Today, the U.S. Department of Treasury's CDFI Fund announced 38 recipients of the FY 2018 Capital Magnet Fund Award, totaling $142.9 million in grants. OFN congratulates all awardees, especially our 18 members, who received $68.6 million, 48 percent of the amount awarded.
Despite a challenging outlook for the FY 2020 budget and appropriations process, the 116th Congress brings opportunity to introduce CDFIs to newly elected Members of Congress and new leadership on key committees. In both the House and Senate, new leadership and members resulted in changes in the composition of committees of jurisdiction over issues impacting the CDFI industry, in particular CDFI Fund appropriations and the New Markets Tax Credit program.
During the government shutdown, families, communities, and CDFIs experienced numerous hardships and disruptions. Many CDFIs met the challenge faced by their borrowers in creative and inspiring ways.
Recently, OFN’s President and CEO Lisa Mensah was a featured speaker at an Urban Institute seminar—A Look at Current CRA Lending As Modernization Begins—that presented and discussed findings from the organization’s recent report analyzing CRA data.
With leadership elections for the incoming 116th Congress nearly complete–with the exception of Rep.