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President Obama's FY 2010 Budget Request Doubles Funding for CDFI Fundhttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=52President Obama's FY 2010 Budget Request Doubles Funding for CDFI Fund<p><strong>​Washington, DC</strong> - Today, President Obama released the funding highlights for the Administration’s fiscal year 2010 budget titled A New Era of Responsibility – Renewing America’s Promise, requesting to double funding for the CDFI Fund. The President’s Budget recognizes the critical work being accomplished by the CDFI Fund to promote economic prosperity and states the following:</p><p>"Expands job-creating investments and access to credit in disadvantaged communities by doubling funding for the Community Development Financial Institutions Fund."<br>"Expands Lending in Disadvantaged Communities. The Budget expands lending in underserved neighborhoods by doubling funding for the Community Development Financial Institutions (CDFI) Fund. Through merit-based grant programs, the CDFI Fund helps locally based financial institutions offer small business, consumer and home loans in communities and populations that lack access to affordable credit."</p><p>"I am very pleased to know that President Obama views the CDFI Fund and the programs we administer as a key part of his strategy to address the economic challenges facing our nation’s low-income urban, rural and Native communities," said CDFI Fund Director Donna Gambrell. "With the additional funding made available through the Recovery Act, and the potential for doubling our appropriations through the fiscal year 2010 budget, I know that Community Development Financial Institutions and Community Development Entities will be responsible and active partners in President Obama’s efforts to restore opportunity and prosperity across this great country."</p><p>The CDFI Fund anticipates further detailed information on the budget will be made available by the White House this spring.</p><p><strong>Links</strong></p><p>The full FY 2010 budget can be found at:<br><a href="http://www.whitehouse.gov/omb/assets/fy2010_new_era/A_New_Era_of_Responsibility2.pdf" target="_blank">www.whitehouse.gov/omb/assets/fy2010_new_era/A_New_Era_of_Responsibility2.pdf</a></p><p>The Treasury section of the FY 2010 budget can be found at:<br><a href="http://www.whitehouse.gov/omb/assets/fy2010_new_era/%20Department_of_the_Treasury.pdf">www.whitehouse.gov/omb/assets/fy2010_new_era/Department_of_the_Treasury.pdf</a></p>2009-02-26T05:00:00ZPress Releases52
Statement of Director Donna Gambrell on the signing of the American Recovery and Reinvestment Acthttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=51Statement of Director Donna Gambrell on the signing of the American Recovery and Reinvestment Act<p><strong>​Washington, DC</strong> - "Today, President Obama signed into law the American Recovery and Reinvestment Act which is critical to ensuring the country's economic recovery. The fact that the Community Development Financial Institutions (CDFI) Fund is included in this significant legislation is an important recognition by Congress that the CDFI Fund plays a vital role in promoting economic revitalization in our Nation's most distressed communities. Funding made available through the stimulus package will enable the CDFI Fund to support CDFIs and Community Development Entities (CDEs) across the country that are providing much needed capital, credit and financial services. These community-based lenders are on the front lines of battling the economic crisis and are well positioned to immediately and responsibly deploy resources to support homeowners and businesses. I can assure you that the CDFI Fund is mobilizing quickly to expeditiously deploy this new funding. A detailed announcement will be released shortly by the CDFI Fund to provide further guidance regarding the implementation strategy and schedule."</p><p><strong>Background</strong></p><p>The American Recovery and Reinvestment Act provides $3 billion of New Markets Tax Credit allocation authority divided equally between fiscal year 2008 and fiscal year 2009. In addition to the CDFI Fund's annual appropriation for fiscal year 2009, the legislation appropriates an additional $100 million, of which $90 million will apply to the CDFI Program, $8 million to the Native Initiatives, and $2 million to administrative expenses.</p>2009-02-17T05:00:00ZPress Releases51

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