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Congress Votes To Increase CDFI Funding

Credit unions that have been recognized by the U.S. Treasury Department as community development financial institutions celebrated a significant victory at the end of the 2008 appropriations cycle. For the first time in almost eight years, Treasury's CDFI Fund saw an increase in congressional appropriations.

By David Morrison | Updated on January 08, 2008

WASHINGTON — Credit unions that have been recognized by the U.S. Treasury Department as community development financial institutions celebrated a significant victory at the end of the 2008 appropriations cycle. For the first time in almost eight years, Treasury’s CDFI Fund saw an increase in congressional appropriations.

The large omnibus spending bill that Congress passed in December included $94 million for the fund. This is the first time since 2001 that Congress has increased the fund’s appropriations, according to the CDFI Coalition, an organization of community development financial institutions.

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