For our members and other CDFI industry stakeholders, OFN offers advocacy toolkits and fact sheets about OFN’s membership and key policy priorities.
For more information about any of the information presented here, contact Jennifer A. Vasiloff, Chief External Affairs Officer, at 202.573.2123.
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 strongly supports the Community Reinvestment Act (CRA) while also acknowledging aspects of the law and its administration could be improved.
Community development practitioners have long decried the modest levels of bank investment in rural communities. OFN has documented this pattern through the data collected annually from community development loan funds in our membership.
For more than 30 years, leveraging capital from banks, foundations, corporations, and government, CDFIs have helped move money into rural, urban, and Native communities that mainstream bank financing does not reach.
OFN members create economic growth. The more than 250 CDFIs in our network finance community businesses, spark job growth in areas needing 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.