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CDFA Legislative and Federal Affairs Update - February 6, 2024

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Legislative and Federal Affairs Update
February 6, 2024
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Legislative and Federal Affairs Update

Legislative Features

Coming Up Next Month: CDFA's Intro and Advanced Bond Finance WebCourses
Join CDFA for our upcoming Bond Finance Week! The Intro Bond Finance WebCourse will take place on March 4-5 followed by the Advanced Bond Finance WebCourse on March 6-7. Register for one or both of these courses to learn from experts about how to bring economic growth to your community by utilizing the vast resources of the bond finance industry.

U.S. House of Representatives Passes $79B Bipartisan Tax Bill
The House passed a sweeping, bipartisan tax bill that would expand the child tax credit for American families and reinstate some tax cuts for businesses. The package would also increase the amount of federal money that states can receive to encourage the development of low-income housing, authorizing a 12.5% increase for the federal Low-Income Housing Tax Credit (LIHTC), which was originally meant to subsidize up to 70% of construction.

U.S. Department of Transportation Announces $4.9B for Infrastructure Projects
The U.S. Department of Transportation (DOT) announced more than $4.9 billion in funding for 37 projects through the National Infrastructure Project Assistance (Mega) grant program and the Infrastructure for Rebuilding America (INFRA) grant program. Two projects received awards from both programs, following through on DOT's commitment to invest in non-traditional, multimodal projects that have been neglected because of complications around how to fund them.

U.S. Treasury Provides $228M for New York Broadband Infrastructure
The U.S. Department of the Treasury announced more than $228 million for high-speed internet projects in New York under the American Rescue Plan's Capital Projects Fund (CPF). The award will fund New York's Municipal Infrastructure Program (MIP), a competitive grant program designed to fund local governments and internet service providers to build last-mile broadband infrastructure to tens of thousands of locations.

U.S. Department of Transportation Awards $1B Grant for Minnesota-Wisconsin Bridge
The U.S. Department of Transportation (DOT) awarded the Minnesota and Wisconsin transportation departments a $1 billion grant to assist in reconstructing the Blatnik Bridge that connects Duluth, MN and Superior, WI over the St. Louis Bay. The state legislatures have each committed $400 million for the project, totaling $1.8 billion.

U.S. Department of Transportation Awards $95M Grant for Arizona Highway Expansion
The U.S. Department of Transportation (DOT) awarded a $95 million grant to the state of Arizona to widen I-10 through Tucson. The grant was awarded to improve the safety and conditions on the 26-mile stretch of I-10 within the boundaries of the Gila River Indian Community. The total estimated project cost is approximately $1 billion.

U.S. DOT Provides $226M to Port of New Orleans, LA for Terminal Project
The Port of New Orleans, LA will receive $226.2 million for the Louisiana International Terminal Project in St. Bernard Parish from the Infrastructure Investment and Jobs Act (IIJA). This investment in a new container terminal is the U.S. Department of Transportation's (DOT) history and the third largest INFRA Grant Award for this round. The project will construct a new container terminal on the Gulf Coast for the Port of New Orleans that is not air-draft restricted.

U.S. Treasury Provides $82.2M for North Carolina Broadband Infrastructure
The U.S. Department of the Treasury approved $82.2 million for high-speed internet projects in North Carolina under the American Rescue Plan's Capital Projects Fund (CPF), which will connect approximately 16,000 homes and businesses to affordable, high-speed internet. This will fund the Broadband Stop Gap Solutions Program to extend high-speed internet service to reach individual or small pockets of households or businesses that have not been reached through prior federal investments. 

U.S. Department of Energy Announces $104M to Advance Net-Zero Federal Facilities
The U.S. Department of Energy (DOE) announced $104 million for energy conservation and clean energy projects at 31 Federal facilities under the Assisting Federal Facilities with Energy Conservation Technologies (AFFECT) program. This is the first of three disbursements from the historic $250 million in funding for the program in the Bipartisan Infrastructure Law. 

U.S. EPA Awards Nearly $1B for Electric and Low-Emission Buses
The U.S. Environmental Protection Agency (EPA) announced nearly $1 billion for school districts to replace diesel buses with cleaner versions, including electric buses. The grants are aimed at protecting kids from harmful air pollution while curbing the greenhouse gas emissions that are warming the planet. The money comes from the Bipartisan Infrastructure Law, which authorized a total of $5 billion for cleaner school buses.

Upcoming Events
2024 CDFA Federal Policy Conference

CDFA Tribal Finance Webinar Series: Federal Funding for Tribal Communities
February 13, 2024 - 2:00 PM - 3:30 PM Eastern
During this installment of the CDFA Tribal Financing Webinar Series, speakers from federal agencies will discuss financing tools and programs available to tribal nations to promote community health, restore local economies, and protect our environment.

CDFA // BNY Mellon Development Finance Webcast Series: Economic Development & Bond Finance
February 20, 2024 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, panelists will share how communities can use bonds in conjunction with tax increment financing, federal legislative programs, and other development financing tools for an array of projects.

Federal Features

The CDFA Federal Policy Conference is back!
CDFA is excited to host the 2024 Federal Policy Conference on April 2-3 in Washington, D.C.! The conference will include sessions featuring the SSBCI, the 2024 Farm Bill, clean energy and infrastructure investments, the 2024 election, and much more. Join federal agency and development finance industry experts and leave with a better understanding of the tools, resources, and regulatory changes impacting the entire federal development finance spectrum. Register today!

U.S. DOT Provides $31.4M Loan to Upgrade Critical Rail Lines in California
The U.S. Department of Transportation (DOT) announced a $31.4 million Railroad Rehabilitation and Improvement Financing (RRIF) loan to the Sierra Northern Railway (SNR) and Mendocino Railway (MRY) to expand and rehabilitate rail infrastructure in the Central Valley and Mendocino County, CA.

Applications Now Open for the 2024 Caren S. Franzini Fellowship
The Caren S. Franzini Fellowship was created to develop and recognize outstanding women in the field of development finance for their leadership and dedication to the advancement of the industry. This 6-month fellowship program, run through the CDFA Foundation, is open to women employed by a CDFA member organization who have worked in the development finance industry for less than 10 years. Apply by Friday, March 15!

U.S. DOT Approves $2.5B in Private Activity Bonds for Brightline West Project
The U.S. Department of Transportation (DOT) approved $2.5 billion in private activity bonds authority allocated for the Brightline West High-Speed Intercity Passenger Rail project connecting Las Vegas, NV and Southern California. The 218-mile, high-speed rail line will primarily run along the I-15 median. Brightline West's $12 billion high-speed rail project will be a fully electric, zero-emission system to become one of the greenest forms of transportation in the U.S.

U.S. HUD Makes $150M Available to Tribal Communities for Affordable Housing
The U.S. Department of Housing and Urban Development (HUD) announced $150 million in funding for affordable housing projects that benefit low-income families in American Indian and Alaska Native communities through the Indian Housing Block Grant (IHBG) Competition. Funding will support tribes and Tribally Designated Housing Entities (TDHEs) to carry out affordable housing activities.

U.S. DOT Announces $729M for Roads and Bridges Damaged by Natural Disasters
The U.S. Department of Transportation's (DOT) Federal Highway Administration (FHWA) is providing $729.4 million to 34 states, the District of Columbia, the U.S. Virgin Islands, and Puerto Rico to support repair needs following natural disasters, extreme weather, or catastrophic events, such as hurricanes, flooding, and mudslides. These events will receive federal reimbursement funding under the FHWA's Emergency Relief (ER) program as the result of major disaster declarations.

Stockton, CA Approves $1.3M Community Development Block Grant
Stockton, CA City Council approved a $1.3 million grant from the Community Development Block Grant Program. The money will be given to Delta Community Developers Corp., a nonprofit instrumentality of the Housing Authority County of San Joaquin, for the purchase of property located in north Stockton. The property will be converted into a 110-unit affordable senior housing complex.

U.S. HUD Proposes Rule to Promote Economic Development in Underserved Communities
The U.S. Department of Housing and Urban Development (HUD) published a Notice of Proposed Rulemaking in the Federal Register to update regulations for the Community Development Block Grant (CDBG) and Indian Community Development Block Grant Programs (ICDBG). The proposed rule would streamline program requirements, promote economic development and investments in underserved communities, and enable larger, transformative construction projects.

U.S. HUD Provides $12M for Little Rock, AR Women and Children's Shelter
The U.S. Department of Housing and Urban Development (HUD), the Arkansas Development Finance Authority, and the Windgate Foundation are awarding the Women & Children First (WCF), a domestic violence shelter in Little Rock, AR, more than $12 million for the construction of a shelter for women and children who are the victims of domestic violence.

USDA Provides $8.7M Loan to Exeter, PA for Sewer Upgrades
The U.S. Department of Agriculture's (USDA) Pennsylvania Office of Rural Development provided an $8.7 million loan to Exeter, PA to upgrade the borough's aging stormwater and sewage system. The loan was made under the Water and Waste Disposal Loan and Grant Program.

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)

Railroad Rehabilitation & Improvement Financing (RRIF) Program
The Railroad Rehabilitation & Improvement Financing (RRIF) program is authorized to provide direct loans and loan guarantees up to $35.0 billion to finance development of railroad infrastructure.

Agency Seal U.S. Dept. of Treasury

Coronavirus Relief Fund
The COVID-19 public health crisis and resulting economic crisis have put state, local, and Tribal governments under unprecedented strain. The Treasury Department is providing needed relief to state,...

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

Water Infrastructure Finance and Innovation Act (WIFIA) Program
The WIFIA program accelerates investment in our nation's water infrastructure by providing long-term, low-cost supplemental loans for regionally and nationally significant projects.

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 businesses start, grow, and succeed nationwide. SCORE is a resource partner with the U.S. Small Business...

Legislative and Federal Headlines

White House Announces $150M Investment in Regional Innovation Engines
The White House | Jan. 29 | Access to Capital | Innovation Finance | Legislative

USDA Invests Approximately $11.5M in Composting, Food Waste Reduction Projects
U.S. Department of Agriculture | Jan. 25 | Access to Capital | Federal | Food Systems Finance | U.S. Dept. of Agriculture (USDA)

Nevada to Receive $28M for Rail Corridor Enhancement Project
Office of U.S. Senator Jacky Rosen | Jan. 24 | Access to Capital | Infrastructure Finance | Legislative

U.S. EDA Awards $1.2M to Shoalwater Bay Indian Tribe for Infrastructure Development
U.S. Economic Development Administration | Jan. 23 | Access to Capital | Infrastructure Finance | Legislative | Tribal Finance | U.S. Economic Development Administration (EDA)

U.S. Department of Transportation Providing $13M to Port of Philadelphia, PA
Office of U.S. Senator Bob Casey | Jan. 23 | Access to Capital | Infrastructure Finance | Legislative | U.S. Dept. of Transportation (DOT)

Treasury, IRS Release Additional Guidance for EV Charging Infrastructure Incentives
American Public Power Association | Jan. 22 | Energy Finance | Federal | Tax Credits

USDA Invests $207M in Clean Energy and Domestic Fertilizer Projects for Farms
U.S. Department of Agriculture | Jan. 22 | Access to Capital | Agriculture Finance | Energy Finance | Food Systems Finance | Green Finance | Legislative | U.S. Dept. of Agriculture (USDA)

New York Announces $78M for Water Infrastructure Projects
Office of New York Governor Hochul | Jan. 18 | Access to Capital | Infrastructure Finance | Legislative | Water Finance | Water Finance

Treasury, IRS Issue Guidance for Section 45V Hydrogen Production Tax Credit
McGuireWoods | Jan. 17 | Energy Finance | Federal | Tax Credits

U.S. Department of Energy Awards $34M for Power Grid Projects in 11 States
U.S. Department of Energy | Jan. 16 | Development Finance Toolbox | Energy Finance | Infrastructure Finance | Legislative | U.S. Dept. of Energy (DOE)

USDA Invests $26M to Strengthen Pennsylvania Food Supply Chain Infrastructure
U.S. Department of Agriculture | Jan. 10 | Access to Capital | Federal | Food Systems Finance | U.S. Dept. of Agriculture (USDA)

U.S. HUD Provides $5M to Overhaul Park in Bayonne, NJ
Insider NJ | Jan. 9 | Access to Capital | Development Finance Toolbox | Federal | U.S. Dept. of Housing & Urban Development (HUD)

U.S. Department of the Interior Announces $138M for Wildfire Mitigation, Resilience
U.S. Department of the Interior | Jan. 9 | Disaster Recovery & Relief | Legislative | Resiliency

U.S. EPA Provides $53.3M for Clean School Buses in Connecticut and Massachusetts
U.S. Environmental Protection Agency | Jan. 8 | Access to Capital | Energy Finance | Green Finance | Legislative | U.S. Environmental Protection Agency (EPA)


New Additions to the Online Resource Database

U.S. EDA Regional Technology & Innovation Hubs Program Overview
Access to Capital | Innovation Finance | Legislative | State Small Business Credit Initiative (SSBCI)
During the January 2024 State Small Business Credit Initiative (SSBCI) all-jurisdiction overview, the U.S. Economic Development Administration (EDA) presented a summary of the Regional Technology & Innovation Hubs Program.

CHIPS for America and Small Business Opportunities
Access to Capital | Legislative | State Small Business Credit Initiative (SSBCI)
During the January 2024 State Small Business Credit Initiative (SSBCI) quarterly all-jurisdiction call, the National Institute of Standards and Technology provided an overview of the CHIPS for America program and its small business opportunities.


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 Graydon LLP
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
  • CohnReznick
  • Frost Brown Todd LLP
  • Grow America | Formerly NDC
  • Hawes Hill and Associates LLP
  • Hawkins Delafield & Wood LLP
  • Ice Miller LLP
  • KeyBanc Capital Markets
  • Kutak Rock LLP
  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
  • PGAV Planners, LLC
  • Raza Development Fund
  • SB Friedman Development Advisors
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
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