The National Federation of Community Development Credit Unions is celebrating the Obama Administration's proposal to double the amount of money appropriated to the U.S. Treasury Department's CDFI Fund.
If it survives the budget process, the increased appropriation would mean that $200 million will be set aside for the fund. On top of the $100 million already appropriated for this year and the additional $100 million set aside as part if the economic stimulus package CDFIs, including some credit unions, could access part of $400 million in 2009 and 2010.
"It's not a 'done deal' yet, of course," wrote National Federation CEO Cliff Rosenthal to CDFI supporters. "But as we promised, the outlook for CDFIs is brighter than it has ever been."