March 9, 2017:
This article was written by Jason Battista, President of Mercy Loan Fund, and David Landis, Senior Vice President and Chief Operating Officer of Community Housing Capital.
Last week, we saw the current administration’s first budget proposal, which calls for a $54 billion increase in military spending, funded by cuts to nonmilitary programs.
The New York Times reported that, as part of these cuts, the U.S. Treasury’s Community Development Financial Institution (CDFI) Fund (“the Fund”) will be “all but eliminated.”
While it is unlikely that the budget proposal will be finalized in its current form, these reports still concern us.
If we “all but eliminate” the Fund, we “all but eliminate” countless opportunities for people living in poverty.