The U.S. House of Representatives is slated to vote this week on its Financial Services and General Government spending bill for FY 2024, which contains steep cuts to several programs, including a $46 million decrease in funding for the CDFI Fund (a nearly 15% cut from its enacted FY 2023 level of $324 million).
NCN calls on all Native CDFI leaders and other key Indian Country stakeholders and partners to immediately contact their Congressional representatives to: (1) share how this proposed cut would negatively impact Native CDFIs, and (2) request Congress that allocate $366.48 million for the CDFI Fund for FY 2024, which would accommodate an increase in funding for the CDFI Fund’s Native American CDFI Assistance (NACA) Program to $50 million to meet Native CDFIs’ growing unmet capital and technical assistance needs. NCN and 38 Native CDFI/organizational co-signatories sent a letter to Congress in August 2023 featuring this FY 2024 funding request.
To contact your U.S. House and Senate representatives, click here and here.
To read/download NCN’s CDFI Fund appropriations request letter for FY 2024, please click here.