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News Now

Washington
Govt. funding resolution cuts CDFI funds
WASHINGTON (3/18/11)—The latest in a series of continuing resolutions to fund the federal government was signed into law on Thursday, and this resolution would again cut funding to the U.S. Treasury’s Community Development Financial Institutions (CDFI) Fund to the tune of $3 million. The resolution, which will fund the government until April 8, was passed by the Senate earlier in the day and passed the House on Tuesday. The CDFI Fund helps locally based financial institutions offer small business, consumer and home loans in communities and populations that lack access to affordable credit. According to the Treasury Department in January, credit unions represent 13% of the total applicant pool for the 2011 round of the CDFI Fund program. The administration sought $250 million in CDFI funding for FY 2011.


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