CDFI Fund Receives $246.75 Million

The U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund) today released the following statement from Director Donna J. Gambrell on the President's signing into law H.R. 3288, the omnibus appropriations bill:

"With the President's signature, almost $247 million of resources will be available in fiscal year 2010 through the CDFI Fund's programs to expand job-creating investments and access to capital and credit in underserved communities nationwide.

These resources are a sound investment of tax-payer dollars and will support our critical mission of serving economically distressed communities and also expand our community economic development efforts. We are truly appreciative to have the confidence and support of both Congress and the President."

The fiscal year 2010 appropriation is the largest ever for the CDFI Fund. It was appropriated as follows:

• $107.6 million for the CDFI Program;
• $80 million for the new Capital Magnet Fund;
• $25 million for the Bank Enterprise Award Program;
• $12 million for the Native Initiatives;
• $4.15 million for a new Financial Education and Counseling Pilot Program; and
• $18 million for the CDFI Fund's administrative expenses.

The appropriations bill also includes language waiving the matching funds requirement.