[CircleUp] President proposed $244 million for the CDFI Fund - Native CDFI effort included

[Info]

Please forward - Great news for Native CDFIs and the Native community
development movement

 

 

In a stunning endorsement of the value of community development financial
institutions and the CDFI Fund, the Obama Administration is recommending
more than doubling appropriations for the CDFI Fund in the Fiscal Year
beginning October 1, 2009 (FY 2010).  

In the detailed FY 2010 budget proposal released this morning, President
Obama is recommending that Congress approve a total of $243,600,000 for the
CDFI Fund broken down as follows:

CDFI program (financial assistance and technical assistance)
$113,600,000
Capital Magnet Fund
$  80,000,000
Bank Enterprise Award program
$  22,000,000
Native American CDFI Assistance program                      $  10,000,000
Administration
$  18,000,000

Furthermore, the budget proposal proposes that the matching funds
requirement for the CDFI program be waived and that the 3-year, $5 million
award cap also be waived for the 2010 award round.  

The full Treasury Department budget document is available at this link
http://www.whitehouse.gov/omb/budget/fy2010/assets/tre.pdf 

Opportunity Finance Network strongly supports the President's budget request
and urges Members of Congress to enact the President's recommendations for
the CDFI Fund. 

Jennifer A. Vasiloff

Public Policy Consultant
Opportunity Finance Network

703-967-1338

 <http://www.opportunityfinance.net> www.opportunityfinance.net 
  



 

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