The National Federation of Community Development Credit Unions is celebrating the Obama Administration's proposal to double the amount of money appropriated to the U.S. Treasury Department's CDFI Fund.
|If it survives the budget process, the increased appropriation would mean that $200 million will be set aside for the fund. On top of the $100 million already appropriated for this year and the additional $100 million set aside as part if the economic stimulus package CDFIs, including some credit unions, could access part of $400 million in 2009 and 2010.
|"It's not a 'done deal' yet, of course," wrote National Federation CEO Cliff Rosenthal to CDFI supporters. "But as we promised, the outlook for CDFIs is brighter than it has ever been."
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