LATHAM, N.Y. — New York has become the first state in the country to have authorized its own Community Development Financial Institutions Program. New York Governor Eliot Spitzer signed legislation, which had been strongly backed by the National Federation of Community Development Credit Unions and the New York State Credit Union League, on July 3, according to the League.

The legislation authorized the program, but did not include any funding component. The next task facing New York CDFI supporters will be convincing lawmakers to budget funds for the program next year.

"This legislation is a recognition of the effectiveness of CDFIs in providing much-needed financing for a wide range of projects that meet the financial needs of low-income persons and families," said Federation Executive Director Clifford N. Rosenthal. "This new fund will bring much-needed resources to promote economic development strategies that target individuals, small-businesses, and low-income communities across the state, and it's very exciting to finally see our efforts pay off after all these years," he added.