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CDFA Rural Development Finance Update - May 21, 2024

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Rural Development Finance Update
May 21, 2024
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Rural Development Finance Update


Join CDFA for Our Upcoming Intro Tax Increment Finance WebCourse
Register for CDFA's Intro Tax Increment Finance (TIF) WebCourse taking place on June 26-27. Join us to learn the guiding principles and appropriate application of TIF. Our panel of expert instructors will discuss TIF deal-making and best practices highlighted by projects from around the country.

USDA Funding Solar Energy Project for Rural Kansas Grocer
The U.S. Department of Agriculture (USDA) is giving more than $5 million to seven clean-energy projects in Kansas. Among the beneficiaries is White's Kingco Incorporated, a rural grocer receiving $500,000 for a solar energy project that'd provide enough energy to power 60 homes.

Westbrook, ME Farm Project Gets $60M in Public-Private Financing
A futuristic farming project planned for downtown Westbrook has secured nearly $60 million in new financing from public and private sources. Vertical Harvest Farms, which is building a 51,000-square-foot hydroponic farming building on Mechanic Street, has secured $59.5 million in the public-private collaboration. 

Center for Rural Affairs Awarded Over $60M to Build Solar for All Projects in Nebraska
The effort to bring solar to rural communities has been jump-started by over $7 billion in grant funding from the Biden administration's Solar for All project. In Nebraska, a little over $62 million in that funding is going to the Center for Rural Affairs to help build out solar projects of all sizes.

USDA Announces Clean Energy Investments for South Carolina Farms and Small Businesses
South Carolina's farms and rural small businesses are set to receive funding for clean energy projects soon, according to the U.S. Department of Agriculture (USDA). South Carolina is receiving $634,700 of funding through the Rural Energy for America Program (REAP).

USDA Invests Over $5M in 23 Renewable Energy Projects Across Indiana
U.S. Department of Agriculture (USDA) Rural Development Indiana State Director announced that the USDA will be funding 23 clean energy projects in Indiana. These projects aim to reduce energy costs, increase the availability of domestic biofuels, and offer new market opportunities for farmers, agricultural producers, and businesses in Indiana.

Arkansas Unveils First Entirely Solar-Powered Winery, Backed by USDA Rural Development
Arkansas now has its first 100 percent solar-powered winery with help from the partnership with the U.S. Department of Agriculture (USDA) Rural Development-Arkansas. Recipients of the Rural Energy for American Program (REAP) in 2019, Rusty Tractor Vineyards in Pulaski County were able to make improvements to its solar panel installation and energy efficiency improvements.

Rural Illinois Businesses Receive Over $500K in Rural Energy for America Grant Funds
U.S. Department of Agriculture (USDA) Acting State Director Molly Hammond announced the latest slew of investments USDA Rural Development has awarded rural Illinois businesses. The Department is awarding $567,000 in Illinois for projects through the Rural Energy for America Program (REAP).

Upcoming Events
Intro Tax Increment Finance WebCourse

CDFA // BNY Mellon Development Finance Webcast Series: AI & Bonds
May 21, 2024 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, panelists will unravel the multifaceted dimensions of AI's role in the municipal market, potential advantages and challenges that arise from embracing AI, and its impact on development finance.

CDFA-Bricker Graydon Webinar Series: Catalyzing Transformative Redevelopment with TIF
June 11, 2024 - 2:00 PM - 4:00 PM Eastern
Speakers on this event will present the basics of how these tools work and provide case studies highlighting how PACE and special assessment financing can be paired to create more environmentally sustainable projects.

USDA Rural Development News

USDA Announces $22M to Support Underserved and Veteran Farmers and Ranchers
The U.S. Department of Agriculture (USDA) announced $22.3 million available to community-based and nonprofit organizations, institutions of higher education, and tribal entities that help underserved and veteran farmers and ranchers own and operate successful farms. Funding is made through USDA's 2501 Program. This program is administered by USDA's Office of Partnerships and Public Engagement.

Next Slate of Economic Development Investments in Rural Partners Network Communities
U.S. Department of Agriculture (USDA) Deputy Secretary Xochitl Torres Small announced that USDA is funding dozens of new infrastructure upgrades and clean energy projects in rural and tribal communities participating in the Rural Partners Network (RPN). USDA is awarding approximately $144 million in loans and grants to support 56 projects that will help RPN communities address immediate needs and carry out long-term strategies for economic growth and stability.

USDA, Rutgers Announce Distance Learning Grant for Food, Agricultural Education in New Brunswick, NJ
U.S. Department of Agriculture (USDA) Rural Development State Director Jane Asselta joined leadership from the Rutgers New Jersey Agricultural Experiment Station (NJAES) to announce a $232,378 Distance Learning grant at the university's Institute for Food, Nutrition, and Health (IFNH) in New Brunswick. The project will provide distance learning services and equipment to support agricultural and food business viability and sustainability for the university.

USDA Awards $5.2M in Technical Assistance to Support Rural Broadband
The U.S. Department of Agriculture (USDA) announced partnerships with rural cooperatives, local organizations, and tribes to support high-speed internet deployment in 11 states. USDA is awarding $5.2 million in cooperative agreements through the Broadband Technical Assistance Program, which is funded through the Bipartisan Infrastructure Law. This funding will extend the reach of other high-speed internet programs to meet the Administration's goal to connect every community in America with affordable, reliable, high-speed internet. 

Investment in Clean Energy, Domestic Biofuels to Strengthen American Farms and Small Businesses
The U.S. Department of Agriculture (USDA) is funding more than 700 clean energy projects to lower energy bills, expand access to domestic biofuels, and create jobs and new market opportunities for U.S. farmers, ranchers, and agricultural producers. In all, USDA is providing $238 million in funding through the Rural Energy for America Program (REAP) and the Higher Blends Infrastructure Incentive Program (HBIIP).

Rural Development Finance News

Yellen Touts Broadband Investments in Trip to Rural Virginia
Reuters | May. 16 | Infrastructure Finance | Rural Development

U.S. Interior Invests $54.2M to Clean Up Legacy Pollution in North Dakota and West Virginia
U.S. Department of Interior | May. 13 | Brownfield Financing | Development Finance Toolbox | Federal | Rural Development

Invest Appalachia Fund Closes With $35M for Community-First Investing
Mountain Partnership | May. 13 | Access to Capital | Agriculture Finance | Innovation Finance | Rural Development | Angel Investment | Seed Capital

$8M USDA Investment to Strengthen Michigan's Food Supply Chain Infrastructure
Michigan Department of Agriculture & Rural Development | May. 9 | Community Development | Economic Development | Food Systems Finance | Rural Development

U.S. EDA Awards $2.2M to Coushatta Tribe of Louisiana for Broadband Access
Office of U.S. Senator Cassidy | May. 7 | Access to Capital | Development Finance Toolbox | Federal | Infrastructure Finance | Rural Development | Tribal Finance | U.S. Economic Development Administration (EDA)

Ohio Announces $152M for Appalachian Waterfront Development
Office of Ohio Governor DeWine | May. 6 | Access to Capital | Infrastructure Finance | Rural Development | State Finance Program

Grant Money and Tax Credit Incentives for New Colorado Rural Small Business Owners
KOAA | Apr. 30 | Economic Development | Rural Development | Tax Credits

More States Gain Full Approval of BEAD Proposals: $2B in Funding Coming Their Way
telecompetitor | Apr. 29 | Infrastructure Finance | Rural Development

Federal Agency Approves Kansas' Framework for Allocating $451M in Broadband Funding
Salina Post | Apr. 29 | Infrastructure Finance | Rural Development | U.S. Dept. of Commerce (DOC)

Louisville, GA Granted $2.2M for Rural Workforce Housing Program
WJBF | Apr. 23 | Community Development | Housing Finance | Rural Development

USDA Funding Clean Energy and Biofuels in Kansas
KSNW | Apr. 23 | Community Development | Economic Development | Energy Finance | Rural Development

Utah Rural Small Businesses Plan Switch to Solar Energy With Federal Grants
Yahoo! News | Apr. 22 | Economic Development | Energy Finance | Rural Development

$1.58M Grant Awarded to Columbus County, NC to Expand Roadway to International Business Park
WECT | Apr. 19 | Community Development | Economic Development | Infrastructure Finance | Rural Development

North Carolina Governor Announces Investment in Rural Communities
WCNC | Apr. 19 | Community Development | Economic Development | Rural Development

West Texas College of Engineering and PACE Helps Apply for Energy Grants
KVII | Apr. 18 | Agriculture Finance | Economic Development | Energy Finance | Rural Development

$48M Available to Alleviate Shortage of Safe, Affordable Farm Labor Housing
USDA Rural Development | Apr. 18 | Access to Capital | Agriculture Finance | Rural Development

The Council of Development Finance Agencies (CDFA) 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 www.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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