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Washington
President wants deep CDFI cutsagain
WASHINGTON (2/4/08)—In his FY 2009 budget proposal submitted to Congress Monday, President George W. Bush is seeking a deep reduction in the money appropriated for the Treasury Department’s Community Development Financial Institutions (CDFI) Fund. The administration plan would give the CDFI Fund $28.6 million, broken into two parts: $24.4 million for the actual CDFI program and $4.2 million for the New Market’s Tax Credit Program. That is down from the $94 million approved by Congress for FY 2008. The 2009 spending plan requests no funding for either the Bank Enterprise Program or Native American initiatives. In its FY2006 and FY2007 budget proposals, the Bush administration proposed consolidating the CDFI Fund along with several other community development block grant programs. It also proposed that they be administered by the Department of Housing and Urban Development and the Department of Commerce. That proposal was not was not included in the FY2008 budget, nor was it brushed off for this newest budget package. The Credit Union National Association (CUNA) has worked with the National Federation of Community Development CUs and the Coalition of Community Development Financial Institutions to oppose previous attempts to move administration of the Fund and cut its annual appropriation. CUNA supports keeping the Fund under the administration of the Treasury Department.
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