WASHINGTON – Senators Rick Santorum (R-Pa. and Jon Corzine (D-N.J.) have begun circulating a letter among their fellow U.S. senators in support of the Treasury Department's CDFI Fund. The Administration has proposed eliminating the Fund and rolling its budget into a block grant program called Strengthening America's Communities which would be administered by the Commerce Department. Community Development Credit Unions have received millions of dollars from the Fund in the past. The letter, which is addressed to the chair of the Senate subcommittee with jurisdiction over the Fund, urges the subcommittee to budget at least $80 million for the Fund in 2006. The legislation needed to eliminate the Fund and set up the SAC program Commerce has not yet been introduced.
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