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CDFA Rural Development Finance Update - September 21, 2022

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Rural Development Finance Update
September 21, 2022
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Rural Development Finance Update

Features

Come Hear Experts' Insights on Unlocking Capital for Native American Communities
Developing an understanding of tribal business practices and engaging with trusted partners is critical to successfully deploying capital. Join us at the CDFA National Development Finance Summit, Presented by CHFA, in Denver, CO on Thursday, November 3 for a session on preserving and growing tribal communities by unlocking specific development finance tools, as well as successful case studies that have utilized these tools.

USDA Accepting Applications for $1B Rural High-Speed Internet Program
The USDA is now accepting applications for ReConnect Program loans and grants to expand access to high-speed internet for millions of people in rural America nationwide. The Department is making more than $1B available under the Bipartisan Infrastructure Law. The program is critical to connect every American to affordable, reliable, high-speed internet.

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.

New Hampshire to Receive $66M in ARPA Funds for Affordable, High-Speed Internet
The U.S. Department of the Treasury announced the approval of an additional $66M in broadband funding for New Hampshire under the American Rescue Plan's Coronavirus Capital Projects Fund. The approval completes New Hampshire's $122M total award, which the state estimates will help connect more than 24,000 homes and businesses to affordable, high-speed internet.

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.

Seven Rural Kentucky Public Transit Agencies to Split $3.2M
Seven agencies will split $3.2 million in federal funding that was awarded for projects aimed at improving rural public transit systems in Kentucky, officials said. The funding will go to agencies across the state that serve 36 counties and fund projects that include bus replacements, technology enhancements, and parking lot maintenance.

Senators Push Commerce Department to Implement Broadband Expansion
U.S. Senators Kevin Cramer (R-ND), Susan Collins (R-ME), Rob Portman (R-OH), and a group of 10 Senators sent a letter to Secretary of Commerce Gina Raimondo, calling on the department to follow congressional intent in implementing the Broadband Equity, Access, and Deployment (BEAD) Program that was created through the bipartisan infrastructure law.

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.

Upcoming Events
CDFA National Development Finance Summit

CDFA Infrastructure Finance Learning Series: Reviewing the Guidance
Tuesday, October 4, 2022 - 1:00 PM - 4:00 PM Eastern
Experts will provide a detailed review of the released guidance on the Infrastructure Investment and Jobs Act. Presentations will cover the steps to apply, provide an overall timeline for when communities can expect to access funding, and discuss using IIJA funds in coordination with local funding through bond finance, tax credits, tax increment financing, and other development finance approaches.

CDFA Food Systems Finance Webinar Series: Don't Throw Away Opportunity! Creative Financing for Addressing Food-Related Waste
Tuesday, October 11, 2022 - 2:00 PM - 3:30 PM Eastern
During this installment of the CDFA Food Systems Finance Webinar Series, we will explore how innovative partnerships are leveraging creative financing approaches to reduce food-related waste along the supply chain.

USDA Rural Development News

USDA More Than Triples Funding for ‘Climate Smart' Agriculture
The Biden administration plans to distribute more than $3B to fund projects that will reduce greenhouse gas emissions and sequester carbon in agriculture and forestry — a tripling of its initial commitment in February. The program is being funded through the Commodity Credit Corporation, which has been historically used to support farmers with loans and payments and to fund conservation programs of the farm bill.

USDA Announces $400M Available to Create Regional Food Business Centers
The USDA announced the availability of approximately $400M to provide essential local and regional food systems coordination, technical assistance, and capacity building services through USDA's new Regional Food Business Centers.

Biden-Harris Administration Invests $75M in Water Infrastructure in Rural West Virginia
U.S. Department of Agriculture (USDA) Secretary Tom Vilsack joined Sen. Joe Manchin to announce a $75 million investment by USDA in critical infrastructure improvements that will ensure thousands of rural people in Greenbrier County have clean drinking water and sanitary wastewater systems for years to come.

USDA Announces First Three Lenders for Heirs' Property Relending Program
The U.S. Department of Agriculture announced that Akiptan, Inc., the Cherokee Nation Economic Development Trust Authority and the Shared Capital Cooperative have been approved or conditionally approved as intermediary lenders through the Heirs' Property Relending Program. These lenders will help agricultural producers and landowners resolve heirs' land ownership and succession issues.

USDA New Resource Guides for Tribal Governments, Citizens, and Organizations
The U.S. Department of Agriculture (USDA) Office of Tribal Relations has released the newest editions of the USDA Resource Guide for American Indians and Alaska Natives 2022 and the USDA Native Youth Resource Guide 2022. Each of these guides provides valuable information to Indian Country and can serve as a roadmap of USDA resources and services available to tribal governments, citizens, and organizations.


Rural Development Finance News

Maury County, TN Receives $17M Grant for Rural Broadband Expansion
Columbia Daily Herald | Sep. 18 | Access to Capital | Infrastructure Finance | Rural Development | State Finance Program | State Capital Access Program (CAP) | Broadband | State Rural Financing Programs

$1B in Loans Set for Underserved; Hope Credit Union Targets Arkansas, 4 Other States
Democrat Gazette | Sep. 16 | Economic Development | Public-Private Partnership (P3) Financing | Rural Development | U.S. Dept. of Treasury

Beginning Farmers Tax Break Available via Minnesota Rural Finance Authority
The Journal | Sep. 16 | Access to Capital | Agriculture Finance | Rural Development | Tax Credits

West Virginia to Receive $26M in EPA Grants for Drinking Water
West Virginia Public Broadcasting | Sep. 14 | Access to Capital | Federal | Green Finance | Infrastructure Finance | Rural Development | U.S. Environmental Protection Agency (EPA) | Water Finance | Understanding Access to Capital | Water Finance | Case Studies | Drinking Water | EPA Case Studies

Kentucky Governor Presents Calloway County with $1M for Infrastructure Improvements
WPSD 6 | Sep. 13 | Access to Capital | Disaster Recovery & Relief | Economic Development | Infrastructure Finance | Rural Development | COVID-19

Rural Incentives in Missouri Tax Cut Proposal Target Biofuels
Missouri Independent | Sep. 13 | Agriculture Finance | Federal | Food Systems Finance | Rural Development | State Finance Program | Tax Credits

U.S. Electric Co-ops Plan to Build Rural Broadband Infrastructure
Co-op News | Sep. 13 | Community Development | Economic Development | Infrastructure Finance | Rural Development | Broadband

Black Farmers Look to Congress to Keep Them Tending to the Land
EBONY | Sep. 7 | Access to Capital | Agriculture Finance | Internal Revenue Service (IRS) | Legislative | Rural Development

Farmers Eager for Senate to Vote on Migrant Worker Bill
The Hill | Sep. 7 | Agriculture Finance | Food Systems Finance | Legislative | Rural Development

Greystone Affordable Development Ranks #1 Rural Affordable Housing Developer
Yahoo! Finance | Sep. 7 | Housing Finance | Public-Private Partnership (P3) Financing | Rural Development | Tax Credits

Coalition Awarded $45M to Expand Economic Opportunity in Native Communities
Missoulian | Sep. 6 | Access to Capital | Community Development | Economic Development | Revolving Loan Funds (RLFs) | Rural Development | Tribal Finance

The $10B Reason to Be Excited About Rural Entrepreneurship
Vermont Business Magazine | Sep. 1 | Economic Development | Rural Development | State Small Business Credit Initiative (SSBCI)

New Rural Financing Law to Recharge Farms, Fisheries
Manilastandard.net | Aug. 29 | Access to Capital | Agriculture Finance | Public-Private Partnership (P3) Financing | Rural Development

Texas State Parks Are Rural Economic Engines, Research Shows
North Texas E-News | Aug. 25 | Community Development | Economic Development | Rural Development | Understanding Rural Finance

Keep Agriculture Growing Forward Program Offered by Farm Credit
Ohio's Country Journal | Aug. 23 | 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
info@cdfa.net

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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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