President Biden has invested $5 billion into five initiatives by the U.S. Department of Agriculture (USDA) aimed at strengthening agricultural economic development in rural communities. "Investments aim to support community infrastructure and increase economic development in rural towns and communities," according to a USDA statement.
The USDA press release revealed that the funds, made possible through the Bipartisan Infrastructure Law and the Inflation Reduction Act, are part of an effort known as the Investing in Rural America Event Series. The series' objective is to generate new revenue for farms and foster opportunity nationwide. Of the total investment, $1.7 billion is earmarked for climate-smart agriculture practices. This allotment will provide farmers with new revenue streams and have direct mitigation benefits.
Furthermore, $1.1 billion will be funneled into the Regional Conservation Partnership Program across 81 projects, expanding conservation efforts through public-private partnerships. The initiative enables more farmers to participate in voluntary conservation programs via provisions of the Inflation Reduction Act, providing for 5,300 additional producers across all states by 2023 for climate mitigation benefits.
An additional $100 million will be allocated through the Agricultural Conservation Easement Program; $250 million via both the Conservation Stewardship Program and Environmental Quality Incentives Program.
In another aspect of this investment strategy, it was announced that $274 million would be used to expand high-speed internet infrastructure in rural communities across eight states through 16 grant and loan awards. This investment marks the fourth round of funding from the ReConnect Program underwritten by the Bipartisan Infrastructure Law which so far has invested a total of $65 billion in broadband infrastructure nationwide.
Additionally, there are plans for a $145 million investment designed to broaden access to renewable energy resources and reduce energy costs for rural Americans made available through some 700 loan and grant awards via the Rural Energy for America Program.
Finally, $1.1 billion is set aside to improve infrastructure in rural America. Distributed across 104 loan and grant awards, these funds aim to upgrade existing infrastructure with a view to provide clean water, fuel, new job opportunities, and reliable electricity in every state. The Inflation Reduction Act contributes $5 million to promote the accessibility of homegrown biofuels.
$2 billion will be used in partnerships with rural communities to create jobs and support local economic development. Allocated through the Rural Partners Network communities across nine states and Puerto Rico, this funding is projected to create new job opportunities and facilitate access to health care, lower housing costs, and improve accessibility to clean water and energy.
