Technical Assistance


Advocacy Center

CDFA is the voice of development finance on Capitol Hill and with the federal Administration, providing leadership on policy decisions that impact the industry. CDFA is a bipartisan organization that supports sound public policy and the leadership involved in making important decisions affecting development finance.

Each year CDFA produces a Policy Agenda and works with legislators and federal officials to advance these initiatives. Additionally, CDFA holds briefings, trainings, and advises legislative and federal stakeholders on numerous topics.

Want regular updates on legislative and federal affairs? CDFA publishes the highly popular Legislative & Federal Affairs Update each month. This free newsletter features development finance news, resources, case studies, and the latest from Capitol Hill and the federal government.


-Latest Developments

CDFA's Modernizing Agricultural and Manufacturing Bonds Act Introduced in the U.S. Senate

The Council of Development Finance Agencies (CDFA) is pleased to announce that Senators Sherrod Brown (D-OH) and Joni Ernst (R-IA) have introduced the Modernizing Agricultural and Manufacturing Bonds Act (MAMBA) in the U.S. Senate as S. 2723. CDFA has worked closely with the offices of Senators Brown and Ernst over the past several months to secure the introduction of MAMBA in the U.S. Senate.

MAMBA modernizes the Internal Revenue Code (IRC) as it relates to small issue bonds, specifically the private activity bond rules for first-time farmers and manufacturing bonds, by making six key changes to the tax code that include:
  1. Expanding the definition of “manufacturing facility”
  2. Eliminating restrictions on “directly related and ancillary facilities"
  3. Increasing the maximum IDB size limitation from $10 million to $30 million, indexed to inflation
  4. Increasing the maximum on small issue bond proceeds for first-time farmers to $1 million
  5. Repealing the separate dollar limitation on the use of bond proceeds for depreciable property
  6. Modifying the definition of “substantial farmland”
“We are thrilled that MAMBA has been introduced in the U.S. Senate with bipartisan support. In the wake of the COVID-19 pandemic and amid increased global economic competition, it has become clear that investments in farmers and manufacturers are necessary to shore up the United States’ supply chains. By updating the 40-year-old rules around agricultural and manufacturing bonds, MAMBA allows for the innovative financing tools necessary to invest in local communities and provide a bulwark against future food and supply chain disruptions,” said CDFA President & CEO Toby Rittner. "Senators Brown and Ernst have been great champions of private activity bonds and the development finance industry as a whole, and I'm thankful for their commitment to manufacturing and farming—key pillars of the U.S. economy.”

"Ohio farmers and manufacturers are eager to grow and produce more Ohio-made products and food, and we can help achieve that goal by connecting them with the capital they need to grow," said Senator Brown. "A simple update to the way manufacturers can use private activity bonds that will be a huge help to the next generation of farmers, manufacturers, and entrepreneurs as they work to hire Ohioans and grow our economy."

"Farming and manufacturing are critical to the success of Iowa's economy," said Senator Ernst. "By modernizing and clarifying the rules for Aggie Bonds and Industrial Development Bonds for the first time in over 30 years, we can ensure that first-time farmers and entrepreneurs can access the capital they need to get started, create jobs, and fuel our communities.

MAMBA is currently endorsed by hundreds of development finance agencies, private sector participants, and key industry stakeholders including the National Council of State Agricultural Finance Programs. “The Iowa Finance Authority and National Council of State Agricultural Finance Programs are in full support of the MAMBA legislation. The enhancements to Aggie Bonds in the MAMBA legislation will allow more beginning farmers to qualify for the program as well as allow more bond dollars to be utilized when purchasing or constructing facilities,” said Tammy Nebola of the Iowa Finance Authority. “With historically high land prices and increasing interest rates, beginning farmers need as many financing opportunities as possible. Aggie bonds provide low-interest rate financing opportunities to help beginning farmers realize their dreams of farm ownership.”

CDFA wishes to thank Senators Brown and Ernst and their staff for their efforts and time spent working to introduce this bill. CDFA will be working with its members and partners across the country to encourage Congress to pass S. 2723.

Development finance agencies are encouraged to let their voices be heard on Capitol Hill by supporting MAMBA. To learn more about MAMBA, visit CDFA's MAMBA page and complete CDFA's survey to register your support for its passage. To get engaged, contact Mitchell Smith.

-CDFA Policy Agenda


The 118th Congress presents a tremendous opportunity for the advancement of essential development finance legislation as the new Congress contains both dynamic politicians with which to partner and new leadership in the House of Representatives. CDFA is committed to fulfilling numerous policy objectives, including the improvement of tax-exempt bonds, passing technical corrections for the SSBCI program, and securing continued support for critical federal financing programs. This agenda is borne out of CDFA’s 41 years as a leader in the development finance industry. This agenda identifies critical policy areas crafted to address market-based access to capital challenges. CDFA is prepared to assist with the implementation of the following policy priorities:

  • Priority 1: Reforming Manufacturing and Agricultural Bonds - Passing the Modernizing Agricultural and Manufacturing Bonds Act will update the tax code's private activity bond rules for Industrial Development Bonds and Agricultural Bonds.

  • Priority 2: Creating Permanent Disaster Recovery Bonds - Create a permanent bond financing tool that can be accessed immediately after disaster strikes, and that can leverage private investment for longer-term redevelopment of essential infrastructure.

  • Priority 3: State Small Business Credit Initiative Technical Fix - CDFA proposes a technical correction to extend program authorization to 2030 to ensure that all jurisdictions can fully execute their approved plans to strengthen and grow small businesses across the United States.

  • Priority 4: Bolster Economic Development Financing Tools - CDFA supports restoring local economies, preserving small businesses, investing in underserved communities, and protecting the environment.

  • View CDFA's Full Policy Agenda

-Federal News

-Legislative News

-Legislation Tracker

CDFA tracks economic development legislation in Congress. Below you can see legislation relevant to development finance in the current Congress. Click on a legislative item to see a brief summary and learn more about it.

-H.R. 1407/S. 726 - The FLOW Act of 2023

View H.R. 1407 on Congress.gov
View S. 726 on Congress.gov
Congressman Kildee Introduces Bipartisan Bill to Help Communities Replace Lead Pipes

  • Would allow bonds issued by public water utilities to finance the replacement of private lead service lines to bypass the U.S. Internal Revenue Service's "private business use test."
  • Streamlining this process in the tax code will help more communities access financing for lead service line replacement.

-H.R. 1785/S. 639 - The Historic Tax Credit Growth and Opportunity Act of 2023

View H.R. 1785 on Congress.gov
View S. 639 on Congress.gov
Cardin, Cassidy, Cantwell and Collins Reintroduce Bill to Expand Access to Historic Tax Credit
  • Increases the rehabilitation tax credit and modifies certain requirements for the credit.
  • Increases the rate of the credit to 30%  for small projects (rehabilitation expenditures not exceeding $3.75 million) and caps the credit for such projects at $750,000 for all taxable years.
  • Expands the types of buildings eligible for rehabilitation by decreasing the rehabilitation threshold from 100% to 50% of project expenses. It also eliminates the basis adjustment requirement for the credit and modifies rules relating to the eligibility of tax-exempt use property for the credit.

-H.R. 1837 - The Investing in Our Communities Act

View H.R. 1837 on Congress.gov
Congressmen Kustoff, Ruppersberger Introduce Bipartisan Bill to Restore Tax-Exempt Advance Refunding for Municipal Bonds

  • Would restore tax-exempt advance refunding for municipal bonds, which would allow issuing governments to take advantage of favorable market conditions to reduce their borrowing costs and free-up resources for new projects.

-H.R. 2539/S. 234 - New Markets Tax Credit Extension Act of 2023

View H.R. 2539 on Congress.gov
View S. 234 on Congress.gov
Bipartisan Group of Lawmakers Introduce Bill To Make NMTCs Permanent
  • Makes the New Markets Tax Credit Permanent.
  • Modifies the credit to 1) provide for an inflation adjustment to the limitation amount for the credit after 2023 and 2) allow an offset against the alternative minimum tax for the credit, which will be determined with respect toq ualified equity investments initially made after 2022.

-H.R. 3238/S. 1557 - The Affordable Housing Credit Improvement Act

View H.R. 3238 on Congress.gov
S.1557 on Congress.gov
Congressional Leaders Introduce Bipartisan Legislation to Build 2 Million New Affordable Homes
Read a Detailed Bill Summary
  • Increases the number of credits available to states by 50 percent for the next two years and make the temporary 12.5%increase secured in 2018 permanent—which has already helped build more than 59,000 additional affordable housing units nationwide.
  • Stabilizes financing for workforce housing projects built using private activity bonds by decreasing the amount of private activity bonds needed to secure Housing Credit funding. As a result, projects would have to carry less debt, and more projects would be eligible to receive funding.
  • Allows states to produce and preserve more bond-financed developments by allowing the full amount of 4 percent Credits to properties that finance at least 25 percent of eligible land and building costs with tax-exempt multifamily bond authority.

-H.R. 3787/S. 2723 - The Modernizing Agricultural and Manufacturing Bonds Act

View H.R. 3787 on Congress.gov
View S. 2723 on Congress.gov
Bipartisan Legislation Would Accelerate Economic Development, Help Create Manufacturing Jobs
CDFA's Modernizing Agricultural and Manufacturing Bonds Act Introduced in U.S. House of Representatives
Brown, Erst Introduce Bill to Expand Financing Opportunities For The Next Generation of Farmers and Small & Mid-Size Manufacturers
CDFA's Modernizing Agricultural and Manufacturing Bonds Act Introduced in U.S. Senate
  1. Expands the definition of “manufacturing facility”
  2. Eliminates restrictions on “directly related and ancillary facilities”
  3. Increases the maximum IDB size limitation from $10 million to $30 million, indexed to inflation
  4. Increases the limitation on small issue bond proceeds for first-time farmers to $1 million
  5. Repeals the separate dollar limitation on the use of bond proceeds for depreciable property
  6. Modifies the definition of “substantial farmland”

-H.R. 5761 - The Opportunity Zones Transparency, Extension, and Improvement Act

View H.R. 5761 on Congress.gov
Reps. Kelly, Kildee, Miller, Sewell reintroduce Opportunity Zones Transparency, Extension, and Improvement Act

  • Requires mandatory data and reporting of Opportunity Zone investments to increase transparency and streamline the reporting process.
  • Extends the investment and deferral window to the end of 2028, providing a longer time horizon to drive more investment into high-impact projects in low-income communities.

-H.R. 6438 - Brownfields Redevelopment Tax Incentive Reauthorization Act

View H.R. 6438 on Congress.gov
Reps. Sherrill and Turner Reintroduce Federal Tax Incentive to Bolster Economic Development and Environmental Improvement
  • The Brownfields Redevelopment Tax Incentive Reauthorization Act would allow state and local governments, nonprofits, or developers to fully deduct the cost of environmental remediation of brownfields, vacant industrial and commercial areas like gas stations that remain undeveloped because of concerns of environmental contamination.

-S. 1453 - LOCAL Infrastructure Act

View S. 1453 on Congress.gov
Bipartisan Legislation Introduced in the Senate to Restore Advance Refunding
  • The "Lifting Our Communities Through Advance Liquidity for Infrastructure Act would restore tax-exempt advance refunding for municipal bonds, which would allow issuing governments to take advantage of favorable market conditions to reduce their borrowing costs and free-up resources for new projects.

-S. 1695 - American Infrastructure Bonds Act of 2023

CDFA National Sponsors

  • BNY Mellon
  • Bricker Graydon LLP
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
  • Cirrus Secure
  • CohnReznick
  • Frost Brown Todd LLC
  • Grow America | Formerly NDC
  • 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
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
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