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E-news: CDFIs Making an Impact
May 7, 2003
In this issue:
Senate Sign-on Letter a Success!
CDFI Fund Receives 131 Financial Assistance Applications
Improve the CDFI Fund's Application Process
CDFIs created 52,798 jobs in FY 2001: CDFI Data Project Releases New Publication on the CDFI Industry
Save the Date! 2004 CDFI Institute February 4-6 44 Senators Sign-on in Support of the CDFI Fund!
The Community Development Financial Institutiuons (CDFI) Fund support letter organized by Senators Arlen Specter (R-PA) and Jon Corzine (D-NJ) was a huge success! The letter is addressed to Senator Kit Bond (R-MO), Chairman of the VA-HUD, Independent Agencies Appropriations subcommittee, and Senator Barbara Mikulski, the Ranking Member, and requests that they include $80 million for the CDFI Fund in FY 2004. This represents a restoration to FY 2002 funding levels. The subcommittee appropriated $75 million to the CDFI Fund in FY 2003, but President Bush only requested $51 million for the CDFI Fund in his FY 2004 Budget. Click here to see a complete history of appropriations to the CDFI Fund.
This year, 44 Senators signed-on to the joint Specter-Corzine letter in support of the CDFI Fund: 8 Republicans, 1 Independent and 35 Democrats. A total of 29 states were represented. The final list appears below:
Daniel Akaka (D-HI), Max Baucus (D-MT), Jeff Bingaman (D-NM), Barbara Boxer (D-CA), John Breaux (D-LA), Conrad Burns (R-MT), Maria Cantwell (D-WA), Thomas Carper (D-DE), Hillary Clinton (D-NY), Susan Collins (R-ME), Jon Corzine (D-NJ), Michael Crapo (R-ID), Tom Daschle (D-SD), Christopher Dodd (D-CT), Elizabeth Dole (R-NC), Pete Domenici (R-NM), Byron Dorgan (D-ND), Richard Durbin (D-IL), Russ Feingold (D-WI), Tom Harkin (D-IA), Daniel Inouye (D-HI), James Jeffords (I-VT), Tim Johnson (D-SD), Ted Kennedy (D-MA), John Kerry (D-MA), Herb Kohl (D-WI), Mary Landrieu (D-LA), Frank Lautenberg (D-NJ), Patrick Leahy (D-VT), Carl Levin (D-MI), Joseph Lieberman (D-CT), Blanche Lincoln (D-AR), Patty Murray (D-WA), Ben Nelson (D-NE), Bill Nelson (D-FL), Jack Reed (D-RI), John D. Rockefeller (D-WV), Rick Santorum (R-PA), Paul Sarbanes (D-MD), Charles Schumer (D-NY), Olympia Snowe (R-ME), Arlen Specter (R-PA), Debbie Stabenow (D-MI), and Ron Wyden (D-OR).
The CDFI Coalition thanks everyone who contacted their Members of Congress to urge them to support $80 million for the CDFI Fund in FY 2004! Advocates sent 102 letters from our website to 46 Senators in 23 states. Almost half of these Senators signed-on. If your Senator did not sign-on to the letter, it's not too late to call or write them requesting that they contact Chairman Bond to urge him to include $80 million for the CDFI Fund in FY 2004. Visit the CDFI Coalition website to take action now! CDFI Fund Receives 131 Financial Assistance Applications
In a recent press release, the CDFI Fund announced that they received 131 applications from certified CDFIs for the FY 2003 round of funding for the Financial Assistance program. During a recent meeting with CDFI Coalition Board members, Fund officials revealed that they expect to announce the FY 2003 FA awards in August 2003.
CDFIs requested $106.6 million, or over 3.5 times the $30 million available funds for this round. Comparatively, in FY 2002 the Fund made available $36.9 million for this component and received 138 applications requesting over $199 million in funds. See a full comparison of applications and awards for the Core/Financial Assistance component over seven rounds of funding on the CDFI Coalition website. Read the Fund's full press release for more specific details about this year's applicant pool.
The CDFI Coalition is pleased at the number of applications the Fund received given the extensive changes to program priorities in FY 2003, the new electronic application process, and the tight deadline to apply. Due to the delayed release of the FY 2003 NOFA and complications with the new electronic applications, CDFIs had less than 10 weeks to complete the application process. Improve the CDFI Fund's Application Process
The CDFI Fund has issued a request for comments on its Technical Assistance, Native American Technical Assistance, Native American CDFI Development (NACD), and Financial Assistance program applications. Comments on the TA, NATA and NACD applications are due June 2, 2003. Comments on the Financial Assistance applications are due on June 16, 2003. Follow the links above to view the relevant NOFAs. CDFI Data Project Releases New Publication on the CDFI Industry
Using FY 2001 data collected from 512 CDFIs, the CDFI Data Project (CDP) has published a new brochure that highlights the impact made by CDFIs in America's most distressed communities. Download the brochure from the CDFI Coalition website Save the Date! 2004 CDFI Institute February 4-6
The bi-annual CDFI Institute is the premier national policy conference for community development finance. Last held in 2002, the CDFI Institute brings together CDFI practioners, mainstream financial institutions, foundations, educators, agency officials and policy makers to take stock of the community development finance field and shape its future.
The 2004 CDFI Institute will be held in Washington, DC from February 4-6 at the Hyatt Regency, Capitol Hill. Mark your calendars to join us to commemorate the ten year anniversary of the CDFI Coalition and the CDFI Fund. Be part of the group that shapes the next decade! Watch your mailbox and check www.cdfi.org periodically for more information.
The Coalition of Community Development Financial Institutions is the lead national organization in the United States promoting the work of community development financial institutions. The CDFI Coalition coordinates industry wide initiatives and conducts a variety of public education programs to introduce key audiences to the valuable work performed daily by CDFIs. Join the CDFI Coalition Action Network!
Please send your comments and suggestions about this newsletter to firstname.lastname@example.org (email@example.com)
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