About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

1 1 (December 10, 2001)

handle is hein.crs/crsahrd0001 and id is 1 raw text is: Order Code RS20972 Updated December 10, 2001 Community Development Financial Institutions (CDFI) Fund Pauline H. Smale Economic Analyst Government and Finance Division Summary The Community Development Financial Institutions Fund was established in August 1994 by P.L. 103-325. The purpose of the Fund is to provide credit and investment capital to distressed urban and rural areas by investing in and supporting community based organizations. The Fund's programs also encourage banks and thrifts to expand their activities in distressed communities. The programs provide technical and training assistance. In addition, the Fund will administer the New Markets Tax Credit program created by P.L. 106-554. The Fund is managed by the Secretary of the Treasury. From FY1996 through FY2001, Congress appropriated $483 million to the CDFI Fund.1 The Bush Administration proposed a significant cut in funding for FY2002. The Administration's request was for $68 million, a decrease of 42% from the $118 million appropriated in FY2001. Supporters of the Fund stated the proposed large cut in funding would adversely affect the operations of the Fund's programs. P.L. 107-73 provides $80 million for FY2002, a decrease of $38 million from FY2001. This report will be updated as warranted. Background In 1993, President Clinton proposed using development banking institutions to facilitate community economic development as part of a broad effort to bring greater capital and investment into America's economically distressed areas. Legislation was introduced in the 103r Congress to establish a fund to facilitate the operations of financial entities, with the primary goal of revitalization of low income communities. These entities came to be collectively referred to as community development financial institutions (CDFIs). CDFIs include community development banks, credit unions, housing/facilities 1 Funding is provided through the annual VA-HUD-Independent Agencies appropriations. A description of the process and progress of that bill is provided by CRS Report RL31004, Appropriations for FY2002: VA, HUD, and Independent Agencies, by Dennis W. Snook and E. Richard Bourdon. Congressional Research Service o*o The Library of Congress CRS Report for Congress Received through the CRS Web

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Short-term subscription options include 24 hours, 48 hours, or 1 week to HeinOnline.

Purchase Access

Already a HeinOnline Subscriber?

Log In

profiles profiles most