Funding the CDFI Fund

FY2008
On December 19, 2007 Congress passed the Consolidated Appropriations Act, 2008, the bill which provides funding for most of the government. The $555 billion bill included $94 million for the CDFI Fund, an almost $40 million increase from FY2007 and the most appropriated to the Fund since 2001. President Bush signed the bill into law on December 27, 2007.

CDVCA, working with the CDFI Coalition, strongly advocated for increased funding for the CDFI Fund, and is pleased that the FY2008 appropriation is only $6 million shy of our goal.

Click here to read the relevant section of the bill.

FY2009
The President released his FY2009 Budget in February 2008, which included $29 million for the CDFI Fund. The budget also included an extension of the New Markets Tax Credit for an additional year at the level of $3.5 billion. The President's FY2008 Budget included the same $29 million for the CDFI Fund, but, as stated above, Congress appropriated $94 million for the Fund in FY2008.