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.
THE 2018 CDFI COALITION INSTITUTE
February 28 - March 1, 2018
Learn more about CDFIs, unique mission-driven financial institutions.