White House Rescission Would Devastate Economic Revitalization in Distressed Rural and Urban Communities
H.R. 3 rescinds 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.
Read the CDFI Coalition’s Letter to Congress: