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CDFA Legislative and Federal Affairs Update - June 1, 2021

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Legislative and Federal Affairs Update
June 1, 2021
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Legislative and Federal Affairs Update


CDFA Releases Policy Proposal on Financing Electric Vehicle Charging Stations
To meet the need for electric vehicle (EV) infrastructure expansion, CDFA recommends the creation of a new Exempt Facility Bond category for vehicle recharging stations that would complement existing federal programs by making bonds available for the rapid expansion of charging infrastructure. CDFA also recommends that several existing federal financing programs be modified to allow for the financing of EV charging stations.

Discover Innovative Infrastructure Strategies at CDFA's Intro Infrastructure Finance Course
Financing infrastructure has become one of the nation's most pressing concerns. The Intro Infrastructure Finance WebCourse will bring together development finance experts from different infrastructure disciplines to analyze the financing tools being used nationwide. This interactive web course will help communities understand the fundamental concepts behind infrastructure projects with a focus on raising capital to achieve local and regional needs.

Legislative Features

Senate Finance Committee Advances Energy Tax Credit Overhaul Bill Amid Partisan Deadlock
Members of the Senate Finance Committee vied on Wednesday to add and preserve resource-specific tax credits to the Clean Energy for America Act, a bill intended to replace some 40 individual tax incentives with broader and more uniform tax credits tied to carbon emissions reductions. While Democratic members of the committee generally supported the bill, Republicans rejected the final version.

White House Releases Fact Sheet Detailing Housing Provisions in the American Jobs Plan
The Biden-Harris Administration is proposing a bold investment in America's housing infrastructure to make housing more affordable for working and middle-class families. The American Jobs Plan pairs $213 billion in direct funding with more than $100 billion in new and expanded tax credits with bipartisan support to build and modernize housing across the country.

Bipartisan Highway Bill Advances in Senate, Offering a Path Through Infrastructure Morass
A bipartisan proposal to spend hundreds of billions of dollars on highways advanced through a Senate committee Wednesday even as negotiations on a much bigger package continued to struggle — offering a possible off-ramp for Congress to make some progress on infrastructure this year. The bill, approved unanimously by the Senate Environment and Public Works Committee, would allocate $311 billion over five years for roads and highways.

Revival of Build America Bonds Receives Bipartisan Support
A revival of direct-pay Build America Bonds received bipartisan support Tuesday from the Democratic chairman and ranking Republican of the Senate Finance Committee. Other senators and the witnesses also advocated the restoration of tax-exempt advance refundings and an expansion of private activity bonds as lawmakers explored options for financing infrastructure.

U.S. Senate Adopts Drinking Water and Wastewater Infrastructure Act
This legislation includes $35 billion of new investment to support drinking water and wastewater infrastructure projects. Most funds are allocated to the Drinking Water State Revolving Fund and the Clean Water State Revolving Fund. A significant proportion of authorized funds specifically target the water systems and infrastructure needs of disadvantaged populations, including low-income communities, rural areas, and tribal lands.

Sens. Hoeven, Wyden Introduce Infrastructure Legislation That Includes Bonds, Tax Credits
Sen. John Hoeven (R-ND) and Sen. Ron Wyden (D-OR) this week reintroduced the Move America Act to bring billions of dollars to grow and repair infrastructure through an expansion of private activity bonds and the creation of an infrastructure tax credit. S. 1403 would allocate Move America Bonds to states, based on population size.

Upcoming Events
CDFA Virtual Summer School

Friday, June 4, 2021 - 1:00 PM - 2:00 PM Eastern

CDFA Federal Financing Webinar Series: Federal Financing for Energy and Water Systems
Tuesday, June 8, 2021 - 2:00 PM - 3:30 PM Eastern
During this installment of the CDFA Federal Financing Webinar Series, experts from the EPA and DOE will highlight best practices, case studies, and mitigation tools that will help your community finance critical projects.

CDFA // BNY Mellon Development Finance Webcast Series: Rural Broadband & Telehealth Financing
Tuesday, June 15, 2021 - 2:00 PM - 3:00 PM Eastern
During this webinar, experts will explain how rural communities can embrace the challenges of financing high-speed internet for the economic and societal gains provided by broadband.

Federal Features

Treasury Department Publishes SSBCI Request for Information in Federal Register
Treasury invites the public to comment on the SSBCI program design and implementation to support new and existing small businesses. Responses may be used by Treasury to assist in developing program design and guidance. Responses may also be used to inform Treasury's allocation of technical assistance funding to states, territories, and Tribal governments, the Minority Business Development Agency (MBDA), and programs implemented directly by Treasury. Responses must be received by June 4, 2021 to be assured of consideration.

OCC Announces It Will Reconsider Final Rule on CRA Regulations
The Office of the Comptroller of the Currency (OCC) announced that it will reconsider its final rule to modernize the agency's regulations for the Community Reinvestment Act (CRA) and will not implement much of the evaluation criteria in the May 2020 rule. The announcement says the OCC will continue to implement certain provisions that had a compliance date of Oct. 1, 2020.

SBA Launches $100M Community Navigator Pilot Program
U.S. SBA announced that it is accepting applications for its new Community Navigator Pilot Program. This new initiative, established by the American Rescue Plan, will leverage a community navigator approach to reach the smallest businesses, with a priority focus on those owned by socially and economically disadvantaged individuals, as well as women and veterans.

U.S. Department of the Treasury Launches the Coronavirus State and Local Fiscal Recovery Funds Program
The U.S. Department of the Treasury announced the launch of the Coronavirus State and Local Fiscal Recovery Funds Program, which will provide $350 billion in emergency funds to eligible entities including state, local, territorial, and tribal governments. Eligible entities may use Coronavirus State and Local Fiscal Recovery Funds to stabilize revenue downturns and address budget shortfalls.

HUD Announces $5B to House People Experiencing Homelessness
U.S. Department of Housing and Urban Development (HUD) Secretary Marcia L. Fudge announced the allocation of $5 billion in American Rescue Plan funds for emergency housing vouchers for individuals and families who are experiencing homelessness or at risk of homelessness. The supplemental funding is allocated through the Emergency Housing Voucher program. Through this program, HUD is providing 70,000 housing choice vouchers to local public housing authorities.

USDA Invests $92M in Grants for Local, Regional Food Producers Affected by the Pandemic
The USDA announced $92.2 million in competitive grant funding under the 2018 Farm Bill's Local Agriculture Market Program (LAMP). The LAMP grants are funded through the Farmers Market program as part of USDA's Pandemic Assistance for Producers Initiative. These grants support the development, coordination, and expansion of direct producer-to-consumer marketing, local and regional food markets and enterprises, and value-added agricultural products.

Full Participation in SSBCI 2.0 Program Anticipated
As of the May 10 deadline, every eligible state and local government had submitted to the U.S. Department of the Treasury (Treasury) a Notice of Intent to Apply (NOI) to the State Small Business Credit Initiative program (SSBCI 2.0). Treasury has been actively soliciting feedback from stakeholders through listening sessions and written comments in an effort to inform forthcoming program rules and the application process. Preliminary allocation amounts for a portion of available funding have been made public for states, territories, and Washington, D.C., however, SSBCI 2.0 capital has not yet been disbursed.

HUD Makes More Than $20M Available to Fight Housing Discrimination
HUD announced that it is making $20,229,156 available to fair housing organizations across the nation working to fight housing discrimination. The funds will support a variety of activities, including fair housing testing, education and outreach, and capacity building, and are being provided through the Department's Fair Housing Initiatives Program (FHIP).

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 Homeland Security (DHS)

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,...

Agency Seal U.S. Dept. of Housing & Urban Development (HUD)

CDBG Entitlement Program
CDBG Entitlement Program provides grants to entitled metropolitan cities and urban counties to meet their housing and community development needs

Agency Seal U.S. Dept. of Justice (DOJ)

Office for Victims of Crime Grants
Federal, state, and tribal victim assistance programs receive formula grants, discretionary grants, and set-asides according to an annual allocation procedure.

Agency Seal U.S. Dept. of the Interior (DOI)

Energy and Mineral Development Program (EMDP)
Grants to federally-recognized tribal organizations and Tribal Energy Development Organizations for projects that assess, evaluate, or otherwise promote the productive use or development of energy...

Legislative and Federal Headlines

To Solve Climate Change, the Innovations We Need are Financial
The Hill | May. 28 | Energy Finance | Federal | Green Finance | Resiliency

Treasury Will Allow States to Take ARP Funds and Cut Taxes, With Some Guardrails
Tax Policy Center | May. 26 | Disaster Recovery & Relief | Economic Development | Federal | U.S. Dept. of Treasury | COVID-19

HUD Announces $145M Funding Opportunity to Address the Needs of Youth Experiencing Homelessness
HUD | May. 25 | Federal | Housing Finance | Rural Development | U.S. Dept. of Housing & Urban Development (HUD) | Urban Development

Do State and Local Governments Need to Worry About Inflation?
Governing | May. 25 | Community Development | Disaster Recovery & Relief | Economic Development | Federal | COVID-19

U.S. Department of Energy Announces $6.5M for Projects Advancing the Modernization of America's Water Infrastructure
U.S. Department of Energy | May. 25 | Federal | Infrastructure Finance | U.S. Dept. of Energy (DOE) | Water Finance

Biden's $15B for Hydrogen Tech Shows Ambition to Be Clean Energy World Leader
Benzinga | May. 25 | Energy Finance | Federal | Infrastructure Finance | Legislative

USDA Announces Assistance for Coastal Communities; Priority for National Scenic Areas Hit by Wildfire
USDA | May. 24 | Federal | Resiliency | Rural Development | U.S. Dept. of Agriculture (USDA)

Banks Fight $4B Debt Relief Plan for Black Farmers
The New York Times | May. 21 | Access to Capital | Agriculture Finance | Federal | Revolving Loan Funds (RLFs) | Social Finance | U.S. Dept. of Agriculture (USDA)

In First 11 Days, Treasury Distributes $105.3B through Coronavirus State and Local Fiscal Recovery Funds
U.S. Department of the Treasury | May. 20 | Disaster Recovery & Relief | Federal | U.S. Dept. of Treasury | COVID-19

Don't Fear the Taper: Fed to Dominate Treasury Market for Years
Bloomberg | May. 20 | Disaster Recovery & Relief | Economic Development | Federal | U.S. Dept. of Treasury | COVID-19

How the USDA Can Leverage a Carbon Bank for Farmers, Foresters, and the Climate
Environmental Defense Fund | May. 14 | Federal | Food Systems Finance | Green Finance | Incentives | Resiliency

91% of Cities Say Insufficient Funding Delaying Critical Infrastructure Investments
National League of Cities | May. 12 | Community Development | Infrastructure Finance | Legislative

For Farmers Surviving the Pandemic, Timely Federal Grants and CDFIs Made the Difference
Triple Pundit | May. 7 | Access to Capital | Agriculture Finance | Disaster Recovery & Relief | Federal | Revolving Loan Funds (RLFs) | COVID-19

Restaurants Get $28.6B in Relief as They Struggle to Hire, Open Doors
Fox 17 | May. 6 | Disaster Recovery & Relief | Federal | Food Systems Finance | COVID-19

Fact Sheet: Biden-Harris Administration Supports Hard-Hit Restaurants
The White House | May. 5 | Disaster Recovery & Relief | Federal | Food Systems Finance | U.S. Small Business Administration (SBA) | COVID-19

New Additions to the Online Resource Database

Fact Sheet: The American Jobs Plan Housing Provisions
Disaster Recovery & Relief | Economic Development | Housing Finance | Legislative | Tax Credits | Urban Development | Community Development | Energy Finance | Infrastructure Finance | Social Finance
The Biden-Harris Administration is proposing a bold investment in America's housing infrastructure to make housing more affordable for working and middle-class families. The American Jobs Plan pairs $213 billion in direct funding with more than $100 billion in new and expanded tax credits with bipartisan support to build and modernize housing across the country.

Made in America Tax Plan Report
Economic Development | Energy Finance | Green Finance | Infrastructure Finance | Legislative | Tax Credits
The Made in America Tax Plan Report describes President Biden's Made in America tax plan, part of the newly announced American Jobs Plan. Importantly, this tax plan would generate new funding to pay for a sustained increase in investments in infrastructure, research, and support for manufacturing, fully paying for the investments in the American Jobs Plan over a 15-year period and continuing to generate revenue on a permanent basis.

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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CDFA National Sponsors

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  • NW Financial Group, LLC
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  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
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