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Ignore Trump; CDFI Program Is Vital, Witnesses Tell Subcommittee

“As you may know, there is exceptionally high demand for CDFI resources, which far outpaces the availability of funding."

Representative Mike Quigley, a Democrat from Illinois during a House Appropriations Subcommittee hearing in Washington, D.C. Photographer: Toya Sarno Jordan/Bloomberg

The Community Development Financial Institutions program has not outlived its usefulness as the Trump Administration has claimed and in fact, funding for the program should be increased, witnesses told a House Appropriations Subcommittee Tuesday.

“The demand for CDFI Fund programs remains strong,” Annie Donovan, former director of the CDFI Fund and currently a senior fellow at the Center for Community Investment told the House Appropriations Committee’s Financial Services Subcommittee. “In fiscal year 2018, across programs, with the exception of the Bond Guarantee Program, demand ranged from two to eight times the supply of funding available.”

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