OFN joins the CDFI Coalition and the CDFI community to call on the House of Representative to restore funding for CDFI Fund programs. The House Appropriations Subcommittee on Financial Services and General Government (FSGG) passed its funding bill for Fiscal Year (FY) 2019, providing only $191 million for CDFI Fund Program--a $59 million reduction from FY 18. At face value this is a 23% reduction, but in reality, because CDFI leverage $12 for every in federal funds, it will be a much more dramatic reduction in resources for the low-income communities and individuals served by CDFIs if the Subcommittee recommendation is approved.
“OFN strongly supports the effort to urge House Appropriations to restore funding for FY19 CDFI Fund Appropriations,” said Lisa Mensah, OFN president and CEO. “CDFI Fund allocations bring economic opportunity, growth, and prosperity to rural, urban, and Native communities where mainstream capital is scarce. The impact of such a reduction would be felt across the nation.”
The CDFI Coalition has authored a sign on letter that calls for the House to restore $250MM for the CDFI Fund program in FY19.
Here’s how you can support this effort:
- Add your signature to the sign on letter by Friday, June 8 at 12PM ET
- Call on your partners, allies, and local elected officials that support CDFI Fund programs and ask them to add their name.
- Share a link to the sign on letter on Twitter using #RestoreCDFI.
Together we can continue to demonstrate the impact of the CDFI industry.