reduce the TA and financing available for small businesses.

Biden-Harris Administration Launches Nationwide Network of Partners to Tap Resources
U.S. Department of Agriculture (USDA) announced a new effort to transform the way federal agencies partner with rural places to create economic opportunity in rural America. The USDA-led Rural Partners Network (RPN) is an all-of-government program that will help rural communities access government resources and funding to create jobs, build infrastructure, and support long-term economic stability.

DOT Taps P3 Center to Help with Rollout of Infrastructure Law
With all eyes on implementation of the $1.2 trillion infrastructure law, the U.S. Department of Transportation has tapped a new academic center to push for more public-private partnerships and provide assistance to the thousands of local governments in line for a slice of the transportation funding.

Qualified Broadband Projects Added to Private Activity Bonds by IIJA
The need for reliable and affordable internet access has become increasingly important as the economy becomes more dependent on internet access, particularly during the last two years due to the COVID-19 pandemic. As part of the new Infrastructure Investment and Jobs Act, $65 billion was allotted for broadband infrastructure, and the legislation added a new qualified broadband projects category for use with the private activity bond program.

USDA Invests Nearly $800M in Critical Infrastructure to Combat Climate Change
U.S. Department of Agriculture (USDA) is investing nearly $800 million in climate-smart infrastructure in 40 states, Puerto Rico, and the Northern Mariana Islands. These investments will strengthen the health and livelihoods of people across rural America. They include funding for 165 projects to expand access to safe water and/or clean energy for people living in disadvantaged communities.

FCC Commits $37M in Emergency Connectivity Funding
The thirteenth wave of the Federal Communications Commission's (FCC) Emergency Connectivity Fund will provide $37 million in funding to more than 170 schools, 30 libraries, and four consortia in Alaska, Indiana, Mississippi, New Mexico, Pennsylvania and Texas. The awards include almost $27 million for applications submitted in Window 1 of the program and more than $10 million for Windows 2 applications.

USDA Forest Service Announce More Than $238M to Support Rural Schools, Roads, Other Services
President Biden and the U.S. Department of Agriculture's Forest Service announced investment of more than $238 million to support public schools, roads, and other municipal services through the Secure Rural Schools Program, which will deliver payments to 742 eligible counties in 41 states and Puerto Rico. The program was reauthorized for fiscal years 2021 through 2023 by the Bipartisan Infrastructure Law.

USDA Announces Intent to Establish Subcommittee on Rural Community Economic Development for Its Equity Commission
The USDA announced it will establish a Rural Community Economic Development (RCED) Subcommittee as part of the recently launched Equity Commission. "The Rural Community Economic Subcommittee (RCED) will be crucial to addressing issues of persistent poverty in rural communities," said Agriculture Secretary Tom Vilsack.

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 U.S. Dept. of Transportation (DOT)

Technology and Innovation Deployment Program
The FAST Act continues the Technology and Innovation Deployment Program, funding efforts to accelerate the implementation and delivery of new innovations and technologies that result from highway...

Agency Seal U.S. Dept. of Treasury

Emergency Capital Investment Program
The Emergency Capital Investment Program was created to encourage low- and moderate-income community financial institutions to augment their efforts to support small businesses and consumers in their...

Agency Seal U.S. Environmental Protection Agency (EPA)

Brownfields Assessment Grants
Assessment Grants provide funding for a grant recipient to inventory, characterize, assess, conduct a range of planning activities, develop site-specific cleanup plans, and conduct community...

Agency Seal U.S. Small Business Administration (SBA)

SCORE – Center for America's Small Business
SCORE is a nonprofit association dedicated to educating entrepreneurs and helping small business start, grow, and succeed nationwide. SCORE is a resource partner with the U.S. Small Business...

Legislative and Federal Headlines

The Meaning of New York State Mining Moratorium for Crypto Industry
Coin Telegraph | May. 2 | Energy Finance | Green Finance | Legislative

Brownfield Redevelopment Targeted at Summit in Amsterdam, NY
The Daily Gazette | May. 2 | Access to Capital | Brownfield Financing | Economic Development | Legislative

Texas Stumbles in Its Effort to Punish Green Financial Firms
NPR | Apr. 29 | Energy Finance | Green Finance | Legislative

Hillsborough Clean Energy Advocates Applaud DeSantis' Veto of The Rooftop Solar Bill
WUSF Public Media | Apr. 29 | Energy Finance | Green Finance | Legislative

The North America Food Service Packaging Market Continuing to Increase Its Value
yahoo! finance | Apr. 27 | Federal | Food Systems Finance | U.S. Dept. of Agriculture (USDA)

Colorado House Panel Passes Bill Dealing with Metro Districts' Construction Bonds
coloradopolitics | Apr. 27 | Bond Finance | Housing Finance | Infrastructure Finance | Legislative | Tax Credits

Economic Development Bill Passes in Virginia
The Weirton Daily Times | Apr. 27 | Economic Development | Federal | Infrastructure Finance | Legislative | Revolving Loan Funds (RLFs) | U.S. Dept. of Transportation (DOT) | U.S. Economic Development Administration (EDA)

Chicago Water Reclamation District Gets State POB Authority
The Bond Buyer | Apr. 26 | Bond Finance | Federal | Legislative | Tax Credits | Water Finance

Historic Hotel Brought Back to Life with $59M from Twain Financial
CISION | Apr. 26 | Community Development | Federal | Historic Preservation | State Finance Program | Tax Credits

Missouri House Passes Bill Providing a One-Time Tax Credit for Some Residents
kcur | Apr. 22 | Legislative | State Finance Program | Tax Credits

Governor Ron DeSantis Awards More Than $15.6M to 10 Florida Communities
fl gov | Apr. 22 | Access to Capital | Community Development | Economic Development | Federal | Infrastructure Finance | Rural Development | U.S. Dept. of Agriculture (USDA) | U.S. Economic Development Administration (EDA)

USDA Invests $17.5M in Vergennes, VT Water and Waste Disposal Project
VermontBiz | Apr. 21 | Access to Capital | Bond Finance | Federal | Infrastructure Finance | U.S. Dept. of Agriculture (USDA) | U.S. Environmental Protection Agency (EPA)

Local Meat Processing: Rebuild Begins in Lamoni, IA
FarmProgress | Apr. 21 | Access to Capital | Federal | Food Systems Finance | Innovation Finance | U.S. Dept. of Agriculture (USDA)

Reforms Could Help Oregon Families Missing Out on Millions in Tax Credits
Oregon Capital Chronicle | Apr. 20 | Federal | Legislative | State Finance Program | Tax Credits

New Mexico Enacts Community Solar, Commits to Energy Equity
Daily Lobo | Apr. 19 | Energy Finance | Green Finance | Legislative

Small Businesses Object to Rerouting of COVID-19 Aid
The Wall Street Journal | Apr. 18 | Access to Capital | Economic Development | Federal | Legislative | Social Finance | State Small Business Credit Initiative (SSBCI)

Amendments to the New York State Brownfield Cleanup Program
Mondaq | Apr. 15 | Brownfield Financing | Federal | Legislative | Redevelopment

Norman Officials Seek Federal Funding to Restore Damaged Bridges
OU Daily | Apr. 13 | Bond Finance | Federal | Infrastructure Finance | U.S. Dept. of Transportation (DOT)

Advancing Funds for Affordable Housing and Stability in Colorado
Enterprise | Apr. 13 | Access to Capital | Community Development | Economic Development | Housing Finance | Legislative

Missouri House GOP Pitches $500 Tax Breaks for Individuals
ky3 | Apr. 12 | Legislative | State Finance Program | Tax Credits

Biden Administration Releases Rural Playbook, Launches Building a Better America Rural Infrastructure Tour
The White House | Apr. 11 | Access to Capital | Federal | Infrastructure Finance | Resiliency | Rural Development

Catalytic Funding for Tribal Communities and Small Businesses at Stake in Congress's COVID-19 Plan
ImpactAlpha | Apr. 7 | Access to Capital | Economic Development | Federal | Legislative | State Small Business Credit Initiative (SSBCI)

Ohio's Beginning Farmer Tax Credit Bill Moves Forward
Ohio's Country Journal | Apr. 7 | Access to Capital | Agriculture Finance | Legislative | Tax Credits

Ohio NRCS Announces Second Round of Conservation Stewardship Program Funding
Ohio Country Journal | Apr. 6 | Access to Capital | Agriculture Finance | Federal | Resiliency


New Additions to the Online Resource Database

CDFA Letter with SSBCI Interim Final Rule Comments
Federal | Legislative | State Small Business Credit Initiative (SSBCI)
The Council of Development Finance Agencies (CDFA) and its SSBCI Coalition write to provide comments in response to the U.S. Department of the Treasury Interim Final Rule on Demographics-Related Reporting Requirements for the SSBCI program. Detailed responses to the IFR reflect broad concerns, which are expressed in this letter.

The Opportunity Zones Transparency, Extension, and Improvement Act One Pager
Access to Capital | Federal | Legislative | Opportunity Zones
Senators Booker and Scott and Representatives Kind and Kelly, along with Senators Warner, Young, and Van Hollen, and Representatives Sewell, Walorski, and Kildee, propose a series of improvements to the Opportunity Zones policy to further their shared vision for the program to catalyze funding to these communities and level the economic playing field for their residents.

The Opportunity Zones Transparency, Extension, and Improvement Act Section-by-Section Summary
Access to Capital | Federal | Legislative | Opportunity Zones
This resource offers a section-by-section summary of the bipartisan, bicameral bill to reform opportunity zones introduced by Senators Booker, Scott, and Kelly. This legislation would reinstating and expanding the reporting requirements, ending Opportunity Zones that are not impoverished, create pathways for smaller-dollar impact investments, and more.

The Opportunity Zones Transparency, Extension, and Improvement Act
Access to Capital | Federal | Legislative | Opportunity Zones
U.S. Senators Cory Booker (D-NJ) and Tim Scott (R-SC) and U.S. Representatives Ron Kind (D-WI) and Mike Kelly (R-PA) introduced a bipartisan, bicameral bill reforming Opportunity Zones, the tax incentive for individuals who reinvest unrealized capital gains into high-impact projects in underserved communities.

Sign-on! Letter to the U.S. Department of the Treasury Issued by CDFA and the SSBCI Coalition
Federal | Legislative | State Small Business Credit Initiative (SSBCI) | Access to Capital | Economic Development
The Council of Development Finance Agencies (CDFA) and the national State Small Business Credit Initiative (SSBCI) Coalition call on the U.S. Department of the Treasury to fully implement the SSBCI program, and immediately deploy capital to Eligible Governments and Technical Assistance providers. Treasury's prolonged regulatory and review process has exposed the program to Congressional scrutiny.


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

  • BNY Mellon
  • Bricker & Eckler LLP
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
  • CohnReznick
  • FBT Project Finance Advisors LLC
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  • MuniCap, Inc.
  • NW Financial Group, LLC
  • PGAV Planners, LLC
  • Raza Development Fund
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  • Stern Brothers
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
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