In a victory for community financial development institutions (CDFIs), newly-passed legislation includes $247 million for the CDFI Fund of the U.S. Treasury Department — a dramatic increase over its $107 million budget in 2009. The 2010 budget includes $80 million for a new Capital Magnet Program that will provide large, one-time grants to both CDFIs, which serve low-wealth, low-income communities, and nonprofit housing owners. Foundation grants to the Low Income Investment Fund, the Housing Partnership Network, and the Opportunity Finance Network helped support the policy analysis and public education efforts that led to the successful enactment of this new program.
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