The House Appropriations Subcommittee on Financial Services and General Government has budgeted $276.6 million for the Community Development Financial Institutions Fund in its draft fiscal year 2025 appropriations bill, according to the CDFI Coalition. The amount is roughly $48 million below the enacted level for the current fiscal year. Congress is currently drafting a budget for the upcoming fiscal year, with final amounts subject to change.
Last month, a group of 48 senators asked the Senate Appropriations Committee to set aside $325 million for the CDFI Fund. Also in April, the American Bankers Association joined four associations in urging House and Senate lawmakers to support $341 million for the CDFI Fund, including a $40 million allocation for the Bank Enterprise Award program. “These monies are critically important: The $341 million will leverage up to 12 times its initial value in private capital and be channeled to local businesses, nonprofits and others to help vulnerable communities,” the associations said in a joint letter.