WASHINGTON (12/11/14)--The omnibus appropriations bill unveiled by the House Appropriations Committee Tuesday contains $230.5 million for the Community Development Financial Institutions (CDFI) Fund and $2 million for the Community Development Revolving Loan Fund (CDRLF).
The omnibus bill contains legislation and funding for 11 annual appropriations bills through the end of the fiscal year, Sept. 30, 2015.
The CDFI Fund is used for financial and technical assistance loans or grants to CDFIs, which are certified by the U.S. Department of the Treasury as specialized financial institutions working in markets underserved by traditional financial institutions.
Non-certified financial institutions can apply for technical assistance but must be certified within two years of receiving the award.
The $230 million for the CDFI Fund represents a $4 million increase from last year. The breakdown of funds is:
As of Oct. 31, credit unions represent 241 out of 923 total CDFIs.
The CDRLF amount of $2 million is an increase from the $1.071 million proposed in previous drafts of the bill. The program is administered by the National Credit Union Administration and provides grants and loans to low-income designated credit unions for financial services and to stimulate economic activities in local communities.
The Credit Union National Association advocated for the increased CDRLF amount.