House Subcommittee Approves $300 Million for the CDFI Fund in FY 2020
Dafina Williams
On June 3, the House Appropriations Financial Services and General Government (FSGG) Subcomittee approved its FY 2020 appropriations bill which included $300 million for the CDFI Fund, the highest funding level proposed in the agency’s history!
During the markup, Chairman Mike Quigley (D-IL) highlighted his support of the CDFI Fund during his opening statement. Also in attendance were House Appropriations Committee Chair Nita Lowey (D-NY), House Appropriations Committee Ranking Member Kay Granger (R-TX), FSGG Ranking Member Tom Graves (R-GA), and House FSGG Committee Members Jose Serrano (D-NY), Sanford Bishop (D-GA), Matt Cartwright (D-PA), Charlie Crist (D-FL), Ann Kirkpatrick (D-AZ), Chris Stewart (R-UT), and David Joyce (R-OH).
This significant funding increase is a testament to the work CDFIs do on the ground every day to increase access to capital in distressed communities, as well the industry’s continued advocacy in support of robust funding for the CDFI Fund.
In addition to the $50 million increase in the overall CDFI Fund budget, the bill includes a new $10 million set-aside for the Fund to administer the Small Dollar Loan Program that was authorized under Section 1206 of the Dodd-Frank Wall Street Reform and Consumer Protection Act in 2010 but not funded. The bill also directs the Fund to give priority in awarding Financial Assistance to organizations that lend and invest in high poverty areas.
The next step is for the FY 2020 FSGG Appropriations bill to be considered by the full House Appropriations Committee, which will likely happen in the next couple of weeks.
The Senate FSGG Appropriations Subcommittee has yet to release its version of the bill. There is still time to weigh in and ask your Members of Congress to support $300 million for the CDFI Fund in FY 2020. Visit our Policy Action Center today.