House Lawmakers Approve $60 Million for CDFI
WASHINGTON - The House VA-HUD Appropriations Subcommittee has appropriated $60.4 million for the U.S. Treasury Department's CDFI Fund in fiscal year 2005, this is equal to the FY 2004 appropriation and $12 million above the Bush Administration's request of $48.4 million. It is also a very pleasant surprise for CDFI supporters, many of whom are credit unions, who had been fearful of lower dollars coming out of the House. "Last year the House was on the low side," said Cliff Rosenthal, chairman of the CDFI Coalition and executive director of the National Federation of Community Development Credit Unions, "and we didn't expect this year would be any better." The full House appropriations committee is expected to take up the measure on July 23. The Senate has yet to move on its spending bills.