[CircleUp] Congress Set to Approve $247 Million for CDFI Fund!

[Info]

From: Cheryl Neas [mailto:cneas at OpportunityFinance.net] 
Subject: Congress Set to Approve $247 Million for CDFI Fund!

 

The House and Senate this week will vote on conference legislation that
would finalize the HIGHEST LEVEL OF APPROPRIATIONS EVER for the CDFI Fund!

 

The conference legislation, negotiated between the two Houses, sets
appropriations for the CDFI Fund in FY 2010 (October 1, 2009 - September 30,
2010) at $246,750,000.  The legislation also waives the match requirement
and the cap limiting CDFIs to $5 million in Fund investment over a 3-year
period.

 

The appropriations total includes $12 million for Technical Assistance and
other purposes for Native American, Native Hawaiian and Alaskan Native
communities; not less than $25 million for the Bank Enterprise Award
Program; $4,150,000 to continue the pilot program for financial education
for prospective homebuyers (including $3,150,000 is for a pilot program to
be conducted in Hawaii); and up to $18 million for administration, including
administration of the New Markets Tax Credit. The remaining funds, about
$107 million, would be devoted to the Fund's Financial Assistance and
Technical Assistance programs.

 

The House and Senate are expected to vote on the omnibus FY 2010
appropriations bill, which includes the Financial Services and General
Government appropriations along with 5 other appropriations bills, in the
next week.  Both Houses of Congress must pass this bill and the President
sign it into law before a continuing resolution expires on December 18. 

 

Congratulations to all, and thanks for your support this year as we have
worked to secure these record resources! Please do not hesitate to contact
me or Jennifer Vasiloff (jvasiloff at opportunityfinance.net) if you have
questions or would like a copy of the specific appropriations language.

 

Cheryl Neas

Senior Vice President, Policy Development

Opportunity Finance Network

215.320.4309

www.opportunityfinance.net

 

Celebrating 25 years of opportunity finance!

 

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