There is a rising tide of concern about the administration’s plan for Fiscal Year 2025 (FY25) appropriation for the CDFI Fund. As you know, the Continuing Resolution included $324 million for the CDFI Fund. It made the appropriation available for both FY 25 and FY 26. However, there is nothing in the FY 26 budget submission from Treasury or the budget appendix which gives us confidence that Treasury has a plan to move forward for this fiscal year or next.
Last week, at a hearing before the Finance Committee Senator Warner (D, VA) asked Secretary Bessent about the status of the FY25; Committee Chairman Crapo (R, ID) joined in. Bessent indicated that he was unaware of the problem but would get back to Warner and Crapo. Government-wide, OMB has been slow-walking release of FY 25 funds.
Given Secretary Bessent’s past statements on the importance of the CDFI Fund and its program and Treasury’s support for the Fund following the release of the March Executive Order on the Fund and other federal programs, we believe it is important for CDFIs to communicate concern about the status of the FY 25 appropriation.
It will be important to get to the Secretary soon, so please note closing date: Tuesday, June 24 at 5:00 p.m. Eastern.
View and sign the letter, here.