Be it expanding affordable housing, supporting small businesses or providing financial services to urban and rural areas, community development financial institutions continue to play a pivotal role.
That was the message at the New York Coalition of CDFIs Statewide Conference last week. Organized by the National Federation of Community Development Credit Unions, more than 100 attendees turned out to hear about the financial landscape for affordable housing development and small business lending, and the impact of the economic downturn on low- and moderate-income people and communities.
In 2008, New York's CDFIs had almost $2 billion in loans outstanding to affordable housing projects, nonprofit facilities and small businesses in the state, according to State Sen. Brian Foley (D) of Long Island and chairman of the Senate Banking Committee. He cited research from the U.S. Treasury Department that CDFIs leverage state dollars at a ratio of 20 to one. Foley also reiterated his support for a $15 million allocation for New York's CDFIs included in the state budget in March, which is one of the coalition's goals.
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A $15 million investment from the state would create as much as $150 million in community investment, according to the federation.
"This is new day in Washington. We have an administration and a Congress that understand the impact of our institutions and their potential to assist in the economic recovery that our country so desperately needs," said NFCDCU President/CEO Clifford Rosenthal.
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