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CDFA Rural Development Finance Update - January 17, 2023

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Rural Development Finance Update
January 17, 2023
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Rural Development Finance Update

Features

Join CDFA for the Return of the Fundamentals of Economic Development Finance Course
Join CDFA as we kick off the new year with the return of the Fundamentals of Economic Development Finance Course on January 25-26, 2023! This course is the foundation for all of CDFA's educational offerings and will help attendees understand the variety of development finance tools available including bonds, tax credits, tax increment financing (TIF), federal financing programs, RLFs, Opportunity Zones, and access to capital lending resources.

$40M Program Promoting Manufacturing, Construction of Modular, Kit Homes in Colorado
Colorado businesses will be reimbursed for up to 20 percent of monthly operating expenses for manufacturing modular and kit homes under a new $40 million state program. The Innovative Housing Incentive Program was established under House Bill 22-1282, which was passed during the last legislative session with bipartisan support. Under the program, eligible businesses can receive a reimbursement of up to $350,000, or up to $450,000

Call for Proposals - CDFA Minority Capital Loan Guarantee Program
The CDFA Minority Capital Loan Guarantee Program is a 10-year, $18 million loan guarantee program, supported by the Robert Wood Johnson Foundation, to help development finance agencies in the United States deliver capital in a more equitable manner. CDFA is now accepting proposals from those interested in participating in the program. To be considered, download the Call for Proposals for submission criteria and register to attend the informational webinar on February 7 at 2 PM (Eastern).

Organizations Share Funding Opportunities for Water Infrastructure Projects
Rep. Henry Cuellar hosted a webinar with representatives from the U.S. Department of Agriculture (USDA), the U.S. Bureau of Reclamation, and the Texas Water Development Board to discuss funding opportunities for improving local water infrastructure. The USDA water and environmental programs are designed to provide affordable financial assistance to rural areas and towns to develop water supply, sewage, stormwater, and solid waste disposal.

$143M Investment in Critical Water Infrastructure Projects Across New York State
New York Governor Kathy Hochul announced $143 million in financial assistance for seven water infrastructure improvement projects, the latest action to upgrade New York's water and sewer systems, reduce water pollution, and safeguard vital drinking water supplies.

Maine Businesses Receive Federal Money for Renewable Energy Upgrades
USDA Rural Development Maine State Director Rhiannon Hampson announced that eight businesses are receiving a total of $514,000 in grants through the Rural Energy for America Program. These grants are in addition to an $82.4 million Hampson announced earlier in the month to combat climate change, invest in infrastructure, expand economic opportunities, and rehabilitate homes in rural Maine.

$1.7T Federal Spending Bill Includes Over $10M for Aiken County, SC Projects
Four projects in Aiken County are set to receive $10.34 million from the $1.7 trillion bill that will fund the federal government next fall. The bill includes funding for the expansion of the water treatment plant, construction of a new water plant, improvements to health care access at Rural Health Services, and firefighting equipment upgrades.

27 North Carolina Communities Receive $42.3M in Neighborhood Revitalization Grants
The North Carolina Department of Commerce awarded 30 Community Development Block Grant - Neighborhood Revitalization fund requests to 27 local governments totaling $42.3 million. The requests will provide housing and public improvements for low- and moderate-income North Carolinians. This year's awards include $5 million in funding that was earmarked by the N.C General Assembly exclusively for the Rural Community Development Fund.

Upcoming Events
Fundamentals of Economic Development Finance Course

CDFA // BNY Mellon Development Finance Webcast Series: P3 Financing Approaches for Broadband Infrastructure
Tuesday, February 21, 2023 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA // BNY Mellon Webcast Series, experts will highlight the resources available for financing broadband, discuss navigating the use of P3 for broadband, and share first-hand knowledge of their successes utilizing P3 financing for broadband projects.

CDFA Food Systems Finance Webinar Series: Bonds & Food Systems
Tuesday, February 28, 2023 - 2:00 PM - 3:30 PM Eastern
During this installment of the CDFA Food Systems Finance Webinar Series, we take a deeper look at a method of financing that has been building infrastructure, industry, and agriculture for over a century and explore its applications within the food system.

USDA Rural Development News

USDA Invests $1M for Rural Economy and Equitable Access in Puerto Rico
The U.S. Department of Agriculture's Forest Service will invest $1M to improve access to El Yunque National Forest in Puerto Rico. This investment is part of the commitment to ensure rural communities have equitable access to the infrastructure and economic opportunities they need to grow and thrive. Those engaged with this project envision a park-and-ride system to shuttle visitors into El Yunque.

USDA Invests in Projects to Promote Competition and Strengthen Meat Supply Chain
The Biden-Harris Administration is investing $9.6 million across the country to help farmers, ranchers, processors, and rural businesses diversify the nation's meat supply. USDA is awarding 23 Value Added Producer Grant program grants totaling $3.9 million to help producer-owned companies process and market new products, and guarantees for a total of $5.7 million in loans through the Food Supply Chain Guaranteed Loan Program.

Montpelier, VT Receives $20M for Water Resource Recovery Facility
Changes are being made to the Montpelier, VT water resource recovery facility thanks to a $19.5M investment made possible by USDA Rural Development. This funding is phase two of a water and waste improvement plan for the city of Montpelier. Phase one was a $14M investment in 2018 focused on upgrading the system's digestors. In this phase, $16M of the $19.5M comes as part of a 30-year loan.

Nebraska Farms, Businesses Receive Funding for Renewable Energy Systems
The U.S. Department of Agriculture (USDA) will provide $2 million to Nebraska to build renewable energy systems at businesses and farms across the state. A total of 36 projects in Nebraska received funding through the Rural Energy for America Program (REAP), with an additional $300M available to support further projects moving forward. Most of that money — $250 million — was appropriated through the Inflation Reduction Act.


Rural Development Finance News

Polis Administration Announces Innovative Housing Incentive Program in Colorado
OEDIT | Jan. 13 | Economic Development | Housing Finance | Innovation Finance | Rural Development

Terra Global Receives $640M to Accelerate Climate Finance for Nature-Based Solutions
Yahoo! Finance | Jan. 11 | Agriculture Finance | Energy Finance | Infrastructure Finance | Rural Development

New Opportunity for Rural, Women-Owned Businesses
Etvnews | Jan. 11 | Education | Rural Development | U.S. Dept. of Treasury | U.S. Small Business Administration (SBA)

Enterprise and Wells Fargo Announce $20M Housing Affordability Breakthrough Challenge
Utah Business | Jan. 10 | Housing Finance | Rural Development | Tribal Finance

RCAP to Launch Rural Water, Wastewater Leadership Program
Water Finance & Management | Jan. 10 | Rural Development | Tribal Finance | Water Finance

$2.5M to Accelerate Development of Rural Industrial Sites in Washington State
Washington State Department of Commerce | Jan. 10 | Economic Development | Infrastructure Finance | Rural Development

‘Groundbreaking' Report Shows Promise of Greener Jobs for California Fossil Fuel Workers
EcoWatch | Jan. 8 | Economic Development | Energy Finance | Green Finance | Rural Development

Vermont Takes a Regional Approach to Rural Broadband Expansion
PEW | Jan. 5 | Infrastructure Finance | Legislative | Rural Development | State Finance Program

$2M in Kansas Home Loan Guarantee Funds to Help Lenders
KRSL Russell Radio | Jan. 3 | Housing Finance | Rural Development

Loan Star Ag Credit and Ag New Mexico Farm Credit Pursue Merger
The Times | Dec. 31, 2022 | Access to Capital | Agriculture Finance | Rural Development

Paving the Way for Meat Innovation: U.S. and China
Yahoo! Finance | Dec. 29, 2022 | Agriculture Finance | Food Systems Finance | Rural Development

Great Southern Wood Announces $5.9M Expansion of Louisiana Facility
LBM Journal | Dec. 28, 2022 | Economic Development | Incentives | Infrastructure Finance | Rural Development | Tax Credits

Promised Land Opportunity Zone Acquires Sixth Illinois Farm
NewsDirect | Dec. 27, 2022 | Access to Capital | Agriculture Finance | Community Development | Opportunity Zones | Rural Development

Over $7M Awarded for Florida Rural Water Infrastructure
Water World | Dec. 26, 2022 | Access to Capital | Infrastructure Finance | Rural Development | State Finance Program | Water Finance | Water Finance | State Rural Financing Programs | Drinking Water | Sewage & Waste


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

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