Biden budget proposal includes CDFI Fund, CDRLF funding

President Joe Biden’s draft FY24 budget proposal contains $341 million for the Treasury’s Community Development Financial Institutions (CDFI) Fund, an increase of $17 million from the 2023 enacted level. CUNA has called for an appropriation of $500 million for the CDFI Fund in FY24.

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.

Credit unions are 480 of 1,396 certified CDFIs as of Feb. 13, the largest type of depository institution.

The proposal also calls for $4 million for NCUA’s Community Development Revolving Loan Fund (CDRLF), $500,000 more than FY23. The CDRLF funds a revolving loan program and a technical assistance program.