CDFI Coalition E-news: President FY 2010 Budget, Supplemental Funding Deadline, CDFI Coalition Executive Director Leaving…

Ethical MarketsCommunity Development Solutions

Posted May 15, 2009
President’s FY 2010 Budget – $243.6 million for the CDFI Fund

President Obama released the fiscal year (FY) 2010 budget earlier this month. The President’s budget requests $243.6 million for the CDFI Fund – over doubling the $107 million appropriated for FY 2009. The President’s budget includes:
– $113.6 million, for the CDFI Program to boost investments and other financial services in underserved communities;
– $80 million for the Capital Magnet Fund, a newly authorized program to increase capital investment for the development, preservation, rehabilitation, or the purchase of affordable housing for low-, very low-, and extremely low-income families;
– $22 million for the Bank Enterprise Award (BEA) program
– $10 million for the CDFI Fund’s Native Initiatives, which assist Native Communities to overcome certain barriers to financial services;
– A new research initiative to conduct strategic research that will analyze the impact and outcomes of the CDFI Fund’s programs, including the effect of changing economic conditions; and
– Matching funds requirement for the CDFI program be waived and that the 3-year, $5 million award cap also be waived for the 2010 award round you can view the budget in full here

and read the CDFI Fund’s press release here.

Supplemental FY 2009 Funding Round Deadline – May 27th
The CDFI Fund supplemental FY 2009 funding rounds of its CDFI Program and Native American CDFI Assistance (NACA) Program deadline is May 27.  A total of $63 million in FA awards will be made – $55 million under the FY 2009 supplemental funding round of the CDFI Program and $8 million under the FY 2009 supplemental funding Round of the NACA Program. The supplemental funding rounds are made possible due to additional appropriations received by the CDFI Fund through the American Recovery and Reinvestment Act of 2009 (the Recovery Act). For more information click here

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Fred Zeytoonjian leaving the CDFI Coalition
Fred Zeytoonjian, Executive Director of the CDFI Coalition for the past two years, will be leaving the CDFI Coalition on May 15.  Due to the national financial crisis, tight budgets among Coalition members, and lack of grant funding for our organization, the board of directors decided they could not continue his employment.  During Fred’s tenure he expanded our grassroots advocacy, increased membership revenue and made our CDFI Institute profitable. The CDFI Coalition would like to thank Fred for his service and leadership.  Fred is currently pursuing new opportunities and can be reached at 202-486-5516 or [email protected].

CDFI Coalition expands Membership
The CDFI Coalition Board recently voted to welcome 24 new members to the Coalition.  Each new CDFI Coalition member organization appoints a representative to the Coalition’s Board of Directors.   Please join us in welcoming the new members to the Coalition.   We are grateful for their service as they work with the CDFI Coalition to be the unified national voice of community development financial institutions.  To view the CDFI Coalition’s members click here,

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to view the CDFI Coalition’s Board of Directors click here. Interview on dvd

Federation Conference: Serving the Underserved
The National Federation of Community Development Credit Unions (Federation) will hold its 35th Annual Conference on Serving the Underserved on June 10-14, 2009.  The program will feature presentations by top-level Federal officials, innovative credit unions, researchers, and more.  For more information click here.

Microfinance California Conference
Microfinance, CA- the first state-wide conference highlighting microfinance as a smart investment for California.  Up to 2 Million entrepreneurs in California can’t access the small amounts of capital they need to get their businesses off the ground.  What are we doing to meet this demand? Join us for the first state-wide conference on microfinance to:
Learn the nuts and bolts of domestic microfinance  Visit Bay Area microfinance borrowers through small group tours  Understand the impact and future of microfinance in California  Contemplate your role in the field of microfinance through small group dinners with practitioners, leaders, and investors Thursday, May 28th, at The Frances C. Arrillaga Alumni Center at Stanford University, Palo Alto, CA. Visit www.microfinancecalifornia.org to learn more and register.