New York Plans CDFI Fund

Register now

ALBANY, N.Y. - (06/28/06) – Lawmakers are putting thefinishing touches on a bill that would create a CommunityDevelopment Financial Institutions Fund, much like the one formedby the federal government a decade ago. The New York fund is thebrainchild of Cliff Rosenthal, director of the National Federationof CDCUs. Rosenthal also helped create the national fund, which hasprovided more than $500 million in grants and loans to creditunions, banks and other CDFIs since its inception. Separate billscreating a New York fund has passed both the state Assembly andSenate and must now be reconciled into a single bill.

For reprint and licensing requests for this article, click here.