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ARLINGTON, Va. – Supporters of the U.S. Treasury Department’s Community Development Financial Institutions Fund say they are particularly disappointed to see the Bush Administration’s financial commitment to the program, which in the past has provided significant help to credit unions, continue to fall. The Administration’s budget request for 2005 asked for only $48.4 million for the program which seeks to support financial institutions that work in poor and underdeveloped areas. Last year, another record low year, the Administration has asked for only $51 million. Congress eventually appropriated $61 million for the fund last year. “The CDFI Coalition is dismayed that the President has requested only $48.4 million for the CDFI Fund in his FY 2005 Budget proposal,” the Coalition wrote to CDFI supporters. “We must rely on Congress to once again recognize the value of this program and approve a more appropriate funding level for the CDFI Fund of at least $80 million. In the coming year advocacy will be even more important to secure adequate federal support for CDFIs.”

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