The National Federation of Community Development Credit Unions is joining other New York State community development advocates in celebrating the New York Senate's recent support.
The Senate, the New York legislative chamber generally considered least supportive of community development financial institutions, has include $15 million in its most recent budget for CDFIs, including credit unions.
"At the federal level, CDFIs have become central players in promoting economic recovery," explained federation CEO Clifford N. Rosenthal in a statement about the Senate move.
Rosenthal authored the original concept paper that became the basis for the Federal CDFI Fund.
"Under the Obama Administration, the federal CDFI Fund has seen its yearly appropriation more than double from its all-time high under President Clinton. With $230 million requested by the president for 2011, there's never been a better time for New York State to expand its support of CDFIs. We hope state legislators realize that this is an opportunity to leverage those federal funds and put them to work jump starting New York's economy."
The National Federation has been a leader in organizing CDFIs in New York state.