Letter to Representatives James Walsh and Alan Mollohan and Senators Robert Byrd and Barbara Mikulski in support of increased funding for the Community Development Financial Institutions Fund
June 25, 2001
The Administration requested $68 million for the Community Development Financial Institutions (CDFI) Fund for FY 2002. This is a decrease of $50 million, and well short of the Administration's goal of increasing funding for federal programs by 4 percent.
Credit unions believe the CDFI fund plays a critical role in promoting economic revitalization and community development by investing in, and assisting community development financial institutions. Therefore, I am asking for your leadership in securing a funding level of $123 million. This is consistent with President Bush's goal, and ensures the CDFI fund will continue to provide credit, investment capital, and financial services in distressed communities.
Thank you for your consideration of this issue.
Daniel A. Mica
President & CEO