President Bush's FY 2004 budget includes $51 million proposed for the Community Development Financial Institutions Fund. The budget request represents a drop from the President's FY 2003 budget request of $68 million. CDFI Coalition Executive Director Jennifer A. Vasiloff expressed disappointment at the drop in the President's funding request. "Community development financial institutions are successfully providing capital, credit and financial services to low-income communities across the country. CDFIs are the responsible alternative to payday loan offices, check cashing store fronts and other predatory lenders. Given that low-wealth communities where CDFIs operate have been particularly hard hit by the economic downturn, now is the time to increase investments in proven institutions like CDFIs, not cut back."
Vasiloff said the CDFI Coalition will work to lobby Congress for increased funding.
For details and supporting documents, visit www.cdfi.org/enews.asp