House Approps’ Draft FY23 FSGG Bill Provides $336.4M for CDFI Fund

A short time ago the House Appropriations released a draft of FSGG appropriations bill for FY 23. The FSGG Appropriations Subcommittee is scheduled to mark-up the bill tomorrow – June 16.  Full Committee consideration is scheduled for June 24, with floor consideration soon thereafter.  The Senate Appropriations Committee has not yet released a mark-up schedule.

The bill appropriations $336.4 million for the CDFI Fund.  The amount is $41 million higher than Fiscal Year 2022 and approximately $5 million above the budget request.  The bill also authorized $500 million for the CDFI Bond Guarantee.

As is past years, the bill directs the Fund to prioritize Financial Assistance awards to organizations lending and investing in high poverty areas – census tracts with poverty rates of at least 20 percent over the period of 2016-2020. The bill also continues to waive matching requirements for the NACA program.

Here is a link to a Committee summary of the bill: https://appropriations.house.gov/news/press-releases/appropriations-committee-releases-fiscal-year-2023-financial-services-and

Here is link to the draft bill: https://docs.house.gov/meetings/AP/AP23/20220616/114911/BILLS-117-SC-AP-FY2023-FServices.pdf