New York Plans CDFI Fund

June 28, 2006, 1:00 a.m. EDT 1 Min Read

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.

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