WASHINGTON — Community development financial institutions are hoping an Obama administration will mean some big change to one small program.
The Treasury Department's Community Development Financial Institutions Fund is that program. The fund supports CDFIs, including community development credit unions, around the country, helping to fund their overall financial health as well as their efforts to innovate and expand their work. For fiscal year 2008, the CDFI Fund is budgeted at $94 million, making it among the smallest of the Treasury Department's programs, not to mention the entire federal budget.
During the eight years of the Bush administration, the fund that began in the early days of the Clinton administration sustained a number of blows. The Bush administration routinely sought to reduce its funding, change its focus and proposed at one point to eliminate it, moving its funding to a Commerce Department program.
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