Building Partnerships: Putting Capital to Work. Fiscal Year 1999, Annual Report.Community Development Financial Institutions Fund

摘要

The vision of the Community Development Financial Institutions (CDFI) Fund-anAmerica in which all people have access to capital and financial services-was further realized through significant accomplishments in Fiscal Year 1999. The Fund supported an increasing number of community development financial institutions (CDFIs) and financial service organizations (FSOs) in distressed communities throughout the nation. Its efforts created greater access to capital in these communities and, as a result, increased employment and affordable housing, helped revitalize neighborhoods, and strengthened local economies. During FY 1999, the Fund: continued to pursue its primary mission, increasing both the number of awards and amounts invested in CDFIs and FSOs within underserved markets; certified 72 CDFIs for a total of 334; an increase of 27 percent over FY 1998; met the increased demand for the Bank Enterprise Award Program-a total of more than $31 million; bolstered microenterprise development through Presidential Awards and the Interagency Workgroup-and launched the Workgroup's Web site at a national conference; announced its first training initiative, the Training Program, which invites competitive bids for contracts to provide training and technical assistance to CDFIs, emerging CDFIs, and community-focused FSOs; improved measuring and reporting procedures for the CDFI industry, including revision of Fund regulations, applications, and review procedures; reporting on outcomes of awardees; and promoting research and development activities; and initiated a broad study of financing opportunities within Native American communities, with the intent of increasing access to capital and credit.