The House Appropriations Committee on Thursday approved a spending bill that includes cuts in funding for the NCUA's Community Development Revolving Loan Fund and from the Treasury Department's Community Development Financial Institutions Fund.
On a 27-21 vote, the panel approved a $19.9 billion bill that allocates $500,000 to the CDRLF. This year, the fund received $1.25 million and President Obama requested $2 million for next year.
The measure also allocates $183 million for the CDFI. Obama requested $227.2 million.
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