FY 16 CDFI Appropriations Update

The pace has begun to pick up on Fiscal Year (FY) 2016 Appropriations. On April 22nd, the House Appropriations Committee approved the 302 (b) allocations for the 12 appropriations subcommittees. For the Financial Services Subcommittee, the total available is $20.25 billion, which is $1.6 billion less than the FY 2015 rate and almost $4 billion below the budget request that includes a $2 billion increase for the IRS.

For those interested  in CDFI Fund, the good news is that compared to the IRS and the Consumer Protection Bureau, as well as financial services reform (which could creep into the bill), the Fund is a relatively non-controversial item. However, it is still the case that at this point the Subcommittee will have less money to work with than FY 2015. In our meetings with House subcommittee members, staff and Committee leadership, no one raised substantial concerns and there appears to be a general recognition of the success of the CDFIs in working hard to serve communities. The House subcommittee will be marking up in June and, in advance of that, we will be starting another round of House meetings soon.

In the Senate, the process is not as far along.The earliest possible date for subcommittee allocations in May 17th.

Credits: CDFI Coalition