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Congress Appropriates $230 Million for Community Development Funds
Tuesday, December 16, 2014 6:40 AM

In the weeks leading up to adjournment, Congress has appropriated $230.5 million for the Community Development Financial Institutions Fund (CDFIF) and $2 million for the Community Development Revolving Loan Fund (CDRLF) for fiscal year 2015.

The CDFIF funding represented a $4 million increase over fiscal year 2014; the CDRLF funding saw an increase from $1.071 million to $2 million.

The CDFIF is used for financial and technical assistance grants to CDFIs, which are certified by the U.S. Department of the Treasury as specialized financial institutions working in market niches underserved by traditional financial institutions. As of Oct. 31, credit unions represent 241 out of 923 total CDFIs.

The CDRLF program is administered by the National Credit Union Administration and provides grants and loans to low-income-designated credit unions for financial services and to stimulate economic activities in local communities.