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CDFI Fund Will Perform Better, Abernathy Says

WASHINGTON - The CDFI Fund, a program under the U.S. Treasury Department that has helped fund community development credit unions, will perform better in 2004 than in 2003, according to testimony from Assistant Secretary For Financial Institutions Wayne Abernathy. Testifying before the Subcommittee on VA, HUD and Independent Agencies of...

By Staff Writer | Updated on March 23, 2004

WASHINGTON – The CDFI Fund, a program under the U.S. Treasury Department that has helped fund community development credit unions, will perform better in 2004 than in 2003, according to testimony from Assistant Secretary For Financial Institutions Wayne Abernathy. Testifying before the Subcommittee on VA, HUD and Independent Agencies of the House Appropriations Committee, Abernathy said that the Fund’s inability to distribute the funds Congress provided last year would not be a regular occurrence. “We believe that the carryover of $21.9 million in CDFI Program funds from FY 2003 is a one-time occurrence that was a result of CDFIs needing time to adjust to major program changes and to adapt to the new electronic application system,” Abernathy told the Subcommittee.

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