Nearly six months after the start of fiscal year (FY) 2018, Congress finalized the FY2018 omnibus spending bill to fund the federal government through September 30, 2018.
Congress has yet to finalize an agreement on FY2018 spending levels, and work is already starting on the FY2019 appropriations process.
Each new year brings new challenges and opportunities for CDFIs, and 2018 is no different. We expect another challenging year for federal policies and programs affecting CDFIs.
In the recently enacted Tax Cuts and Jobs Act, a new incentive to invest in low wealth communities, and potentially in CDFIs directly, has been created: the Opportunity Zone program.
With tax reform recently passed into law and a new year upon us, 2018 will be a year of change and opportunity. The President’s fiscal year (FY) 2019 budget proposal is expected to be released the first week of February, and Congress will begin its FY19 appropriations cycle.