[CircleUp] Key House Subcommittee Recommends $244 million for CDFI Fund!

[Info]

Forward from OFN - Native Initiatives are being recommended at the $10
million level in this budget, up from previous years!  Good news.

Also, attached summary of the regulatory and enforcement system overhaul for
the financial services industry.

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Today the Financial Services and General Government Subcommittee of the
House Appropriations Committee recommended that the CDFI Fund receive $243.6
million in FY2010-the same level that President Barack Obama recommended in
his budget proposal! This Congressional endorsement of the President's
proposal is good news; this recommendation will next be considered by the
full House Appropriations Committee. Senate appropriators have yet to act.

Subcommittee Chairman Jose Serrano (D-NY) said in his opening statement,
"the bill supports the Presidents request of $244 million for the CDFI Fund,
which helps supply credit to disadvantaged communities. The funding in this
bill will allow community development banks, credit unions and others to
help fill the void that has resulted from the overall decline in bank
lending activity. On average each dollar invested in the CDFI fund has
leveraged 15 dollars in additional private investment in underserved
communities. Within this total, $80 million is provided to jump start the
Capital Magnet Fund, a new competitive grant program for CDFIs and nonprofit
organizations to work on affordable housing."

Appropriations is not all that's going on in Washington. Last week, the U.S.
Department of the Treasury released a proposal to overhaul the regulatory
and enforcement system governing the financial services industry. The
attached summary prepared by OFN highlights the aspects of the proposal most
relevant to CDFIs.

As always, thank you for your help and support of OFN's policy efforts.

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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