WASHINGTON - Unless there is some sort of across-the-board federal budget cutting measure which some legislators have discussed of late, supporters of the U.S. Treasury's Community Development Financial Institutions Fund say that the Fund should receive the same $55 million funding level that it received last year. "Right now we are cautiously optimistic about the CDFI Fund receiving the same amount of funding as last year," explained Jennifer Vasiloff, executive director of the CDFI Coalition, a group of CDFI Fund supporters. "I feel confident that even if there is an across-the-board budget cut there will not be a move to single out the CDFI Fund for cutting." Vasiloff explained both the House and Senate have passed the funding bills, which include the CDFI Fund, and now need to reconcile any differences between them. But since both bills fund the CDFI Fund at $55 million, there is nothing about the CDFI Fund to reconcile, she said. She also noted that no authorizing legislation to close down the CDFI and roll its funding into an initiative directed by the U.S. Commerce department was ever introduced, reflecting the opposition from both Republicans and Democrats to the idea.
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From the November-09, 2005 issue of Credit Union Times Magazine • Subscribe!
CDFI Fund Appears Poised to Hold Last Year's Funding Level
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