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CDRLF CDFI funding approved by committee
WASHINGTON (6/30/08)—The House Appropriations Committee approved a slight boost last week for a program that provides money for low-income credit unions and another that provides grants, loans and technical assistance to community development credit unions, banks, and other local financial entities committed to helping disadvantaged communities. By approving a FY2009 funding bill, the committee gave the nod to a small increase for the U.S. Treasury Department's Community Development Financial Institutions (CDFI) Fund for FY2009. The committee voted in favor of a $10 million increase to $104 million for FY 2009. The CDFI Fund provides grants, loans and technical assistance to community development credit unions, banks, housing investment funds and other local financial entities committed to helping disadvantaged communities. It is also expected that the committee backed $1 million to fund the National Credit Union Administration's Community Development Revolving Loan Fund (CDRLF), as approved earlier this month by its subcommittee, but that detail has not been released. That would be a slight increase, up from $975,000 this year. The CDRLF provides grants and loans to low-income credit unions to help underserved communities. It also gave the nod to a small increase for the U.S. Treasury Department's Community Development Financial Institutions (CDFI) Fund for FY2009. The committee voted in favor of a $10 million increase to $104 million for FY 2009. The CDFI Fund provides grants, loans and technical assistance to community development credit unions, banks, housing investment funds and other local financial entities committed to helping disadvantaged communities. Also falling under the committee’s comprehensive Treasury Department funding measure was $880 million approved for the Small Business Administration, including $100 million for regional development centers, $100 million for loan guarantees, and $22.5 million for direct loans and technical assistance. The $880 million is $311 million above the 2008 level and $222 million above the President’s request. The funding measure still must be approved by the full House and Senate. Both houses of Congress adjourned last week for a July 4 District Work Session. Congress is scheduled to resume session the week of July 7.


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