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Treasury Awards $1.5 Billion Through Recovery Act to Encourage Private Sector Investments in Communities Around the Countryhttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=37Treasury Awards $1.5 Billion Through Recovery Act to Encourage Private Sector Investments in Communities Around the Country<div class="ExternalClassBBD9BB5EF8DA45BD9FE80CBD19B6AD46"><p> <em>​Awards Announced Under New Markets Tax Credit Program</em></p><p> <strong>Boston, MA</strong> - Just 100 days since the President signed into law the American Recovery and Reinvestment Act (Recovery Act), Treasury Secretary Tim Geithner today announced $1.5 billion in New Markets Tax Credit (NMTC) awards for 32 organizations throughout the country. With resources made possible through the Recovery Act, the NMTC Program injects private-sector capital investment into communities around the country to create jobs, stimulate economic growth, and jumpstart the lending necessary for financial stability. The awardees announced today are planning investments in renewable energy projects, charter schools, health care facilities, manufacturing companies and retail centers.<br></p><p>"The Recovery Act was a crucial step toward restoring economic growth, getting Americans back to work, and strengthening our nation's financial stability" said Secretary Geithner. "Many communities have been left with a shortfall of financial support and are unable to pursue desperately needed projects, leaving residents to fall even further behind. The New Markets Tax Credit program helps break that cycle by providing an incentive to invest in communities to break ground on new projects, create jobs, and offer much needed services."<br></p><p>The 32 organizations receiving awards have identified principal service areas covering 33 states, the District of Columbia, and Puerto Rico. The NMTC Program, established by Congress in December 2000, permits individual and corporate taxpayers to receive a credit against federal income taxes for making qualified equity investments in investment vehicles known as Community Development Entities (CDEs). The credit provided to the investor totals 39 percent of the cost of the investment and is claimed over a seven-year period. A majority of the taxpayer's investment must in turn be used by the CDE to make qualified investments in low-income communities.<br></p><p>Secretary Geithner's announcement was made today at Project Hope, a New Markets Tax Credit award recipient in Boston, MA. Secretary Geithner was joined by Massachusetts Governor Duval Patrick and Community Development Financial Institutions (CDFI) Fund Director Donna Gambrell. A division of the Department of Treasury, the CDFI Fund, administers the NMTC program.<br></p><p>"We are here today at Project Hope because it's a shining example of how the New Markets Tax Credit can be utilized to transform communities and improve the quality of life for the local residents," said CDFI Fund Director Donna J. Gambrell. "Through $4.8 million in New Markets Tax Credit financing, the center we are gathered at today is providing expanded adult education, job placement and career development services and is also Roxbury's first certified green building."<br></p><p>To date, close to $12 billion of private-sector capital has been invested through the NMTC Program into urban and rural communities throughout the country. Data reported through 2007 shows that $9 billion dollars of NMTC capital has been invested into approximately 2,000 businesses and real estate developments - helping to develop or rehabilitate over 68 million square feet of real estate, create 210,000 construction jobs, and create or maintain 45,000 full time equivalent jobs at businesses in low-income communities.<br></p><p>A complete list of the 32 organizations selected and additional information on the NMTC Program can be found on the CDFI Fund's web site at: www.cdfifund.gov.</p><p> <strong>2008 NMTC Program Recovery Act Awards</strong><br></p><ul><li>List of Allocations</li><li>Overview of Allocations</li><li>States Served</li><li>Profiles of Allocatees</li></ul> </div><table cellspacing="0" cellpadding="0" class="ms-rteTable-4"><thead><tr class="ms-rteTableHeaderRow-4"><th colspan="1" rowspan="1" class="ms-rteTableHeaderEvenCol-4"> Name of Allocatee</th><th colspan="1" rowspan="1" class="ms-rteTableHeaderOddCol-4"> Headquarters</th><th colspan="1" rowspan="1" class="ms-rteTableHeaderEvenCol-4"> Service Area</th><th colspan="1" rowspan="1" class="ms-rteTableHeaderOddCol-4"> Predominant Market</th><th colspan="1" rowspan="1" class="ms-rteTableHeaderEvenCol-4"> Allocated Amount</th></tr></thead><tbody><tr class="ms-rteTableOddRow-4"><td width="204" valign="bottom" class="ms-rteTableEvenCol-4"> AHC Community Development, LLC</td><td width="87" valign="bottom" class="ms-rteTableOddCol-4"> Cleveland, OH </td><td width="60" valign="bottom" class="ms-rteTableEvenCol-4"> National</td><td width="118" valign="bottom" class="ms-rteTableOddCol-4"> <span lang="IT"> CA, DC, FL, IL, NV, NM, VA</span></td><td width="82" valign="bottom" class="ms-rteTableEvenCol-4"> $55,000,000</td></tr><tr class="ms-rteTableEvenRow-4"><td width="204" valign="bottom" class="ms-rteTableEvenCol-4"> Albina Equity Fund, I LLC</td><td width="87" valign="bottom" class="ms-rteTableOddCol-4"> Portland, OR </td><td width="60" valign="bottom" class="ms-rteTableEvenCol-4"> State-wide</td><td width="118" valign="bottom" class="ms-rteTableOddCol-4"> OR</td><td width="82" valign="bottom" class="ms-rteTableEvenCol-4"> $10,000,000</td></tr><tr class="ms-rteTableOddRow-4"><td width="204" valign="bottom" class="ms-rteTableEvenCol-4"> Bethany Square LLC</td><td width="87" valign="bottom" class="ms-rteTableOddCol-4"> Santa Monica, CA </td><td width="60" valign="bottom" class="ms-rteTableEvenCol-4"> Local</td><td width="118" valign="bottom" class="ms-rteTableOddCol-4"> CA</td><td width="82" valign="bottom" class="ms-rteTableEvenCol-4"> $10,000,000</td></tr><tr class="ms-rteTableEvenRow-4"><td width="204" valign="bottom" class="ms-rteTableEvenCol-4"> California Urban Investment Fund, LLC</td><td width="87" valign="bottom" class="ms-rteTableOddCol-4"> Oakland, CA </td><td width="60" valign="bottom" class="ms-rteTableEvenCol-4"> Local</td><td width="118" valign="bottom" class="ms-rteTableOddCol-4"> CA</td><td width="82" valign="bottom" class="ms-rteTableEvenCol-4"> $20,000,000</td></tr><tr class="ms-rteTableOddRow-4"><td width="204" valign="bottom" class="ms-rteTableEvenCol-4"> Capital One Community Renewal Fund, LLC</td><td width="87" valign="bottom" class="ms-rteTableOddCol-4"> McLean, VA </td><td width="60" valign="bottom" class="ms-rteTableEvenCol-4"> Multi-State</td><td width="118" valign="bottom" class="ms-rteTableOddCol-4"> <span lang="IT"> LA, MS, TX, NY, NJ</span></td><td width="82" valign="bottom" class="ms-rteTableEvenCol-4"> $90,000,000</td></tr><tr class="ms-rteTableEvenRow-4"><td width="204" valign="bottom" class="ms-rteTableEvenCol-4"> Capital Trust Agency Community Development Entity, LLC</td><td width="87" valign="bottom" class="ms-rteTableOddCol-4"> Gulf Breeze, FL</td><td width="60" valign="bottom" class="ms-rteTableEvenCol-4"> State-wide</td><td width="118" valign="bottom" class="ms-rteTableOddCol-4"> FL</td><td width="82" valign="bottom" class="ms-rteTableEvenCol-4"> $75,000,000</td></tr><tr class="ms-rteTableOddRow-4"><td width="204" valign="bottom" class="ms-rteTableEvenCol-4"> Capmark Community Development Fund LLC</td><td width="87" valign="bottom" class="ms-rteTableOddCol-4"> Denver, CO </td><td width="60" valign="bottom" class="ms-rteTableEvenCol-4"> Nation-wide</td><td width="118" valign="bottom" class="ms-rteTableOddCol-4"> <span lang="IT"> CA, CO, FL, KY, LA, MI, TX</span></td><td width="82" valign="bottom" class="ms-rteTableEvenCol-4"> $85,000,000</td></tr><tr class="ms-rteTableEvenRow-4"><td width="204" valign="bottom" class="ms-rteTableEvenCol-4"> Carver Community Development Corporation</td><td width="87" valign="bottom" class="ms-rteTableOddCol-4"> New York, NY </td><td width="60" valign="bottom" class="ms-rteTableEvenCol-4"> Multi-State</td><td width="118" valign="bottom" class="ms-rteTableOddCol-4"> NJ, NY</td><td width="82" valign="bottom" class="ms-rteTableEvenCol-4"> $65,000,000</td></tr><tr class="ms-rteTableOddRow-4"><td width="204" valign="bottom" class="ms-rteTableEvenCol-4"> CCG Community Partners, LLC</td><td width="87" valign="bottom" class="ms-rteTableOddCol-4"> Princeton, NJ </td><td width="60" valign="bottom" class="ms-rteTableEvenCol-4"> National</td><td width="118" valign="bottom" class="ms-rteTableOddCol-4"> <span lang="IT"> CA, FL, LA, MO, NJ, NC, TX</span></td><td width="82" valign="bottom" class="ms-rteTableEvenCol-4"> $20,000,000</td></tr><tr class="ms-rteTableEvenRow-4"><td width="204" valign="bottom" class="ms-rteTableEvenCol-4"> Charter Facilities Funding, LLC</td><td width="87" valign="bottom" class="ms-rteTableOddCol-4"> Denver, CO </td><td width="60" valign="bottom" class="ms-rteTableEvenCol-4"> National</td><td width="118" valign="bottom" class="ms-rteTableOddCol-4"> AZ, CA, CO, NY, NC, OR, TX</td><td width="82" valign="bottom" class="ms-rteTableEvenCol-4"> $20,000,000</td></tr><tr class="ms-rteTableOddRow-4"><td width="204" valign="bottom" class="ms-rteTableEvenCol-4"> Chase New Markets Corporation</td><td width="87" valign="bottom" class="ms-rteTableOddCol-4"> New York, NY </td><td width="60" valign="bottom" class="ms-rteTableEvenCol-4"> National</td><td width="118" valign="bottom" class="ms-rteTableOddCol-4"> <span lang="IT"> AZ, IL, MI, NJ, NY, OH, TX</span></td><td width="82" valign="bottom" class="ms-rteTableEvenCol-4"> $85,000,000</td></tr><tr class="ms-rteTableEvenRow-4"><td width="204" valign="bottom" class="ms-rteTableEvenCol-4"> Commercial & Industrial Community Development Enterprise , LLC</td><td width="87" valign="bottom" class="ms-rteTableOddCol-4"> Norwalk, CT </td><td width="60" valign="bottom" class="ms-rteTableEvenCol-4"> National</td><td width="118" valign="bottom" class="ms-rteTableOddCol-4"> AR, CA, GA, ME, MS, MT, OR</td><td width="82" valign="bottom" class="ms-rteTableEvenCol-4"> $85,000,000</td></tr><tr class="ms-rteTableOddRow-4"><td width="204" valign="bottom" class="ms-rteTableEvenCol-4"> Community Development Funding, LLC</td><td width="87" valign="bottom" class="ms-rteTableOddCol-4"> Columbia, MD </td><td width="60" valign="bottom" class="ms-rteTableEvenCol-4"> National</td><td width="118" valign="bottom" class="ms-rteTableOddCol-4"> <span lang="IT"> LA, MD, MS, NY, PA, PR, WA</span></td><td width="82" valign="bottom" class="ms-rteTableEvenCol-4"> $20,000,000</td></tr><tr class="ms-rteTableEvenRow-4"><td width="204" valign="bottom" class="ms-rteTableEvenCol-4"> Empire State New Market Corporation</td><td width="87" valign="bottom" class="ms-rteTableOddCol-4"> New York, NY </td><td width="60" valign="bottom" class="ms-rteTableEvenCol-4"> State-wide</td><td width="118" valign="bottom" class="ms-rteTableOddCol-4"> NY</td><td width="82" valign="bottom" class="ms-rteTableEvenCol-4"> $30,000,000</td></tr><tr class="ms-rteTableOddRow-4"><td width="204" valign="bottom" class="ms-rteTableEvenCol-4"> Enterprise Corporation of the Delta</td><td width="87" valign="bottom" class="ms-rteTableOddCol-4"> Jackson, MS </td><td width="60" valign="bottom" class="ms-rteTableEvenCol-4"> Multi-State</td><td width="118" valign="bottom" class="ms-rteTableOddCol-4"> <span lang="IT"> AR, LA, MS, TN</span></td><td width="82" valign="bottom" class="ms-rteTableEvenCol-4"> $20,000,000</td></tr><tr class="ms-rteTableEvenRow-4"><td width="204" valign="bottom" class="ms-rteTableEvenCol-4"> ESIC New Markets Partners LP</td><td width="87" valign="bottom" class="ms-rteTableOddCol-4"> Columbia, MD </td><td width="60" valign="bottom" class="ms-rteTableEvenCol-4"> National</td><td width="118" valign="bottom" class="ms-rteTableOddCol-4"> <span lang="IT"> CA, FL, GA, KY, LA, MS, NY</span></td><td width="82" valign="bottom" class="ms-rteTableEvenCol-4"> $95,000,000</td></tr><tr class="ms-rteTableOddRow-4"><td width="204" valign="bottom" class="ms-rteTableEvenCol-4"> Harbor Bankshares Corporation</td><td width="87" valign="bottom" class="ms-rteTableOddCol-4"> Baltimore, MD </td><td width="60" valign="bottom" class="ms-rteTableEvenCol-4"> Local</td><td width="118" valign="bottom" class="ms-rteTableOddCol-4"> MD</td><td width="82" valign="bottom" class="ms-rteTableEvenCol-4"> $50,000,000</td></tr><tr class="ms-rteTableEvenRow-4"><td width="204" valign="bottom" class="ms-rteTableEvenCol-4"> Heartland Renaissance Fund, LLC</td><td width="87" valign="bottom" class="ms-rteTableOddCol-4"> Little Rock, AR </td><td width="60" valign="bottom" class="ms-rteTableEvenCol-4"> State-wide</td><td width="118" valign="bottom" class="ms-rteTableOddCol-4"> AR</td><td width="82" valign="bottom" class="ms-rteTableEvenCol-4"> $55,000,000</td></tr><tr class="ms-rteTableOddRow-4"><td width="204" valign="bottom" class="ms-rteTableEvenCol-4"> Kitsap County NMTC Facilitators I, LLC</td><td width="87" valign="bottom" class="ms-rteTableOddCol-4"> Silverdale, WA </td><td width="60" valign="bottom" class="ms-rteTableEvenCol-4"> State-wide</td><td width="118" valign="bottom" class="ms-rteTableOddCol-4"> WA</td><td width="82" valign="bottom" class="ms-rteTableEvenCol-4"> $20,000,000</td></tr><tr class="ms-rteTableEvenRow-4"><td width="204" valign="bottom" class="ms-rteTableEvenCol-4"> MetaMarkets OK, LLC</td><td width="87" valign="bottom" class="ms-rteTableOddCol-4"> Oklahoma City, OK </td><td width="60" valign="bottom" class="ms-rteTableEvenCol-4"> State-wide</td><td width="118" valign="bottom" class="ms-rteTableOddCol-4"> OK</td><td width="82" valign="bottom" class="ms-rteTableEvenCol-4"> $25,000,000</td></tr><tr class="ms-rteTableOddRow-4"><td width="204" valign="bottom" class="ms-rteTableEvenCol-4"> NCB Capital Impact</td><td width="87" valign="bottom" class="ms-rteTableOddCol-4"> Arlington, VA </td><td width="60" valign="bottom" class="ms-rteTableEvenCol-4"> National</td><td width="118" valign="bottom" class="ms-rteTableOddCol-4"> <span lang="IT"> CA, DC, MA, MI, NY, OH, TX</span></td><td width="82" valign="bottom" class="ms-rteTableEvenCol-4"> $90,000,000</td></tr><tr class="ms-rteTableEvenRow-4"><td width="204" valign="bottom" class="ms-rteTableEvenCol-4"> New Markets Redevelopment LLC</td><td width="87" valign="bottom" class="ms-rteTableOddCol-4"> Oklahoma City, OK </td><td width="60" valign="bottom" class="ms-rteTableEvenCol-4"> Local</td><td width="118" valign="bottom" class="ms-rteTableOddCol-4"> OK</td><td width="82" valign="bottom" class="ms-rteTableEvenCol-4"> $50,000,000</td></tr><tr class="ms-rteTableOddRow-4"><td width="204" valign="bottom" class="ms-rteTableEvenCol-4"> Northeast Ohio Development Fund, LLC</td><td width="87" valign="bottom" class="ms-rteTableOddCol-4"> Cleveland, OH </td><td width="60" valign="bottom" class="ms-rteTableEvenCol-4"> Local</td><td width="118" valign="bottom" class="ms-rteTableOddCol-4"> OH</td><td width="82" valign="bottom" class="ms-rteTableEvenCol-4"> $30,000,000</td></tr><tr class="ms-rteTableEvenRow-4"><td width="204" valign="bottom" class="ms-rteTableEvenCol-4"> Opportunity Fund   (formerly Lenders for Community Development)</td><td width="87" valign="bottom" class="ms-rteTableOddCol-4"> San Jose, CA </td><td width="60" valign="bottom" class="ms-rteTableEvenCol-4"> Local</td><td width="118" valign="bottom" class="ms-rteTableOddCol-4"> CA</td><td width="82" valign="bottom" class="ms-rteTableEvenCol-4"> $35,000,000</td></tr><tr class="ms-rteTableOddRow-4"><td width="204" valign="bottom" class="ms-rteTableEvenCol-4"> Pacesetter CDE INC</td><td width="87" valign="bottom" class="ms-rteTableOddCol-4"> Richardson, TX </td><td width="60" valign="bottom" class="ms-rteTableEvenCol-4"> State-wide</td><td width="118" valign="bottom" class="ms-rteTableOddCol-4"> TX</td><td width="82" valign="bottom" class="ms-rteTableEvenCol-4"> $30,000,000</td></tr><tr class="ms-rteTableEvenRow-4"><td width="204" valign="bottom" class="ms-rteTableEvenCol-4"> Rockland Trust Community Development Corporation</td><td width="87" valign="bottom" class="ms-rteTableOddCol-4"> Rockland, MA </td><td width="60" valign="bottom" class="ms-rteTableEvenCol-4"> Multi-state</td><td width="118" valign="bottom" class="ms-rteTableOddCol-4"> MA, RI</td><td width="82" valign="bottom" class="ms-rteTableEvenCol-4"> $50,000,000</td></tr><tr class="ms-rteTableOddRow-4"><td width="204" valign="bottom" class="ms-rteTableEvenCol-4"> SBK New Markets Fund, Inc.</td><td width="87" valign="bottom" class="ms-rteTableOddCol-4"> Chicago, IL </td><td width="60" valign="bottom" class="ms-rteTableEvenCol-4"> Multi-state</td><td width="118" valign="bottom" class="ms-rteTableOddCol-4"> IL, MI, OH</td><td width="82" valign="bottom" class="ms-rteTableEvenCol-4"> $35,000,000</td></tr><tr class="ms-rteTableEvenRow-4"><td width="204" valign="bottom" class="ms-rteTableEvenCol-4"> Solomon Hess Loan Fund, LLC</td><td width="87" valign="bottom" class="ms-rteTableOddCol-4"> McLean, VA </td><td width="60" valign="bottom" class="ms-rteTableEvenCol-4"> National</td><td width="118" valign="bottom" class="ms-rteTableOddCol-4"> <span lang="IT"> CA, FL, IL, MI, NJ, NY, TX</span></td><td width="82" valign="bottom" class="ms-rteTableEvenCol-4"> $50,000,000</td></tr><tr class="ms-rteTableOddRow-4"><td width="204" valign="bottom" class="ms-rteTableEvenCol-4"> Synovus/CB&T Community Reinvestment, LLC</td><td width="87" valign="bottom" class="ms-rteTableOddCol-4"> Columbus, GA </td><td width="60" valign="bottom" class="ms-rteTableEvenCol-4"> National</td><td width="118" valign="bottom" class="ms-rteTableOddCol-4"> <span lang="IT"> AL, AK, DC, GA, MA, NY, TX</span></td><td width="82" valign="bottom" class="ms-rteTableEvenCol-4"> $50,000,000</td></tr><tr class="ms-rteTableEvenRow-4"><td width="204" valign="bottom" class="ms-rteTableEvenCol-4"> Urban Development Fund, LLC</td><td width="87" valign="bottom" class="ms-rteTableOddCol-4"> Chicago, IL </td><td width="60" valign="bottom" class="ms-rteTableEvenCol-4"> National</td><td width="118" valign="bottom" class="ms-rteTableOddCol-4"> <span lang="IT"> AL, CA, FL, IL, LA, MS, TX</span></td><td width="82" valign="bottom" class="ms-rteTableEvenCol-4"> $65,000,000</td></tr><tr class="ms-rteTableOddRow-4"><td width="204" valign="bottom" class="ms-rteTableEvenCol-4"> Vermont Rural Ventures, Inc.</td><td width="87" valign="bottom" class="ms-rteTableOddCol-4"> Burlington, VT </td><td width="60" valign="bottom" class="ms-rteTableEvenCol-4"> State-wide</td><td width="118" valign="bottom" class="ms-rteTableOddCol-4"> VT</td><td width="82" valign="bottom" class="ms-rteTableEvenCol-4"> $30,000,000</td></tr><tr class="ms-rteTableEvenRow-4"><td width="204" valign="bottom" class="ms-rteTableEvenCol-4"> Wayne County - Detroit CDE</td><td width="87" valign="bottom" class="ms-rteTableOddCol-4"> Detroit, MI </td><td width="60" valign="bottom" class="ms-rteTableEvenCol-4"> Local</td><td width="118" valign="bottom" class="ms-rteTableOddCol-4"> MI</td><td width="82" valign="bottom" class="ms-rteTableEvenCol-4"> $50,000,000</td></tr></tbody></table>2009-05-27T04:00:00ZPress Releases37
249 New Markets Tax Credit Applications Received Requesting $22.5 Billionhttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=111249 New Markets Tax Credit Applications Received Requesting $22.5 Billion<p class="body"><i>Additional $1.5 Billion Added Through American Recovery and <br>Reinvestment Act of 2009</i></p> <p class="body"><strong>Washington, DC</strong> - The U.S. Treasury Department's Community Development Financial Institutions (CDFI) Fund announced today that it received a total of 249 applications under the 2009 round of the New Markets Tax Credit (NMTC) Program. These applicants requested an aggregate total of $22,496,767,600 in NTMC allocation authority. A total of $5 billion of allocation authority is available this round including the $1.5 billion in additional allocation authority authorized through the American Recovery and Reinvestment Act of 2009 (the Recovery Act).</p><p class="body">"I am pleased to see that the New Markets Tax Credit Program continues to be in high demand even with the recent constraints on capital and credit," said CDFI Fund Director Donna J. Gambrell. "The equity being raised through the program and the impact of the resulting investments in low-income communities are a testament to the innovative success of the New Markets Tax Credit."</p><p class="body">The NMTC Program, established by Congress in December of 2000, permits individual and corporate taxpayers to receive a credit against federal income taxes for making qualified equity investments in investment vehicles known as Community Development Entities (CDEs). The credit provided to the investor totals 39 percent of the cost of the investment and is claimed over a seven-year period. Substantially all of the taxpayer's investment must in turn be used by the CDE to make qualified investments in low-income communities. Successful applicants are selected only after a competitive application and rigorous review process that is administered by the CDFI Fund.</p><p class="body">The application deadline was April 8, 2009. The CDFI Fund anticipates announcing the organizations that will receive New Markets Tax Credit allocations in October of 2009.</p><p class="body">Through the first six rounds of the NMTC Program, the CDFI Fund has made 364 awards totaling $19.5 billion in tax credit allocation authority.</p><p class="body">Additional information can be found on the CDFI Fund’s web site at <a href="http://www.cdfifund.gov/">www.cdfifund.gov</a>.</p>2009-05-14T04:00:00ZUpdates111
President's 2010 Budget Requests $243.6 Million for the CDFI Fundhttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=36President's 2010 Budget Requests $243.6 Million for the CDFI Fund<strong>Washington, DC</strong> - Today, President Obama released the fiscal year (FY) 2010 budget titled A New Era of Responsibility – Renewing America's Promise. The President's budget requests $243.6 million for the CDFI Fund – a 127 percent increase over the $107 million appropriated for FY 2009.<br> <p> </p><p>"The President's 2010 budget request for the CDFI Fund clearly demonstrates a strong commitment of support to our critical mission of serving distressed communities," said CDFI Fund Director Donna J. Gambrell. "Beyond the increased funding for our current programs, the inclusion of funding for the Native Initiatives, Capital Magnet Fund, a new research initiative, and proposed legislative enhancements, will all work together to expand the CDFI Fund's ability to further economic development in communities most in need."</p><p>Highlights of the 2010 budget request for the CDFI Fund include:</p><ul><li>$243.6 million for the CDFI Fund, which represents a 127 percent increase in total funding;</li><li>$113.6 million, a 90 percent increase in funding for the CDFI Program to boost investments and other financial services in underserved communities;</li><li>$80 million for the Capital Magnet Fund, a newly authorized program to increase capital investment for the development, preservation, rehabilitation, or the purchase of affordable housing for low-, very low-, and extremely low-income families;</li><li>The first Administration budget to specifically include funding ($10 million) for the CDFI Fund's Native Initiatives, which assist Native Communities (Native American, Alaskan Native and Native Hawaiian communities) to overcome certain barriers to financial services;</li><li>A new research initiative to conduct strategic research that will analyze the impact and outcomes of the CDFI Fund's programs, including the effect of changing economic conditions; and</li><li>Legislative enhancements to the CDFI Fund's programs to enable greater access to capital for distressed communities.</li></ul><p> <strong>Links</strong></p><ul><li> <a target="_blank" href="http://www.treasury.gov/about/budget-performance/budget-in-brief/Documents/BIB-CDFI.pdf">FY 2010 CDFI Fund Budget-in-Brief</a></li><li> <a href="http://www.treasury.gov/about/budget-performance/budget-in-brief/Documents/CJ-CDFI.pdf">FY 2010 CDFI Fund Congressional Justification</a></li><li> <a target="_blank" href="/Documents/Complete%20FY%202010%20CDFI%20Fund%20Budget.pdf">FY 2010 CDFI Fund Budget</a></li></ul><ul><li> <a href="https://www.whitehouse.gov/omb/budget/">The President's Budget for Fiscal Year 2010</a> </li><li> <a href="https://www.whitehouse.gov/omb/fy2010_department_treasury/">White House Fact Sheet on Treasury Department</a></li></ul> 2009-05-07T04:00:00ZPress Releases36

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