Below are OFN advocacy toolkits and fact sheets on various policy issues.
OFN’s 2018 Federal Policy Priorities reflect what is most important to CDFIs in their work to increase economic opportunity in communities left out of the financial mainstream.
OFN needs the CDFI industry to make a strong push with Chairman Lankford in support of $275 million for the CDFI Fund, an increase of $25 million over the level enacted in FY 2018.
OFN Members create economic growth. OFN members finance community businesses, spark job growth in the areas that need it most, and deliver both sound financial returns and real changes for people and communities.
CDFIs are an increasingly important partner and investor in rural America: providing capital to businesses that increase tourism-related activities and create new jobs, financing critically-needed community facilities like health centers, and helping create new opportunities for economic growth in disinvested rural areas. More than half of OFN’s members invest in rural communities, providing $1.2 billion in loans and investments in 2015.
The CDFI Bond Guarantee Program (BGP) was enacted as part of the Small Business Jobs Act of 2010. Designed as a zero-subsidy federal program—operating at no cost to taxpayers—the BGP enables participating CDFIs access to affordable, long-term capital. In FY17, the CDFI Fund was authorized to issue up to $500 million in bonds through the BGP. OFN’s FY18 request is for the continuation of the BGP with $500 million in guarantee authority.
The New Markets Tax Credit (NMTC), created with bipartisan support in 2000, stimulates economic activity in some of the nation’s most distressed rural and urban communities by providing a federal tax credit for investments in qualified businesses or economic development projects. The NMTC is administered by the CDFI Fund. In 2015, the NMTC was reauthorized through 2019 as part of the PATH Act (P.L. 114-113). In 2017, bipartisan legislation has been introduced in both the House (H.R.1098) and Senate (S.384) to expand the NMTC and make it a permanent part of the tax code.