The gap between politicians that support funding the U.S. Treasury's Community Development Financial Institutions Fund and those who don't may have become the widest ever last week
The Obama administration's proposed 2012 budget would cut the Treasury Department's CDFI Fund by just over 9%, according to data supplied by the CDFI Coalition.
The House Appropriations Committee has proposed cutting $197 million from the budget of the Community Development Financial Institutions Fund for this fiscal year.
Grant applications from credit unions that are recognized as community development financial institutions to the U.S. Treasury's CDFI Fund may face stiff competition, the fund's data suggested.
"We are helping credit unions to survive during tough times," said Amy Rapp, a senior manager at Western Bridge Corporate Federal Credit Union.
Community development credit unions may receive less money on a per credit union basis from the U.S. Treasury's
The $16 million Bethex Federal Credit Union has won an award that will bring it an additional $25,000, the credit union said.
Forty-eight community development credit unions that applied for funds from the U.S. Treasury Department's Community Development Capital Initiative received them by the time the program distribution closed last week.
The U.S. Treasury Department's Community Development Financial Institutions Fund has announced it will make almost $13 million available to qualified community development credit unions.
Twenty community development credit unions have received grants in the latest funding from the U.S. Treasury Department's Community Development Financial Institutions Fund.