President Obama's FY 2010 Budget Request Doubles Funding for CDFI Fund

February 26, 2009

Washington, DC - Today, President Obama released the funding highlights for the Administration’s fiscal year 2010 budget titled A New Era of Responsibility – Renewing America’s Promise, requesting to double funding for the CDFI Fund. The President’s Budget recognizes the critical work being accomplished by the CDFI Fund to promote economic prosperity and states the following:

"Expands job-creating investments and access to credit in disadvantaged communities by doubling funding for the Community Development Financial Institutions Fund."

"Expands Lending in Disadvantaged Communities. The Budget expands lending in underserved neighborhoods by doubling funding for the Community Development Financial Institutions (CDFI) Fund. Through merit-based grant programs, the CDFI Fund helps locally based financial institutions offer small business, consumer and home loans in communities and populations that lack access to affordable credit."

"I am very pleased to know that President Obama views the CDFI Fund and the programs we administer as a key part of his strategy to address the economic challenges facing our nation’s low-income urban, rural and Native communities," said CDFI Fund Director Donna Gambrell. "With the additional funding made available through the Recovery Act, and the potential for doubling our appropriations through the fiscal year 2010 budget, I know that Community Development Financial Institutions and Community Development Entities will be responsible and active partners in President Obama’s efforts to restore opportunity and prosperity across this great country."

The CDFI Fund anticipates further detailed information on the budget will be made available by the White House this spring.

Links

The full FY 2010 budget can be found at:
www.whitehouse.gov/omb/assets/fy2010_new_era/
A_New_Era_of_Responsibility2.pdf

The Treasury section of the FY 2010 budget can be found at:
www.whitehouse.gov/omb/assets/fy2010_new_era/
Department_of_the_Treasury.pdf

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[CDFI-2009-9]