Draft House Bill Includes $41.4 Million Boost for CDFI Program
By David Baumann - June 16, 2022
Measure also calls for $2.5 million increase for CDRLF.
The Community Development Financial Institutions program would receive $336.4 million in FY23—a $41.42 million boost over the current fiscal year—under a draft bill to be marked up by a House subcommittee Thursday.
The draft bill, to be considered by the House Financial Services Appropriations Committee, is the just the first step in the annual appropriations process.
Of the total being proposed, the subcommittee calls for $217 million for financial and technical assistance grants, $10 million to increase the availability and affordability of small-dollar loans and $104.9 million for other purposes.
The Biden Administration requested $331 million for the CDFI program in FY23.
The House appropriators’ draft bill also calls for $4 million for the National Credit Union Administration’s Community Development Revolving Loan Fund—an increase of almost $2.5 million over the current fiscal year.
The remainder of the NCUA and the Consumer Financial Protection Bureau are not funded through the annual appropriations process.