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News Now

Washington
CDFI Fund budget remains high despite federal budget cuts
WASHINGTON (4/13/11)--Funding for Community Development Financial Institution (CDFI) Fund programs, including financial and technical assistance, will, in spite of federal budget cuts, “remain significantly above historical averages,” the National Federation of Community Development Credit Unions has said. A total of $38 billion in funding cuts is proposed as part of the continuing resolution that was agreed to late last week. The continuing resolution would determine federal government spending until Sept. 30 of this year. The continuing resolution would provide the CDFI Fund with $227 million in funds, a $23 million cut from the amount proposed for fiscal 2011. The administration sought $250 million in CDFI funding for FY 2011. The federation said it takes this slight spending reduction “as a strong statement of Obama Administration support for the CDFI Fund.” However, the federation noted that there could be “significant program reductions next year” if certain spending cuts are approved. Legislators have proposed a total of $88 million in cuts for housing counseling assistance under the Department of Housing and Urban Development. The federation in its release said that several housing counseling programs would cease operations on October 1, “severely reducing the supply of responsible counseling services in communities across the country.” The CDFI Fund helps locally based financial institutions offer small business, consumer and home loans in communities and populations that lack access to affordable credit. According to the Treasury Department in January, credit unions represent 13% of the total applicant pool for the 2011 round of the CDFI Fund program.


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