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CDFA Legislative and Federal Affairs Update - September 6, 2022

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

Legislative Features

President Biden Signs Inflation Reduction Act
President Biden signed into law a sweeping bill to lower health care costs and address climate change on August 16, 2022. The $740B bill includes some of President Biden's key campaign promises and makes the largest investment in federal climate programs in history.

Learn About Financing Infrastructure at the CDFA National Development Finance Summit
Join us at the CDFA National Development Finance Summit, Presented by CHFA, in Denver, CO on Thursday, November 3 to learn from experts how to prepare for and finance critical infrastructure projects, such as roads, bridges, power and grid, passenger and freight rail, and broadband. Registration is open and the full agenda is available to view online!

Strategic Implementation of Federal Funding for Utilities
Utilities are faced with a rare and remarkable opportunity to impact the present-day situation of their users and rate payers while also altering the long-term future of their entire communities. With the American Rescue Plan and the Infrastructure, Investment and Jobs Act allocating billions of dollars to upgrade aging utility infrastructure and improve utility system resilience, utilities simply cannot afford to sit this one out.

Niagara Falls Public Safety Improvements Funded Through American Rescue Plan
Congressman Brian Higgins and Niagara Falls, NY Mayor Robert Restaino announced several public safety investments made possible by the more than $57M received through the American Rescue Plan (ARP). Niagara Falls has plans to invest over $11.4M of its ARP funding in public safety,

Inflation Reduction Act Will Deliver $19.5B in Funding for Climate-Smart Agriculture
The USDA welcomed the passage of the Inflation Reduction Act, which will deliver $19.5B in new conservation funding to support climate-smart agriculture. This funding will bolster the new steps that USDA's Natural Resources Conservation Service announced to improve opportunities for nutrient management.

Sweeping Climate Bill Will Push American Energy to Go Green
After decades of inaction in the face of escalating natural disasters and sustained global warming, Congress hopes to make clean energy so cheap in all aspects of life that it's nearly irresistible. The House of Representatives is poised to pass a transformative bill on August 12, that would provide the most spending to fight climate change by any one nation ever in a single push.

Sens. Booker, Schumer, Wyden Introduce Cannabis Administration and Opportunity Act
The comprehensive legislation would end federal cannabis prohibition by removing cannabis from the Controlled Substances Act. It empowers states to create their own cannabis laws, ensures federal regulation protects public health and safety, and prioritizes restorative and economic justice.

Upcoming Events
CDFA National Development Finance Summit

CDFA Ohio Financing Roundtable
September 14, 2022 - Columbus, OH
During this special one-day conference, we will share knowledge of best practices within the state's development finance industry. This event will feature economic development finance experts from around the state discussing the latest and most innovative development finance tools, authorities, resources, and approaches, and how these can affect the Ohio economy going forward.

Intro Tax Credit Finance WebCourse
September 19-20, 2022 - Daily: 12:00 - 5:00 PM Eastern
The Intro Tax Credit Finance WebCourse examines the application of tax credit programs in greater economic development finance efforts. This course discusses the practical application of tax credit programs including brownfields, new markets, low-income housing, historic preservation, and state-specific programs.

Federal Features

$75M Invested in Rural West Virginia for Clean Water and Safe Wastewater Infrastructure
U.S. Department of Agriculture announced a $75M investment in critical infrastructure improvements that will ensure thousands of rural people in Greenbrier County, WV have clean drinking water and sanitary wastewater systems for years to come. The money will fund two projects to upgrade aging, failing water infrastructure.

Biden-Harris Administration Invests $65M in Clean Water, Roads, Trails Improvement
The Biden-Harris Administration announced more than $65 million of investments, through the Infrastructure Law, to help the U.S. Department of Agriculture's Forest Service improve water quality, roads, trails and fish habitat nationwide.

USDA Invests $121M in Critical Infrastructure to Combat Climate Change
The USDA announced that it is investing $121M in critical infrastructure to combat climate change across rural America. The investments include $111M for 289 projects to help people living in socially vulnerable communities. These investments reflect the goals of President Biden's Inflation Reduction Act, which addresses immediate economic needs and includes the largest ever federal investment in clean energy for the future.

USDA to Invest up to $300M in New Organic Transition Initiative
The U.S. Department of Agriculture's (USDA) $300M investment, including with American Rescue Plan funds, in a new Organic Transition Initiative will help build new and better markets and streams of income for farmers and producers. Organic production allows producers to hold a unique position in the marketplace and thus take home a greater share of the food dollar.

New York Awarded $501.5M in Federal Funds to Support Small Businesses
New York State has been awarded $501.5 million in federal funds through the State Small Business Credit Initiative, which was reauthorized and expanded as part of the American Rescue Plan Act. The initiative is managed by the U.S. Department of Treasury and provides funds to support programs for small businesses, with emphasis on those still struggling from the economic impact of the COVID-19 pandemic.

Inflation Reduction Act: Tax Implications for Public Finance Transactions
Key provisions of the IRA relate to energy (including tax credits), healthcare, tax reform and deficit reduction. Unfortunately, the IRA falls short of including any tax-exempt financing tools.  Communities relying on public financing have been requesting provisions such as protections for direct pay subsidy bonds from continued federal sequestration, an expansion of volume cap for exempt facility bonds especially to satisfy the demand for affordable low-income housing, etc. The IRA includes none of the requested provisions.

USDA Invests Nearly $8M to Improve Dietary Health and Nutrition Security
The USDA announced the availability of nearly $8M to support the Gus Schumacher Nutrition Incentive Program Produce Prescription Program. The funding is part of USDA's American Rescue Plan efforts and will be administered by USDA's National Institute of Food and Agriculture.

USDA-EPA Partnership Launched to Provide Wastewater Sanitation to Underserved Communities
The USDA and the EPA announced the Closing America's Wastewater Access Gap Community Initiative, which will be piloted in 11 communities across the country where residents lack basic wastewater management. The EPA and USDA will jointly leverage technical assistance resources to help historically underserved communities identify and pursue federal funding opportunities.

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 Defense (DOD)

Community Economic Adjustment Assistance for Establishment, Expansion, Realignment, or Closure of a Military Installation Program
This program assists States and local governments to: plan and carry out adjustment strategies; engage the private sector to plan and undertake community economic development and base redevelopment;...

Agency Seal U.S. Dept. of Education (DoED)

Promise Neighborhoods Program
The purpose of the Promise Neighborhoods program is to significantly improve the academic and developmental outcomes of children living in the most distressed communities of the United States,...

Agency Seal U.S. Dept. of Energy (DOE)

Renewable Electricity 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. Dept. of Health & Human Services (HHS)

NIH Funding Opportunities
The Department of Health and Human Services' (DHHS) National Institutes of Health offer a range of solicitied and unsolicited funding opportunities for research organizations.

Legislative and Federal Headlines

USDA Announces $21.9M Awarded to Further Strengthen Meat and Poultry Supply Chains
USDA | Aug. 31 | Access to Capital | Agriculture Finance | Federal | Food Systems Finance | U.S. Dept. of Agriculture (USDA)

USDA Announces Up to $550M for Projects Benefiting Underserved Producers
USDA | Aug. 24 | Access to Capital | Agriculture Finance | Federal | Social Finance | U.S. Dept. of Agriculture (USDA)

Maryland Governor Hogan Announces SSBCI Programs Now Open
Maryland Governor's Office | Aug. 23 | Access to Capital | Development Finance Toolbox | Disaster Recovery & Relief | Economic Development | Federal | State Small Business Credit Initiative (SSBCI) | U.S. Dept. of Treasury | COVID-19 | State Small Business Credit Initiative (SSBCI)

President Biden Signs Historic Legislation Providing Expansive Clean Energy Tax Incentives
The National Law Review | Aug. 22 | Energy Finance | Green Finance | Infrastructure Finance | Legislative | Tax Credits

USDA Investing $197M in Partner-Driven, Locally Led Conservation
USDA | Aug. 12 | Access to Capital | Agriculture Finance | Federal | U.S. Dept. of Agriculture (USDA)

Four Michigan Transportation Projects to Receive $52M in Federal Funding
The Detroit News | Aug. 11 | Economic Development | Infrastructure Finance | Legislative | Rural Development | Tribal Finance | U.S. Dept. of Transportation (DOT) | Urban Development

$14.9M for Affordable Housing, Child Care, and Internet Access in Outagamie County, WI
Post Crescent | Aug. 11 | Economic Development | Federal | Housing Finance | Rural Development | COVID-19

Biden-Harris Administration Invests $74M to Improve Health Care for States, Guam, and Puerto Rico
USDA | Aug. 11 | Access to Capital | Federal | Healthcare | Rural Development | U.S. Dept. of Agriculture (USDA)

Inflation Reduction Act: Initial Takeaways for Green Technology, Taxes, and Healthcare
JD Supra | Aug. 10 | Access to Capital | Bond Finance | Community Development | Development Finance Toolbox | Economic Development | Energy Finance | Federal | Green Finance | Housing Finance | Infrastructure Finance | Legislative | Rural Development | Social Finance | Tax Credits | Transportation | Legislative Activities | Ag Finance | Health | Renewable Energy Production Tax Credit (PTC) | Renewable Energy Investment Tax Credit (ITC)

EPA Announces $79M Investment to Protect and Restore the Columbia River Basin
EPA | Aug. 10 | Access to Capital | Agriculture Finance | Federal | Infrastructure Finance | Resiliency | U.S. Environmental Protection Agency (EPA)

Governor Mills Praises U.S. Treasury Approval of $62M to Support Maine Small Businesses
STL News | Aug. 9 | Access to Capital | Community Development | Federal | Innovation Finance | Social Finance | State Small Business Credit Initiative (SSBCI)

Federal Program Helps Alaska Villages Get $100M for Broadband Access
U.S. News | Aug. 9 | Community Development | Economic Development | Federal | Infrastructure Finance | Broadband

New Hampshire Welcomes $6.1M to Update Newport Wastewater Facility
Office of Senator Shaheen | Aug. 8 | Access to Capital | Community Development | Infrastructure Finance | Legislative | Revolving Loan Funds (RLFs) | Water Finance | Water Finance | Sewage & Waste

$61M Secured for Montana Small Businesses
Valley Journal | Aug. 3 | Disaster Recovery & Relief | Economic Development | Federal | Legislative | State Small Business Credit Initiative (SSBCI) | Treasury State Small Business Credit Initiative (SSBCI) | COVID-19

Governor Hochul Announces Completion of $17M Housing Development in Onondaga County, NY
Governor.ny | Aug. 3 | Community Development | Federal | Housing Finance | Tax Credits

Sanders Announces More Than $42M in Funding for the State of Vermont
VB | Aug. 2 | Agriculture Finance | Community Development | Education | Energy Finance | Healthcare | Housing Finance | Infrastructure Finance | Legislative | Rural Development | Water Finance

New Additions to the Online Resource Database

Business Oregon to Offer Free SSBCI Webinars
Access to Capital | Community Development | Disaster Recovery & Relief | Economic Development | Federal | Legislative | Member News | Social Finance | State Small Business Credit Initiative (SSBCI)
Business Oregon is offering several free webinars about the State Small Business Credit Initiative (SSBCI) program in September. See Business Oregon's website for descriptions of the webinar content, registration information, and additional details on plans for investment.

Treasury Approves Four Additional State Plans Through the SSBCI
Access to Capital | Development Finance Toolbox | Disaster Recovery & Relief | Economic Development | Federal | Social Finance | State Small Business Credit Initiative (SSBCI)
The U.S. Department of Treasury announced approval of state plans for Colorado, Oregon, New York, and Montana under the State Small Business Credit Initiative for up to $750M in funds to expand access to capital for small businesses. 

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

  • BNY Mellon
  • Bricker & Eckler LLP
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
  • CohnReznick
  • FBT Project Finance Advisors LLC
  • Frost Brown Todd LLC
  • gener8tor
  • 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
  • Stern Brothers
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
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