CDFI Coalition

CDFIs Oppose BEA and CMF Rescission

Despite widespread support for CDFI Fund Programs, including the passage of the FY 2017 and FY 2018 appropriations bills, the H.R. 3 was introduced to rescind funding for community development programs that have a long history of bipartisan support. The rescission proposal would claw back $22,787,358 from Fiscal Year 2017 for Bank Enterprise Awards (BEA), and $141,716,839 from Capital Magnet Fund (CMF) authorized by the Housing and Economic Recovery Act (HERA) of 2008 (Public Law 110-289) for FY 2018. The funds on hand at CMF and proposed for rescission are not federal funds. HERA authorized transfers from Government Sponsored Entities (GSEs) to CMF.