Washington, DC - 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.
"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."
Highlights of the 2010 budget request for the CDFI Fund include:
- $243.6 million for the CDFI Fund, which represents a 127 percent increase in total funding;
- $113.6 million, a 90 percent increase in funding for the CDFI Program to boost investments and other financial services in underserved communities;
- $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;
- 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;
- 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
- Legislative enhancements to the CDFI Fund's programs to enable greater access to capital for distressed communities.
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