FY12 Federal budget 
Fri May 27, 2011 at 11:11:05 AM EDT
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CDFI Fund Director Donna Gambrell testified before the Senate Appropriations Subcommittee on Financial Services on Wednesday in support of the President's FY12 budget, which includes funding for the CDFI Fund. Director Gambrell's testimony outlined the important programs and financing the CDFI Fund provides, and the impact CDFIs have in low-income communities:
CDFIs are strategically positioned to help some of the most vulnerable populations in the nation at a time when they are facing many financially challenging situations. CDFIs are often the only source of financing in underserved communities. CDFIs support productive small businesses, affordable housing for low-income Americans, high-quality community facilities, and provide retail banking services to the un-banked and others often targeted by predatory lenders.
As I read futher through the published testimony, I was thrilled to see mention of Boston Community Capital, a CDFI and Tzedec borrower that is undertaking groundbreaking work to address the foreclosure crisis. More from the testimony:
Boston Community Capital, a CDFI headquartered in Massachusetts, has developed a new Stabilizing Urban Neighborhoods initiative, where the CDFI partners with other organizations to buy foreclosed properties and sell them back to the original owners with a reduced mortgage payment, preventing displacement. As a result, low-income urban neighborhoods in Boston are at less risk of population loss due to unaffordable housing costs.
Gambrell also talked about the important role that CDFIs have played in the Gulf Coast after Hurricane Katrina and last year's oil spill:
After both Hurricane Katrina and the Gulf Coast oil spill, CDFIs were at the forefront of re-building the Gulf Coast region and providing support for small business owners who saw their livelihoods threatened.
We have invested in CDFIs through JFSJ's Tzedec Community Investment program for the past 12 years, and our commitment continutes. We will follow the FY12 federal budget process as it continues. Future funding for the CDFI Fund will provide support and investment in low-income communities that critically need access to affordable capital. I am sure this is not the last we will hear.
View Director Gambrell's full testimony here.
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