Green America Urges Strong Support for Treasury Department's CDFI Fund
May 23, 2011
WASHINGTON, DC -- Green America (www.greenamerica.org), a national marketplace solutions organization founded in 1982, with 150,000 individual and 4,000 business members nationwide, urges Congress to support appropriations for the Treasury Department's CDFI Fund for FY2012 that meet, or exceed, the $227 million allocated for FY2011.
The CDFI Fund is essential to helping community development financial institutions (CDFIs) thrive, expand, and better serve the economic needs of communities nationwide. CDFIs play a vital role in our economy, serving low-wealth and disadvantaged communities in a responsible manner. They are drivers of small business development, which in turn creates thousands upon thousands of much needed jobs across the nation. Especially in these challenging economic times, CDFIs are ensuring that disadvantaged communities do not fall further behind, to the detriment of their neighborhoods and the well-being of our nation as a whole. "With so many Americans struggling financially, it is crucial that funding for the CDFI Fund be preserved, if not increased, in order to promote broad-based economic development," said Fran Teplitz, Green America's director for social investing.
While CDFIs obtain the vast majority of their capital from private sources, government funds play an important role in expanding the reach of CDFIs, which can leverage government funds to attract additional private dollars from individuals, faith-based organizations, foundations, and others. The CDFI Fund is an extremely cost effective way to spur job creation, promote affordable housing, build community infrastructure, provide responsible financial services, and give more Americans the opportunity for success. Now is the time for Congress to reallocate federal resources to this highly successful program and demonstrate its commitment to providing the tools people need to advance themselves and their communities. Our nation needs a fully funded CDFI Fund to ensure that our disadvantaged communities are able to reverse course and provide jobs to those who most need them.
About Green America:
Green America is the nation's leading green economy organization. Founded in 1982, Green America (formerly Co-op America) provides the economic strategies, organizing power and practical tools for businesses, investors, and consumers to solve today's social, environmental, and economic problems.
Media Contact: Todd Larsen: 202-872-5310