WASHINGTON—As the 113th Congress adjourns it has set aside $230.5 million for the Community Development Financial Institutions Fund (CDFIF) and $2 million for the Community Development Revolving Loan Fund (CDRLF) for fiscal year 2015.
The latter’s funding, a $4-million increase over fiscal year 2014, is used for financial and technical assistance grants to CDFIs, which are certified by the U.S. Department of the Treasury as specialized financial institutions working in market niches underserved by traditional financial institutions. As of Oct. 31, credit unions represent 241 out of 923 total CDFIs. The CDRLF program is administered by NCUA.
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