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News Now

Washington
Slight boost in CDRLF CDFI gets early approval
WASHINGTON (6/19/08)—The Community Development Revolving Loan Fund (CDRLF) would get a slight boost in FY 2009 under an appropriations bill approved late Tuesday by a House subcommittee. The House Appropriations subcommittee on financial services and general government approved $1 million to fund the National Credit Union Administration’s CDRLF, up from $975,000. The Fund provides grants and loans to low-income credit unions to help underserved communities. The subcommittee also approved a small increase for the U.S. Treasury Department’s Community Development Financial Institutions (CDFI) Fund for FY2009. It voted in favor of a $10 million increase to $104 million for FY 2009. The CDFI Fund provides grants, loans and technical assistance to community development credit unions, banks, housing investment funds and other local financial entities committed to helping disadvantaged communities. Earlier this week, CDFI Fund Director Donna Gambrell noted credit unions’ CDFI participation, saying it was second only to that of loan funds. Also falling under the subcommittee’s comprehensive Treasury Department funding measure was $880 million approved for the Small Business Administration, including $100 million for regional development centers, $100 million for loan guarantees, and $22.5 million for direct loans and technical assistance. The subcommittee approval was just the first necessary vote for the appropriations bill. The House Appropriations Committee is scheduled to consider the package on June 24. If approved, it still must be voted on the by the House and Senate.


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