View source for Community Development Financial Institutions Fund

{{Short description|Fund promoting economic revitalization in the U.S.}}
{{More citations needed|date=January 2022}}
[[File:CDFI Fund logo.jpg|thumb|Logo of the CDFI Fund]]
The '''Community Development Financial Institutions Fund''' ('''CDFI Fund''') promotes economic revitalization in distressed communities throughout the [[United States]] by providing financial assistance and information to [[community development financial institution]]s (CDFI). The CDFI Fund was originally established as an independent [[State-owned enterprises of the United States|government corporation]] through the [[Riegle Community Development and Regulatory Improvement Act of 1994]].<ref>{{Cite web |last=Gonzalez |first=Henry B. |date=1994-09-23 |title=H.R.3474 - 103rd Congress (1993-1994): Riegle Community Development and Regulatory Improvement Act of 1994 |url=https://www.congress.gov/bill/103rd-congress/house-bill/3474 |access-date=2022-01-22 |website=www.congress.gov}}</ref><ref name=":0">{{Cite report |url=https://cdfi.org/wp-content/uploads/2018/01/January-2018-CRS-Report-CDFI-Fund-Programs.pdf |title=Community Development Financial Institutions (CDFI) Fund: Programs and Policy Issues |last=Lowry |first=Sean |date=January 25, 2018 |access-date=May 27, 2025}}</ref> Congress promptly moved the CDFI Fund under [[United States Department of the Treasury]] in a 1995 reconciliation bill.<ref name=":0" /> Financial institutions, which may include [[bank]]s, [[credit unions]], loan funds, and community development venture capital funds, can apply to the CDFI Fund for formal certification as a CDFI. 

In March 2025, [[Donald Trump|President Trump]] issued an [[executive order]] that directed that the CDFI Fund be eliminated "to the maximum extent consistent with applicable law", along with several other agencies.<ref>{{cite web |date=March 14, 2025 |title=Continued Reduction of the Federal Bureaucract |url=https://www.whitehouse.gov/presidential-actions/2025/03/continuing-the-reduction-of-the-federal-bureaucracy/ |publisher=The White House |access-date=2025-03-16}}</ref><ref>{{Cite web |last=Bianco |first=Ali |date=2025-03-15 |title=Trump’s next agency cuts include US-backed global media, library and museum grants |url=https://www.politico.com/news/2025/03/15/donald-trump-agency-cuts-00232119 |access-date=2025-03-16 |website=POLITICO |language=en}}</ref><ref>{{Cite news |last=Pager |first=Tyler |date=2025-03-15 |title=Trump Orders Gutting of 7 Agencies, Including Voice of America’s Parent |url=https://www.nytimes.com/2025/03/15/us/politics/trump-order-voice-of-america.html |access-date=2025-03-16 |work=The New York Times |language=en-US |issn=0362-4331}}</ref>

==History==
As of September 1, 2005, there were 747 certified CDFIs in the U.S. The CDFI Fund offers a variety of financial programs to provide capital to CDFIs, such as the Financial Assistance Program, Technical Assistance Program, Bank Enterprise Award Program, and the [[New Markets Tax Credit Program]].<ref>{{Cite web|title=CDFI Program|url=https://www.cdfifund.gov/programs-training/programs/cdfi-program|access-date=2022-01-22|website=www.cdfifund.gov}}</ref>

One of the oldest nonprofit loan funds in the United States, Enterprise Community Loan Fund - a subsidiary of [[Enterprise Community Partners]] has loaned more than $725 million to help build or renovate 91,000 affordable homes. They also offer local funds in Atlanta, Louisiana, Los Angeles, and New York City. Other, larger nonprofit loan funds have typically invested nearly $2 billion per loan fund (as of 2017) including Low Income Investment Fund, Boston Community Capital, Reinvestment Fund, Capital Impact Partners, Local Initiatives Support Corp and [[Center for Community Self-Help|Self-Help]]. Within the field, only a handful of CDFIs have achieved an investment grade rating from Standard & Poor - including Local Initiative Support Corp, Reinvestment Fund, Capital Impact Partners.

In 1998, City First Bank was certified as Washington, DC's first CDFI bank. Since then, and as of December 31, 2015, City First has channeled over $1 billion of capital into low and moderate income communities. $422 in New Markets Tax Credits have helped to build institutions such as THEARC in southeast DC where over 80% of the students qualify for free or reduced lunch; and the Atlas Performing Arts Center, making arts accessible to all on the now burgeoning H Street in northeast DC. Loans towards small businesses, affordable housing, educational facilities, the arts, and health centers have totaled $591, fueling DC's renewed economy and culture.

==See also==
* [[Title 12 of the Code of Federal Regulations]]

==References==
{{Reflist}}

==External links==
* {{Official website|https://www.cdfifund.gov/}}
* [https://www.federalregister.gov/agencies/community-development-financial-institutions-fund Community Development Financial Institutions Fund] in the [[Federal Register]]

{{US Treasury agencies}}
{{authority control}}

[[Category:United States Department of the Treasury agencies]]
[[Category:Community development financial institutions|*]]
[[Category:1994 establishments in the United States]]
[[Category:Government agencies established in 1994]]


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