First Lady Highlights CDFI Fund Programs During Treasury Speech

Washington, DCOn July 7, 2010, First Lady Michelle Obama spoke to United States Department of the Treasury employees in recognition of their work fighting difficult economic circumstances throughout the nation. During her remarks, the First Lady highlighted the importance of several Treasury programs, including the Community Development Financial Institutions Fund's (CDFI Fund) New Markets Tax Credit (NMTC) Program in conjunction with the proposed Healthy Food Financing Initiative.

The NMTC Program has been instrumental in encouraging investments in low-income and distressed communities throughout the United States. To date, the CDFI Fund has allocated $26 billion in tax credit authority to Community Development Entities through the NMTC Program.

The proposed Healthy Food Financing Initiative will work toward eliminating "food deserts," neighborhoods with no affordable source of healthy foods, by providing competitively awarded grants through the CDFI Program and New Markets Tax Credits to organizations that are improving access to fresh food in low-income and underserved communities.

The full video of the First Lady's speech may be found on the U.S. Department of the Treasury's public website.

For more information about the CDFI Fund and its programs, please visit the CDFI Fund's website.