House Votes for Record Funding for CDFI Fund Programs
Jamal Habibi
On June 26, 2019, the House passed the Fiscal Year (FY) 2020 Financial Services and General Government (FSGG) Appropriations bill, H.R. 3351 by a vote of 224-196.
The bill, as originally reported to the floor, provided $300 million for CDFI Fund Programs. Four amendments were also adopted during House floor proceedings, which increased the FY 2020 funding levels to $304 million. These four amendments are listed below.
- Rep. Guest (R-MS): Increases the Bank Enterprise Award (BEA) Program by $1,000,000 which is offset by decreasing the General Services Administration’s rent account by the same amount.
- Rep. Dean (D-PA): Increases CDFI Program Integration for Individuals with Disabilities dedicated funding by $2,000,000, within the CDFI Fund Program account. The amendment would increase financial and technical assistance, and allow more CDFIs to respond to the housing, transportation, education, and employment needs of underserved, low-income individuals with disabilities.
- Rep. McBath (D-GA): Increases by $2 million funding for CDFI Financial Assistance (FA) and Technical Assistance (TA).
- Rep. Omar (D-MN): Increases funding by $1,000,000 for the Healthy Food Financing Initiative within the CDFI Fund Program Account, offset by decreasing $1,000,000 from the General Services Administration.
In addition, the bill included $500 million in guarantee authority for the CDFI Bond Guarantee Program.
The Senate will be moving through the FY 2020 appropriations process in the coming months, so we urge you to contact your senators and ask them to support at least $300 million for the CDFI Fund.
Thank you for your continued advocacy!