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CU System
State official to N.Y. CDFIs Input on councils needed
NEW YORK (5/25/11)--New York Lt. Gov. Robert Duffy said it is Gov. Andrew Cuomo’s intention to include state community development financial institutions (CDFIs) in the regional economic development process “because nobody has a better sense of what is happening on the street than CDFIs.”
New York Lt. Gov. Robert Duffy, speaking at the 2011 New York Coalition of CDFIs Statewide Conference, May 16-17 in Albany, N.Y., said Gov. Andrew Cuomo’s administration seeks the input of community development financial institutions in the regional economic development process. (Photo provided by National Federation of Community Development Credit Unions)
Duffy delivered the keynote address at the 2011 New York Coalition of CDFIs Statewide Conference, May 16-17 in Albany, N.Y. The conference was organized by the National Federation of Community Development Credit Unions, the sponsor and founder of the coalition. In January, Cuomo announced a series of regional economic councils that will work with state agencies to help allocate economic development resources where they are most needed. Duffy--who will lead the councils--reiterated the administration’s commitment to ensuring those most affected by the poor economy are reached. He said CDFIs should “tell us what we should be doing [to support their efforts].” Also, at the conference, Clifford Rosenthal, federation president/CEO and board member of the national CDFI Coalition, discussed threats to the U.S. Department of Treasury CDFI Fund, which has provided more than $117 million to New York CDFIs since its inception. The fund has $227 million funded for the fiscal year ending Sept. 30. It was was spared major cuts in the recent budget battle, with a $20 million reduction from fiscal year 2010, and a $23 million reduction compared from what was requested for fiscal year 2011, according to the federation. However, the program could face significant reductions next year. “CDFIs received unprecedented levels of funding and support in 2010 for asset building, savings, entrepreneurship and microenterprise programs, but most importantly recognition that CDFIs are an integral part of the solution to the country’s economic woes and the critical role they play in stimulating the nation’s economic growth,” Rosenthal said. “Now that funding is being threatened.” New York state has the largest concentration of CDFIs in the U.S., with more than 110 community development credit unions, loan funds, community development banks, and affordable housing agencies ranging from multi-million dollar financial intermediaries to small microenterprise loans funds.


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