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#1
12-09-2009, 12:08 PM
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Congress Set to Approve $247 Million for CDFI Fund!
Original message from: cneas@OpportunityFinance.net
The House and Senate this week will vote on conference legislation that would finalize the HIGHEST LEVEL OF APPROPRIATIONS EVER for the CDFI Fund! The conference legislation, negotiated between the two Houses, sets appropriations for the CDFI Fund in FY 2010 (October 1, 2009 - September 30, 2010) at $246,750,000. The legislation also waives the match requirement and the cap limiting CDFIs to $5 million in Fund investment over a 3-year period. The appropriations total includes $12 million for Technical Assistance and other purposes for Native American, Native Hawaiian and Alaskan Native communities; not less than $25 million for the Bank Enterprise Award Program; $4,150,000 to continue the pilot program for financial education for prospective homebuyers (including $3,150,000 is for a pilot program to be conducted in Hawaii); and up to $18 million for administration, including administration of the New Markets Tax Credit. The remaining funds, about $107 million, would be devoted to the Fund's Financial Assistance and Technical Assistance programs. The House and Senate are expected to vote on the omnibus FY 2010 appropriations bill, which includes the Financial Services and General Government appropriations along with 5 other appropriations bills, in the next week. Both Houses of Congress must pass this bill and the President sign it into law before a continuing resolution expires on December 18. Congratulations to all, and thanks for your support this year as we have worked to secure these record resources! Please do not hesitate to contact me or Jennifer Vasiloff (jvasiloff@opportunityfinance.net<mailto:jvasiloff @opportunityfinance.net>) at Opportunity Finance Network if you have questions or would like a copy of the specific appropriations language. Cheryl Neas Senior Vice President, Policy Development Opportunity Finance Network 215.320.4309 www.opportunityfinance.net<http://www.opportunityfinance.net> Celebrating 25 years of opportunity finance! 
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