Senate Appropriations Clears CDFI, CDRLF, CLF Funding

WASHINGTON-The Senate Appropriations Committee has approved funding for NCUA’s low-income grant program and Central Liquidity Facility, as well as Treasury’s Community Development Financial Institutions Fund Program. On July 21, the committee approved $950,000 for Community Development Revolving Loan Fund grants, as NCUA had requested. The agency has two years to dole out the grants. NCUA did not request any money to be allocated for loans because it has plenty in reserve. The CLF was granted a $1.5 billion borrowing authority, as it has in recent years. With Y2K looming, the cap of the CLF borrowing authority was removed but has sat at $1.5 billion since. The CLF was also appropriated $323,000 in administrative expenses. Additionally, the appropriations committee approved $55 million for the CDFI program, which credit unions often obtain funds from for community development projects. The House previously approved H.R. 3058, which included the same provisions for these programs.