LATHAM, N.Y. — If Governor Eliot Spitzer signs the legislation, New York will become the first state in the country to have Community Development Financial Institutions program of its own. Both houses of the New York legislature have passed a bill that would authorize the program, according to the New York State League, which tracked and supported the effort to establish the program.
Currently the program that exists to support and strengthen CDFIs is the CDFI Fund, a federal program managed by the U.S. Treasury Department.
The National Federation of Community Development Credit Unions, a major supporter and initiator of the effort to start a CDFI Program in New York State is "extremely excited" by the news of the legislation passing, according to Rafael Morales, public affairs officer for the Federation and a coordinator for a coalition of CDFIs in the state.
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Governor Spitzer has not formally said whether he would sign the legislation, but Morales said that meetings with him on the campaign trail had been encouraging. Currently the majority of CDFIs in New York are Community Development Credit Unions, but they are not the largest of the CDFIs, Morales added.
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