In 2020, OFN will actively engage its members and other CDFI supporters in advocating for:
- A strong and effective CDFI Fund. In FY 2021, OFN is recommending an appropriation of $304 million and a continuation of the CDFI Bond Guarantee Program with $500 million in guarantee authority. In 2020, OFN will also begin support for a significant increase (to $1 billion per year) in Fund's grantmaking budget.
- The preservation and modernization of the Community Reinvestment Act (CRA).
- Federal programs including those at the U.S. Department of Agriculture, Housing and Urban Development, and Small Business Administration that strengthen CDFIs’ capacity to build communities.
- Housing finance policies of the Government Sponsored Enterprises (Federal Home Loan Banks, Fannie Mae, and Freddie Mac) and their regulator, the Federal Housing Finance Agency, that address the needs of low and moderate-income households.
- Small business lending policies that combat predatory lending and increase access to affordable, responsible capital to support entrepreneurship like the Community Advantage program.
- Tax policies impacting low-wealth communities, such as the Opportunity Zone tax benefit, as well as more established community development tools like the New Markets Tax Credit and the Low-Income Housing Tax Credit programs. OFN will also research, develop, and begin promoting new tax policies to incent investments in CDFIs.
About the CDFI Fund
The CDFI Fund was created for the purpose of promoting economic revitalization and community development through investment in and assistance to Community Development Financial Institutions (CDFIs). The CDFI Fund was established by the Riegle Community Development and Regulatory Improvement Act of 1994, as a bipartisan initiative. Since its creation, the CDFI Fund has awarded over $2 billion to community development organizations and financial institutions.
See our Advocacy Tools and Fact Sheets for more information about OFN’s policy priorities and work and use our resources to help amplify the voice and priorities of the CDFI industry.
Contact Jennifer A. Vasiloff, Chief External Affairs Officer, at 202.573.2123.