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Community Development Financial Institutions Fund

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Community Development Financial Institutions Fund
Agency overview
Formed1994; 32 years ago (1994)[1]
Annual budget324 million USD (FY 2024)[1]
Agency executive
  • Pravina Raghavan, Director
Parent department
United States Department of the Treasury
Websitecdfifund.gov

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 institutions (CDFI). The CDFI Fund was originally established as an independent government corporation through the Riegle Community Development and Regulatory Improvement Act of 1994.[2][3] Congress promptly moved the CDFI Fund under United States Department of the Treasury in a 1995 reconciliation bill.[3] Financial institutions, which may include banks, credit unions, loan funds, and community development venture capital funds, can apply to the CDFI Fund for formal certification as a CDFI.[4]

In March 2025, 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.[5][6][7]

History

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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.[8]

See also

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References

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  1. 1 2 "ANNUAL REPORT FISCAL YEAR 2024" (PDF). cdfifund.gov. Archived from the original (PDF) on July 27, 2025.
  2. ↑ Gonzalez, Henry B. (September 23, 1994). "H.R.3474 - 103rd Congress (1993-1994): Riegle Community Development and Regulatory Improvement Act of 1994". www.congress.gov. Retrieved January 22, 2022.
  3. 1 2 Lowry, Sean (January 25, 2018). Community Development Financial Institutions (CDFI) Fund: Programs and Policy Issues (PDF) (Report). Retrieved May 27, 2025.
  4. ↑ "CDFI Certification". Community Development Financial Institutions Fund. Retrieved September 12, 2026.
  5. ↑ "Continued Reduction of the Federal Bureaucract". The White House. March 14, 2025. Retrieved March 16, 2025.
  6. ↑ Bianco, Ali (March 15, 2025). "Trump's next agency cuts include US-backed global media, library and museum grants". POLITICO. Retrieved March 16, 2025.
  7. ↑ Pager, Tyler (March 15, 2025). "Trump Orders Gutting of 7 Agencies, Including Voice of America's Parent". The New York Times. ISSN 0362-4331. Retrieved March 16, 2025.
  8. ↑ "CDFI Program". www.cdfifund.gov. Retrieved January 22, 2022.
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