Four Delegation Members Sign-on to House CDFI Dear Colleague Letter

Four members of New Jersey’s congressional delegation added their names to the “dear  colleague” letter to the House Appropriations Committee supporting continued funding of the Treasury Department’s Community Development Financial Institutions CDFI Fund (CDFI), Reps Bill Pascrell (D-9), Donald Payne, Jr. (D-10), Albio Sires (D-8) and Jeff Van Drew (D-2). A member of the committee, Rep. Bonnie Watson Coleman did not sign the letter, but assured the NJCUL she would support CDFI funding when it came up in committee.

Sen. Robert Menendez (D-NJ) took the lead in the upper chamber’s “dear colleague” letter and Sen. Corey Booker (D-NJ) is among those that have added their name.

Funding for both the CDFI Fund and NCUA’s Community Development Revolving Loan Fund (CDRLF) has been among the issues discussed during the League’s in-district and Hike the Hill meetings with members of New Jersey’s delegation. In late March, the League also sent letters to delegation members asking that they add their name to the “dear colleague” letter.

Full CDFI funding was included in the government funding package passed in February as a result of the ongoing advocacy efforts by CUNA and the state leagues. 

The Trump Administration recently released additional details for the president's proposed budget for fiscal year 2020 (FY2020). Similar to the administration’s FY2018 and FY2019 budget proposals, the FY2020 proposed budget eliminates funding for the CDFI Fund's grant programs, though it would provide $14 million to cover existing commitments and administration of the CDFI Fund's other programs.

As of March 31, 289 credit unions are among the 1,074 certified CDFIs nationwide.

The CDFI Program announced April 4 that it will be accepting applications from credit unions and other institutions that qualify as CDFIs for up to $184 million in grants during its fiscal year 2019 funding round. The application deadline is June 6. A detailed overview of the types of awards available can be found in the FY 2019 Notice of Funding Availability (NOFA).

Applications for financial assistance and technical grants are due June 6. Credit unions designated by NCUA as low-income automatically qualify to seek assistance from the CDFI Fund, but they must have CDFI certification to apply. CDFI certification applications are due May 3 for this round of funding.