RLF Act of 2020 Becomes Law After Strong NADO Advocacy Effort

On Friday October 30, 2020 the Reinvigorating Lending for the Future (RLF) Act of 2020 (S. 4075) was signed into law. This legislation reforms the U.S. Department of Commerce Economic Development Administration’s (EDA) Revolving Loan Fund (RLF) program by eliminating burdensome “in perpetuity” reporting requirements and releasing the federal interest in EDA RLFs after seven years, thereby providing more local flexibility to RLF operators as they administer this program on behalf of their communities. Now that the bill has been signed into law, EDA will be permitted to release the federal interest in RLFs that have operated satisfactorily for seven years since the disbursement of grant funds. EDA is currently developing policies and procedures to implement this law, so please look out for more information coming directly from EDA on exactly how this process will work. NADO is grateful to all the NADO members, coalition partners, and other advocates who engaged members of Congress and helped advocate for this reform, as well as the Senate and House champions who introduced and supported this legislation, and the congressional staffers who helped facilitate the process.

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Joe McKinney has served as Executive Director of the National Association of Development Organizations since 2012. He previously served as the Executive Director of the Land of Sky Regional Council in Asheville, North Carolina from 2003 to 2012. Under his leadership, Land of Sky became recognized nationally for its innovation in program areas including planning and economic development, workforce development, transportation and transit, aging services, volunteer services, and geographic information systems. Joe has also held various other roles in city, county, association, and government management. He holds a Bachelor’s Degree in Public Policy Analysis from the University of North Carolina at Chapel Hill and a Master’s Degree in Public Administration from UNC-Chapel Hill.

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