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 19 members, who received $70.64 million, 49.4 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.
Earlier this summer, the CDFI Fund announced that it was integrating award recipient reporting into the Award Management Information System (AMIS). I am very happy to report that the transition is now complete and the Community Investment Impact System (CIIS), is officially retired.
On July 18, the House of Representatives voted in favor of three amendments aimed to increase the overall FY19 appropriation for the CDFI Fund to $223 million.
A voice vote was held, and all three amendments were accepted:
Wednesday, July 18, 2018 (Washington, D.C.)—The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) today opened the fiscal year (FY) 2018 funding round for the Capital Magnet Fund.