Underserved Communities Will Receive Additional Funds When They Need It Most

Washington, DC - Today, as the Vice President hosts local officials from across the country at the White House to discuss how funding made available through the American Recovery and Reinvestment Act (Recovery Act) will support new economic growth in America's urban, suburban, and rural communities, the Treasury Department's Community Development Financial Institutions (CDFI) Fund is releasing its implementation plan to award nearly $100 million in grants and $3 billion in additional tax credit authority to support community-based financial institutions. These awards, made available through the Recovery Act, will support loan funds, credit unions, banks, venture capital firms and other financing entities in serving our nation's most underserved populations and communities. The CDFI Fund has a vital role in promoting the new economic growth efforts that the Vice President will be discussing.

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