LATHAM, N.Y. — If Governor Eliot Spitzer signs the legislation, New York will become the first state in the country to have a Community Development Financial Institutions program of its own.

Both houses of the New York legislature have passed a bill which 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.

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