Community development credit unions may receive less money on a per credit union basis from the U.S. Treasury's CDFI Fund this year, both because the program has less money to distribute and because there will likely be more CUs eligible for the money that is available.
The CDFI fund exists to strengthen and support financial institutions that have been found to work with lower income and financially underserved communities, and community development credit unions have often received grants from the fund.
Congress has yet to set the appropriations level for the fund this year. Last year, the fund received an appropriation of almost $247 million, of which $109 million was spent by the CDFI program on financial assistance and technical assistance awards.
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