Fiscal Year 2023 Omnibus Hits the Streets
| Late on December 19, the House and Senate Appropriations Committee released the Fiscal Year 2023 (FY 23) Consolidated Appropriations Act. The legislation, running more than 4000 pages, funds the federal government’s discretionary activities and disaster assistance provisions. The Senate is expected to take up and pass the bill by December 22 and the House by December 23, thereby avoiding a government shutdown. For the CDFI Fund, the trend continues upward, although at a slightly lower level than the budget request and the level recommended by the House. The total available for FY 23 is $324 million, an increase of $29 million above FY 22 and $7 million below the budget request. |
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| The conference agreement on FY 23 CDFI Appropriations includes the following report language: Impact of CDFI Awardees. -The agreement directs the Secretary to report to the Committees within 90 days of enactment of this Act on the impact the most recent CDFI Fund awardees are having in the communities they serve, the overall risk the Fund’s portfolio is exposed to, and a description of awardees that are at risk of non-compliance. CDFI Capacity Building. -Up to $1 million is provided for technical assistance to CDFI’s to support economic recovery efforts in communities affected by natural disasters or sudden economic crises. Non-Metropolitan and Rural Areas. -The agreement directs the Treasury to take into consideration non-metropolitan and rural areas in the development and award decisions to ensure funding is used in each program for projects that serve populations living in persistent poverty counties in accordance with this Act. Further, Treasury is directed to report to the Committees within 90 days of enactment of this Act detailing how the fiscal year 2022 CDFI Program recipients intend to serve non-metropolitan and rural areas. CDFI Certifications. -As the CDFI Fund implements changes to the certification application and recertification process, the CDFI Fund is directed to consider and address concerns raised by CDFI’s and stakeholders. |