CUNA wrote House and Senate appropriations leaders in opposition to any rescissions from the Capital Magnet Fund (CMF), in response to proposed cuts from the administration. The fund provides grants to Community Development Financial Institution (CDFI) credit unions to finance affordable housing.
“CUNA opposes this rescission from funds that have already been authorized, particularly funds that credit unions are able to leverage for much-needed affordable housing solutions in the communities they serve,” wrote CUNA President/CEO Jim Nussle. “Congress has repeatedly protected the CDFI Fund from proposed cuts and elimination…Fully funding the CMF and the CDFI Fund is an important investment by the federal government.
CUNA successfully fought for increased CDFI funding in the omnibus spending legislation passed by Congress in March after early proposed eliminated funding completely. The Treasury’s CDFI Fund administers the CMF.
This week the administration requested congressional appropriators rescind $151 million in budget authority for the CMF. A House appropriations bill released Wednesday would rescind $141.7 million from the CMF.