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Senate Floor is Next Stop For VA-HUD Appropriation Legislation

WASHINGTON-The Senate Appropriations Committee recently passed out a more generous version than the House version of the credit union-related provisions of the Departments of Veterans Affairs, Housing and Urban Development, and Independent Agencies appropriation. The Senate bill includes $70 million in funding for the Community Development Financial Institutions Fund, whereas...

By Staff Writer | Updated on September 16, 2003

WASHINGTON-The Senate Appropriations Committee recently passed out a more generous version than the House version of the credit union-related provisions of the Departments of Veterans Affairs, Housing and Urban Development, and Independent Agencies appropriation. The Senate bill includes $70 million in funding for the Community Development Financial Institutions Fund, whereas the House bill only has $51 million, which is what the administration was requesting. Higher than the historical average, the Senate committee allotted $1.5 million for the Community Development Revolving Loan Fund. Of that, $800,000 is earmarked for technical assistance grants for low-income and community development credit unions. The remainder goes toward low-cost loans to community development credit unions. The House only provided for $1 million in grants for the CDRLF. The committee also recommended a $1.5 billion borrowing cap for the Central Liquidity Facility. This is the same as the House bill. Administrative expenses for the fund are not to exceed $310,000 under the bill.

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