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CDFI CLF CDRLF funding moves forward
WASHINGTON (12/11/09)—The House voted 221-202 to approve funding legislation covering the Community Development Revolving Loan Fund (CDRLF), the Central Liquidity Facility (CLF), and Community Development Financial Institutions (CDFI) Fund for 2010. The Senate is expected to vote soon. Some of the targeted appropriations are higher than first proposed in the House, with a House-Senate conference committee nudging funding levels up while working out differences between the two chamber’s bills prior to a final vote. For instance, the conference bill agreed to $1.25 million for the National Credit Union Administration’s (NCUA) CDRLF through fiscal year 2011, up from $1 million in the House bill. The compromise also sets $246.75 million for the U.S. Treasury Department’s CDFI Fund program, while the House had proposed $243.6 million. Of the CDFI Funds, $80 million will be transferred to the Capital Magnet Fund, authorized under the Housing and Economic Recovery Act (HERA) of 2008 to support affordable housing. The conference agreement provides this funding in lieu of contributions from Fannie Mae and Freddie Mac. The conference report stated that the Congress intends the funding to provide the start-up capital for the magnet fund, and that it expects it to operate without additional appropriations in the future when Fannie Mae and Freddie Mac begin their required contributions as outlined in HERA. Also, of the total amount CDFI amount, $4. 15 million is included for a competitive grants pilot program aimed at providing financial counseling services to prospective homebuyers, as authorized by HERA. The funding increase also provides $12 million, up from $10 million, in funds for assistance to the Native American, Native Hawaiian and Alaskan Native communities. (See related story: Grant requests for Native American program jump.) Regarding the NCUA’s CLF, the compromise bill allows the liquidity facility to lend in FY2010 up to the maximum provided for by section 307(a)(4)(A) of the Federal credit Union Act.


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