[CircleUp] Important programs for Native communities now in consideration - FY 2010 Budget Update from CFED

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FY 2010 Budget Update

 <http://capwiz.com/idanetwork/utr/1/OUTVLBEFWE/GDFQLBEOJL/3756129551> 

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Asset-building programs included in House and Senate budgets


 


Congress is drafting its 2010 funding priorities.  

The Appropriations Committees have completed their committee reports for
nearly all 12 spending bills. The House and Senate are now voting on many of
these bills to determine funding for programs that serve low-income
individuals and families.   

 

Here are updates on specific programs:

 <http://capwiz.com/idanetwork/utr/1/OUTVLBEFWE/FQPGLBEOJM/3756129551>
Assets for Independence (AFI) has helped 62,000 IDA participants save for
asset-building purchases. AFI has been nearly fully funded in the past eight
years.

*	President's budget request: $24 million
*	House Budget: $24 million
*	Senate Budget: $24 million
*	Conference: Not yet voted
*	CFED recommendation: $25 million

 <http://capwiz.com/idanetwork/utr/1/OUTVLBEFWE/MUBULBEOJN/3756129551>
Beginning Farmer and Rancher IDA Program would provide savings incentives
and financial education to 4,000 agricultural entrepreneurs, promote local
economic development in rural communities and strengthen food security and
independence. Annual funding was authorized in the 2008 Farm Bill at $5
million.

*	President's budget request: $5 million
*	House Budget: No funding included
*	Senate Budget: No funding included
*	Conference: Not yet voted
*	CFED recommendation: $5 million

Microloans provide small loans to startup, newly established or growing
small businesses. Under this microloan program, SBA makes funds available to
nonprofit community-based lenders (intermediaries) which, in turn, make
loans to eligible borrowers in amounts ranging from $500 to $35,000.

*	President's budget request: $25 million
*	House budget: $25 million
*	Senate budget: $25 million
*	Conference: Not yet voted
*	CFED recommendation: $50 million

Microloan TA provides technical assistance or business counseling for
microloan recipients. 

*	President's budget request: $10 million
*	House budget: $10 million
*	Senate budget: $22 million
*	Conference: Not yet voted
*	CFED recommendation: $25 million

 <http://capwiz.com/idanetwork/utr/1/OUTVLBEFWE/HMDXLBEOJO/3756129551> PRIME
provides grants to community-based organizations to offer training and
technical assistance to the nation's low-income entrepreneurs. The program
facilitates the provision of capacity building services to microenterprise
development organizations. It is the only SBA program to specifically target
very low-income entrepreneurs.

*	President's budget request: $3.1 million
*	House budget: $8 million
*	Senate budget: $5.5 million
*	Conference: Not yet voted
*	CFED recommendation: $15 million

The Community Development Block Grant program is a flexible program that
provides communities with resources to address a wide range of unique
community development needs.

*	President's budget request: $4.5 billion
*	House budget: $4.1 billion
*	Senate budget: $5.5 billion
*	Conference: Not yet voted
*	CFED recommendation: $5.5 billion

The CDFI Fund provides capital grants, equity investments and
capacity-building grants to community development financial institutions. 

*	President's budget request: $243 million
*	House budget: $243.6 million
*	Senate budget: $166.8 million
*	Conference: Not yet voted
*	CFED recommendation: $243 million

Volunteer Income Tax Assistance (VITA) Grant Program to provide free tax
assistance to low- to moderate-income individuals who cannot afford
professional assistance enabling them to receive tax credits that promote
reward work, such as the federal Earned Income Tax Credit. VITA sites help
connect members of disadvantaged populations to programs that help them
learn about asset development and increase financial literacy, and access
other essential services and benefits offered in their communities. 

*	President's budget request: $8 million
*	House budget: $9 million
*	Senate budget: $12 million (available for two years)
*	Conference: Not yet voted
*	CFED recommendation: $12 million

 <http://capwiz.com/idanetwork/utr/1/OUTVLBEFWE/IIXMLBEOJP/3756129551>
Family Self-Sufficiency Coordinators (FSS). FSS is a voluntary program that
assists low-income families participating in the Housing Choice Voucher
(Section 8) program or residing in public housing progress towards
self-sufficiency. Participants are able to save increased rent amounts in an
escrow savings account which can later be used for qualified expenses
including college or vocational training, work-related expenses (car
repairs, work clothing) and homeownership. FSS coordinators are critical to
connecting residents to services and training that will assist them in
meeting their self-sufficiency goals.

*	President's budget request: $50 million 
*	House budget: $60 million
*	Senate budget: $50 million
*	Conference: Not yet voted
*	CFED recommendation: $50 million

 <http://capwiz.com/idanetwork/utr/1/OUTVLBEFWE/DRITLBEOJQ/3756129551> Rural
Business Enterprise Grants (RBEG) Program: The RBEG program provides grants
for rural projects that finance and facilitate development of small and
emerging rural businesses help fund distance-learning networks, and help
fund employment related adult education programs. To assist with business
development, RBEGs may fund a broad array of activities. The House and
Senate included $38.7 million in its budget for the RBEG program, the same
as President Obama's budget request.

*	President's budget request: $38.7 million
*	House budget: $38.7 million
*	Senate budget: $38.7 million 
*	Conference: Not yet voted
*	CFED recommendation: $40 million

 <http://capwiz.com/idanetwork/utr/1/OUTVLBEFWE/DKWXLBEOJR/3756129551>
Intermediary Relending Program: The purpose of the Intermediary Relending
Program (IRP) program is to alleviate poverty and increase economic activity
and employment in rural communities. Under the IRP program, loans are
provided to local organizations (intermediaries) for the establishment of
revolving loan funds. These revolving loan funds are used to assist with
financing business and economic development activity to create or retain
jobs in disadvantaged and remote communities.

*	President's budget request: $33.5 million
*	House budget: $33.5 million
*	Senate budget: $33.5 million
*	Conference: Not yet voted
*	CFED recommendation: $40 million

Rural Microentrepreneur Investment Program: Authorized in the 2008 Farm
Bill, the goal of the program is to help new and existing rural
microentrepreneurs by providing funds to microenterprise development
organizations for microlending and technical assistance to their microloan
prospects and borrowers. While the 2008 Farm Bill provided $4 million in FY
2010 for this program, the House did not include any additional
appropriation funding for the program.

*	President's budget request: $22 million
*	House budget: $4 million mandatory with no additional funding
included
*	Senate budget: $22 million
*	Conference: Not yet voted
*	CFED recommendation: $22 million

*Senate budget numbers reflect the Appropriations Committee Reports. Final
Senate votes are not yet available.


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