Yesterday, April 18, the CDFI Coalition and more than 200 organizations sent letters to House and Senate Appropriations Subcommittee on Financial Services and General Government, and full Committee leadership requesting $341 million for the Community Development Financial Institutions Fund (CDFI) for Fiscal Year 2024. The letters, which support the President's Budget request for the same amount, explain that the $17 million increase over current funding levels would have significant impacts on the low-wealth communities CDFIs work in. Thank you to all of you who added your organization!
From the letter: "We project that an appropriation of $341 million will result in $4 billion in new investment in low-income communities, create or preserve over 34,000 affordable housing units, thousands of loans and investments in childcare centers, health clinics, and community facilities, nearly 700,000 consumer and homeownership loans, and more than 100,000 loans and investments in business in target markets."
Currently, it is still unclear if the regular order will be followed throughout the appropriations process, but there are rumors that the Senate will be releasing their bills first. Regardless of what happens, we continue to advocate for CDFIs and will keep you updated throughout the process. Click the links below to read the full letter, with signatories.
House Letter
Senate Letter