Proposed Increase for CDFI Fund Outstrips Other Programs!
The President’s budget proposal features great news about key programs that are important to the opportunity finance industry. We reviewed the programs noted in OFN’s 2008 survey of Federal Funding Sources for Opportunity Finance and discovered that, even without the new funding proposed for the Capital Magnet Fund, the President’s budget proposal proposed percentage increase for the CDFI Fund’s CDFI programs is by far the largest of any of our key programs!
The proposed increases for some federal funding streams of interest to CDFIs include:
- CDFI Program (FA/TA): 90.1% increase
- Charter Schools: 21% increase
- Native American CDFI Assistance: 17.6% increase
- Community Development Block Grants: 15.5% increase
- Rural Business Enterprise Grants: 8% increase
- Emergency Shelter Grants: 7% increase
- Economic Development Administration: 4% increase
- Intermediary Relending Program: 1.5% increase
You can download a summary of the President’s proposed funding for many programs that support CDFIs here: www.opportunityfinance.net/public/files/Federal Funding Survey with FY2010 Proposed Funding Levels.doc
The full report on federal resources is available at http://www.opportunityfinance.net/store/product.asp?pID=158.
Although the President’s proposal is an exciting first step in securing expanded resources for CDFIs, it is just that—a first step. OFN advocates both on our own and in concert with partners for the maximum level of resources for CDFIs. Stay tuned over the coming months for news and ways that you can help us work with Congress to secure appropriations for the CDFI Fund and other programs.
Thank you for your ongoing interest and support for our policy efforts!