CDFI Fund gets 5% bump in White House budget

The Community Development Financial Institutions (CDFI) Fund would receive a healthy five percent increase in funding, or $17 million, in 2024 thanks to the Biden administration’s proposed $6.9 trillion proposed budget.

The CDFI Fund’s mission is to lift up “historically underserved and predominantly low-income communities access to credit, capital, and financial support to grow businesses, affordable housing, and reinforce healthy neighborhood development.”

Over 480 credit unions are represented out of the 1,396 (as of February 13) total CDFI financial institutions, representing the largest type of depository institution in the United States.

The full 184-page proposal also incorporates some additional financing support for the Fund.


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