More than three months into fiscal year (FY) 2018, Congress continues to negotiate a spending bill to fund the federal government for the rest of the year. Government funding is set to expire on Friday, January 19 after a continuing resolution was passed in early December.
Among other issues, congressional leadership is still working to come to a bipartisan agreement on how to raise defense and discretionary spending caps in place under the 2011 Budget Control Act in order to avoid mandatory across-the-board spending cuts. Therefore, it is likely that Congress will need to pass another short-term stopgap funding bill through mid-February as they work on a final spending bill for FY 2018.
As you know, the House Financial Services and General Government (FSGG) Appropriations bill set funding for the CDFI Fund at $190 million while the Senate FSGG Appropriations bill allocated $248 million. Both House and Senate bills provide $500 million in guarantee authority for the CDFI Bond Guarantee Program.
OFN will continue to advocate for $248 million for the CDFI Fund in FY18 and $500 million for the CDFI Bond Guarantee Program. We will continue to update you as the appropriations process moves forward on Capitol Hill. Follow us on Twitter at @oppfinance for the latest news and information.