Tag: CDFI Fund
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Over the last 30 years, federal community development spending has plummeted by almost 75 percent, measured as a share of the U.S. Gross Domestic Product (GDP). Fortunately, there are some programs with strong track records that have remained to provide necessary financing in capital-starved communities and to low-income people. The U.S. Treasury Department’s Community Development Financial Institutions Fund (CDFI) Programs, which was established in 1994, is one of these tools many communities have come to depend on for access to capital—especially rural and farming towns in the Midwest. Despite CDFI Fund Programs’ record of success and strong bipartisan support from Congress, this tool has come under threat, with the 2018 President’s budget calling for the elimination of funding.
In July 2017, 40 rural development leaders from five states came together to discuss rural economic and community development financing and the impact it … Read More »
In April, more than 20 rural economic development groups gathered in Harrisburg, South Dakota, for the “Upper Great Plains Rural Finance Gathering.” The members of this diverse group work to increase access to education, healthcare, jobs, and other key services in rural communities across the nation. The group shared insights, success stories, and tackled many of the challenges facing rural community development. The hot topic? Protecting key federal community development programs most effective at supporting rural communities.
Congress finally passed an omnibus bill last week to fund the federal government for the remainder of Fiscal Year 2017. Now, Congress quickly turns to its work on 2018, which is presently underway. In addition, both President Trump and Congress are working to move along tax reform.
Community development organizations are watching these processes from the edges of their seats—and with good reason. The Administration’s … Read More »