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Washington
CDFI CU program funding could increase in fiscal 2011
WASHINGTON (2/2/10)--The Obama Administration's fiscal 2011 budget, which was released on Monday, contains modest budgetary increases for both the U.S. Treasury's Community Development Financial Institutions (CDFI) Fund and the National Credit Union Administration's (NCUA) Community Development Revolving Loan Fund (CDRLF) program. Under the proposed budget, the amount of funds made available to the CDFI during fiscal 2011 would increase to $250 million, up from the $246.75 million that was made available for fiscal 2010. The CDFI fund, which provides grants to support the work of community development financial institutions, has set high goals for 2010, with CDFI Fund Director Donna Gambrell saying that the CDFI Fund is "aiming to meet and exceed the accomplishments of last year with greater internal operating efficiencies and by expanding our assistance to underserved communities with new initiatives," including the first round of the Capital Magnet Fund and awards under a new Financial Education and Counseling (FEC) Pilot Program. NCUA programs would also benefit, with the amount granted to the CDRLF for 2011 increasing to $2 million and the NCUA's Central Liquidity Facility also slated for an increase in funding. The Senate late last year removed the borrowing cap on the CLF and gave the CLF $43.8 billion in contingent liquidity to lend to eligible credit unions as part of an appropriations bill. The CDRLF, which was established by Congress in 1979, makes non member deposits and loans at a rate of 1% for five-year terms, and the NCUA employs the CLF, as needed, to inject capital into the credit union system. While the Senate has not yet acted on tax extenders, President Obama has requested a two year extension of the New Markets Tax Credit, which expired on December 31, 2009, and Congress is expected to complete an extenders package, which will be retroactive to Jan. 1, 2010, later this year.


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