President Joe Biden’s FY23 budget proposal released Monday contains several items of interest to credit unions, including the Treasury’s Community Development Financial Institutions (CDFI) Fund.
The CDFI Fund makes capital grants, equity investments and awards for technical assistance to CDFIs for community development initiatives such as small businesses, community facilities, and low-income housing.
The administration requested $331 million for FY23, up from $295 million in the recently passed FY22 omnibus bill.
The Community Development Revolving Loan Fund—administered by NCUA—assists credit unions serving low-income communities to provide financial services, stimulate economic activities and operate more efficiently.
The proposal requests $4 million, up from $1.545 in the FY22 omnibus bill.