Policy and Advocacy

FY18 CDFI Fund Appropriations

The CDFI Fund appropriations are in need of strong congressional support for both Fiscal Year (FY) 2017 and 2018. Reports that the Trump Administration’s “skinny budget” for FY 2018 would “all, but eliminate” the CDFI Fund turned out to be true. The “skinny budget”calls for a $210 million cut to CDFI Fund programs. The proposal would eliminate all of Fund’s grant money with a small amount requested for administration of the New Markets Tax Credit, Capital Magnet Fund and the Bond Guarantee program. As we have reported previously, the Heritage Foundation, which played major role in the transition effort, had recommended elimination of the Fund.

The CDFI Coalition and other members have weighed-in with Treasury Secretary Mnuchin in support of the CDFI Fund.  While this news is disappointing, it is only the beginning of the process and there could be changes when the final budget is released—and certainly as Congress works on the FY 18 spending bill.

The same request was included for FY 17 in the “skinny budget”, however, the cuts were not included in the final FY 2017 Omnibus bill.  In fact, the CDFI Fund appropriation was the largest in the history of the program at $248 million.  This is in large part due to the outreach and education on the impact of CDFIs in Members’ of Congress Districts. The path ahead for FY 18 will certainly be difficult, with the Administration once again calling to eliminate funding for the CDFI Fund grant programs. Below is information for the CDFI community to use to educate Congress and request their support for FY 18 appropriations.

Submit Appropriations Requests to Your Members of Congress

The House and Senate Appropriations Committees have launched the FY 2018 appropriations process.  The House Committee notified House Members requests were due March 29.  In the Senate, the deadline for requests for the Financial Services and General Government Subcommittee are due May 26. Many Senators have internal offices deadlines in advance of the submission date to the Committee, so it is important to engage with them now.

Senate offices may require an individual or organization making appropriations request to complete a form that provides detailed information on the amount, justification and nature of the program request, and the appropriation that bill included for the program.  Below please find a template with that information to complete the form.

Senator Menendez is also circulating a sign-on letter in support of the CDFI Fund appropriations at the FY 2017 Omnibus level of $248 million. We have included a draft email for outreach to your Senator, which includes the text of Sen. Menendez’s letter.

Past materials (by fiscal year):

2017

2016

2015

2014

2013

2012

2011

FY 2011 Senator Menendez letter in support of CDFI Fund of $247 Million for the CDFI Fund (4/1/2011)

2010

CDFI Coalition Comments on Authourizing Statute 5/07/2010

FY 2011 House Sign on Letter (03/23/10)

2008

CDFI Coalition letter to Congress regarding Community Development Stimulus Program(12/08/08)

Newsweek Article: A Risk Worth Taking: The great work of the CDFI Industry, in light of the current financial crisis, was recently highlighted in Newsweek (11/24/08)

CDFI Coalition letter to Treasury regarding TARP (11/12/08)

The CDFI Fund’s Fiscal Year 2008 Awards for the CDFI Program (Financial Assistance and Technical Assistance) Policy Analysis

Senators Menendez (D-NJ) and Dole (R-NC) circulated a letter in support of at least a $150 million appropriation for the CDFI Fund in FY 2009 – (4/23/08)

2007

The CDFI Fund’s Fiscal Year 2007 Awards for the CDFI Program (Financial Assistance and Technical Assistance) Policy Analysis – (11/6/2007)

2006

The report provides details on CDFI Fund policies and their impact on the Native CDFI industry, Native training and capacity building programs, award distribution analysis, and other information relevant to potential and current Native CDFI practitioners – (11/6/2006)

The CDFI Fund’s Fiscal Year 2006 Awards for the CDFI Program (Financial Assistance and Technical Assistance) Policy Analysis – (10/3/2006)

Analysis: CDFI Participation in the New Markets Tax Credit Program’s Fourth Round (6/22/2006)

2005

CDFI Coalition Analysis: FY 2005 Bank Enterprise Awards. In this analysis, the Coalition analyzes the most recent Bank Enterprise Awards from the CDFI Fund –  (11/17/2005)

CDFI Coalition Analysis: Fiscal Year 2005 Awards for Financial Assistance. In this analysis, the Coalition analyzes the most recent Financial Assistance Awards from the CDFI Fund – (11/17/2005)

CDFI Coalition Analysis: FY 2005 Technical Assistance Awards. In this analysis, the Coalition analyzes the most recent Technical Assistance Awards from the CDFI Fund –  (11/17/2005)

CDFI Coalition joins other community development advocates in calling for President Bush’s initial Hurricane Katrina recovery effort speech to become a reality. (11/17/2005)

This spreadsheet provides a detailed analysis of Bank Enterprise Award (BEA) program awards from FY 1999 – FY 2004. The second spreadsheet documents demand for the program from its inception –  (7/20/2005)

CDFI Coalition Comments on New Markets Tax Credit Program: The CDFI Coalition submitted comments to the CDFI Fund concerning Targeted Populations under the New Markets Tax Credit Program –  (7/8/2005)

CDFI Coalition Analysis: First Three Rounds of the New Markets Tax Credit Allocations. The CDFI Coalition examined the performance and utilization of New Markets Tax Credits of CDFIs over the course of the first three rounds of tax credit allocations. The analysis highlights the consistently high CDFI Success Rate under the program – (6/3/2005)

Strengthening America’s Communities Initiative Comments. The CDFI Coalition has submitted these comments in response to the Strengthening America’s Communities Initiative Advisory Committee’s solicitation for public comments. The comments submitted by the Coalition stress the importance of direct access to Fed –  (5/9/2005)

Senator Bond Cites Importance of CDFI Fund: Senator Kit Bond (R-MO): Chairman of the Appropriations Subcommittee with jurisdiction over the CDFI Fund, spoke of the importance of continuing the CDFI Fund grant programs at a recent hearing with Treasury Secretary Snow focusing on Appropriations  (4/26/2005)

Fresno Bee Article-SACI Advisory Committee: Fresno Bee article describing the first meeting of the Strengthening America’s Communities Initiative Advisory Committee –  (4/16/2005)

CDFI Coalition’s Draft CRA Comment Letter: The CDFI Coalition has drafted a response to the recently proposed modifications to the Community Reinvestment Act by the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the Federal Reserve Board – (4/15/2005)

Senate Sign-on Letter in Support of CDFI Fund Appropriations: On April 8, Senators Santorum (R-PA) and Corzine (D-NJ) began circulating a letter in support of at least an $80 million appropriation for the CDFI Fund in FY 2006 – 4/13/2005)

Senators Committed to Sign the Santorum-Corzine Letter: To date, 54 Senators have signed the Santorum-Corzine letter. Please see if your Senators have signed the letter – (4/13/2005)

Funding Opportunity for Small Business Lenders (2/22/2005)This Request for Investment Proposals details the Corporation for Enterprise Development’s (CFED) new initiative for CDFIs that offers working lines of credit to businesses

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