Community Development Financial Institutions (CDFI) Fund, Fiscal Year 2009 Performance and Accountability Report

摘要

The Community Development Financial Institutions (CDFI) Fund was created for the purpose of promoting economic and community development through investment in and assistance to community development financial institutions (CDFIs). The CDFI Funds role in promoting community and economic development was expanded in FY 2001 when the Secretary of the Treasury delegated to the CDFI Fund the responsibility of administering the New Markets Tax Credit (NMTC) Program. The breadth and depth of the CDFI Funds reach were further expanded in FY 2009 with the enactment of legislation that created the Capital Magnet Fund, which will be implemented in FY 2010, subject to funding availability. Since its creation in 1994, the CDFI Fund has awarded $1.13 billion to CDFIs, community development organizations, and financial institutions through the CDFI Program, the Bank Enterprise Award (BEA) Program, and the Native Initiatives. In addition, the CDFI Fund has allocated $26 billion in tax credit authority to Community Development Entities (CDEs) through the NMTC Program.