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CDFA Rural Development Finance Update - November 21, 2023

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Rural Development Finance Update
November 21, 2023
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Rural Development Finance Update


Join CDFA for Our New Intro Federal Finance Course
Register for CDFA's Intro Federal Finance Course taking place on December 13-14 to learn the federal funding resources available to help advance economic development. Our panel of expert speakers will discuss how federal support tools can work in coordination with other development finance tools for programs and projects on the local level.

CDFA Coalition Submits $2B Clean Investment Accelerator for DFAs Proposal Under Greenhouse Gas Reduction Fund Competition
CDFA and its coalition partners submitted a $2 billion Clean Investment Accelerator for Development Finance Agencies (DFAs) proposal for the Clean Communities Investment Accelerator competition under the Greenhouse Gas Reduction Fund. Under this program, CDFA and its coalition partners will launch a 6-year accelerator program designed to serve a community lender network of DFAs to build the expertise and financial capacity of DFAs to fund qualified projects that reduce or avoid emissions of greenhouse gas and other pollutants in low-income and disadvantaged communities.

$15.6M for Cooperatives to Increase Economic Opportunity, Equity in Rural North Carolina
The U.S. Department of Agriculture (USDA) is investing $15.6 million in loans and grants to spur economic development, catalyze rural prosperity, and advance equity through rural cooperatives in rural North Carolina. Nationally, this announcement includes a total of $1.2 billion in awards that will support 112 projects in diverse communities and industries.

U.S. EPA Provides $90M for Tribal Recycling Infrastructure Projects
The U.S. Environmental Protection Agency (EPA) announced 59 selectees to receive over $60 million in Solid Waste Infrastructure for Recycling (SWIFR) grants for Tribes and Intertribal Consortia, and 25 selectees to receive over $33 million in Recycling Education and Outreach (REO) grants. These grants are funded under the Bipartisan Infrastructure Law and will expand recycling infrastructure and education for waste management systems across the country.

USDA Provides $117M to Arizona for Rural Infrastructure Projects
The U.S. Department of Agriculture (USDA) announced $117.5 million in investments across rural Arizona and throughout Rural Partners Network Communities to bring job growth, advance clean energy, bring high-speed internet to rural areas, and drive economic change in historically underserved areas.

White House Announces Over $5B in Rural Community Support
President Biden announced over $5 billion in new investments from his Investing in America agenda – including the Bipartisan Infrastructure Law and the Inflation Reduction Act – to advance rural prosperity, economic development, competition, and sustainability. The funds will go toward infrastructure projects, economic development, climate-smart agriculture, broadband internet, and renewable energy projects.

Hawaii Community Lending to Receive $2.4M USDA Loan to Finance Homes
Hawaii Community Lending will receive a $2.4 million loan from the U.S. Department of Agriculture (USDA) to finance 10 homes. Hawaii Community Lending is one of eight Native Community Development Financial Institutions to receive USDA funding to expand homeownership opportunities for Native communities.

USDA's Conservation Reserve Program Provides $1.8B for Climate-Smart Ag in 2023
The U.S. Department of Agriculture (USDA) has issued more than $1.77 billion so far in 2023 to agricultural producers and landowners through its Conservation Reserve Program (CRP), a critical piece of the Department's efforts to support climate-smart agriculture and forestry on working lands. CRP's more than 667,000 participants received payments from USDA's Farm Service Agency (FSA) for their voluntary conservation efforts on more than 23 million acres of private land.

Upcoming Events
Intro Federal Finance WebCourse

CDFA Food Systems Finance Webinar Series: Restoring Local Food Systems Through Finance
November 28, 2023 - 2:00 PM - 3:30 PM Eastern
In this installment of the CDFA Food Systems Finance Webinar Series, we will illustrate the Reframe, Build, Plan framework of critical success factors that are needed to expand financing and drive capital into local food systems.

2023 Equitable Lending Learning Series: Program Design
December 5, 2023 - 1:00 PM - 4:00 PM Eastern
During this event in the Equitable Lending Learning Series, speakers will discuss how loan fund programs have traditionally been designed, introduce technical strategies and best practices for proactively reducing barriers to capital among prospective borrowers, and share examples of loan funds with replicable program innovations.

USDA Rural Development News

USDA Highlights Investments Under Bipartisan Infrastructure Law
Since the Bipartisan Infrastructure Law became law two years ago, the U.S. Department of Agriculture has used the law's funding to advance economic opportunity, telemedicine, and distance learning in rural America, with investments in high-speed internet; protecting and making communities more resilient to wildfires by restoring forests and investing in the wildland fire workforce; and supporting innovative solutions to the many environmental, economic and social challenges in communities across the nation.

USDA Invests $28M to Support Beginning Farmers and Ranchers
The U.S. Department of Agriculture (USDA) announced an investment of $27.9 million across 45 organizations that teach and train beginning farmers and ranchers, including programs for U.S. veterans who are entering into agricultural careers and starting new farming businesses. This investment is part of the National Institute of Food and Agriculture's Beginning Farmer and Rancher Development Program, which supports a wide range of professional development activities and topics.

Colby, KS Receives USDA Rural Development Loans for Construction of Motels
U.S. Department of Agriculture (USDA) Kansas State Director for Rural Development Christy Davis announced that Rural Development is investing more than $6.6 million in loans and grants to spur economic development through rural cooperatives in Kansas, including in Colby.

Lake Francis, NH Development Corporation Receives USDA Grant for RLF Program
The Lake Francis Case Development Corporation has been granted a $54,000 revolving loan fund (RLF) grant from the United States Department of Agriculture (USDA) Rural Development. The funds will be used to help address community needs like housing and child care, as well as business retention, expansion, and development. The USDA Rural Development RLF program will target businesses with fewer than 50 new workers and less than a million dollars in gross revenue.

Western Iowa Power Co-Op Receives $11M USDA Loan for Infrastructure
The Western Iowa Power Cooperative has been approved for an $11 million loan through the U.S. Department of Agriculture (USDA) Electric Infrastructure Loan and Loan Guarantee program for infrastructure improvements in nine counties. The company will use the low-interest loan funding to connect 220 additional customers and improve 62 miles of existing lines. The loan includes $2.1 million for "smart grid" technologies.

USDA Announces $50M for Forest Products Economy, Rural Development
The U.S. Department of Agriculture's (USDA) Forest Service is making nearly $50 million in grant funding available for proposals that support crucial links between resilient, healthy forests, strong rural economies, and jobs in the forestry sector. This funding was made possible by the Inflation Reduction Act and will spark innovation, create new markets for wood products and renewable wood energy, expand processing capacity, and help tackle the climate crisis.

Rural Development Finance News

U.S. DOT Invests $3.4M Through Rural and Tribal Assistance Pilot Program
U.S. Department of Transportation | Nov. 20 | Access to Capital | Infrastructure Finance | Legislative | Rural Development | Tribal Finance | U.S. Dept. of Transportation (DOT) | Transportation

Utah Flour Milling Planning Large Expansion in Richmond, UT
cachevalleydaily.com | Nov. 15 | Economic Development | Rural Development | Tax Increment Finance (TIF)

Alabama's Auburn University Receives $2M for Rural Health Care Access Project
Auburn University | Nov. 15 | Federal | Healthcare | Rural Development | U.S. Dept. of Treasury

Texas Passes New Funds to Support Power and Water Developments
O'Melveny | Nov. 10 | Energy Finance | Infrastructure Finance | Rural Development | Water Finance

Guide to Rural and Tribal Capacity-Building Programs
CAP 20 | Nov. 6 | Federal | Infrastructure Finance | Rural Development | Tribal Finance

$750M Investment to Expand Broadband to 140K New Ohio Households and Businesses
Yahoo! Finance | Nov. 3 | Infrastructure Finance | Public-Private Partnership (P3) Financing | Rural Development

SSBCI Funding the "Gold Rush Outpost" Now in Native Hands
North Coast Journal | Nov. 3 | Access to Capital | Disaster Recovery & Relief | Rural Development | Tribal Finance | U.S. Dept. of Treasury

U.S. DOE Announces $440M for Solar Panel Installation in Puerto Rico
U.S. Department of Energy | Nov. 3 | Energy Finance | Green Finance | Legislative | Rural Development | U.S. Dept. of Energy (DOE)

Franklin, NC Brownfield Cleanup Gets Grant Funding
Smoky Mountain News | Nov. 1 | Brownfield Financing | Rural Development | State Finance Program | State Brownfield Programs

New Mexico Announces $235.1M for Indian Water Rights Settlements and Infrastructure
Office of U.S. Senator Martin Heinrich | Nov. 1 | Legislative | Rural Development | Tribal Finance | Water Finance

North Dakota to Receive $27M from Bipartisan Infrastructure Law for Water Projects
Office of U.S. Senator Kevin Cramer | Oct. 30 | Infrastructure Finance | Legislative | Rural Development | Water Finance | Drinking Water | Sewage & Waste

NYS to Clean Up Chestertown, NY Brownfield
The Sun | Oct. 29 | Brownfield Financing | Community Development | Rural Development | Local Brownfield Programs

Senior Housing Project in Lewisburg, PA Considered for ARPA Funding
The Daily Item | Oct. 25 | Housing Finance | Incentives | Rural Development | Tax Credits

Biden Awards $7B for Clean Hydrogen Hubs to Help Replace Fossil Fuels
WTOP | Oct. 18 | Energy Finance | Infrastructure Finance | Public-Private Partnership (P3) Financing | Rural Development | Tribal Finance | Water Finance

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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