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The
American Recovery and Reinvestment Act
provides assistance to small businesses
seeking financing as well as locally-based
organizations engaged in increasing the
availability of affordable housing,
providing banking services to underserved
communities and building regional economies.
Small Business Administration (SBA)
Programs
Treasury Department Programs
The U.S. Department of Treasury’s Community
Development Financial Institutions (CDFI)
Fund program will receive $100 million in
new funding from the American Recovery and
Reinvestment Act. The program provides
financial assistance to locally-based
organizations engaged in increasing the
availability of affordable housing,
providing banking services to underserved
communities and building regional
economies. The Department of Treasury
features a number of other programs, including
the New Markets Tax Credit (NMTC),
Native American CDFI Assistance, and
CDFI certification programs for
community development entities.
In addition to the new funding, the American
Recovery and Reinvestment Act also increases
the maximum amount of qualified equity
investments to be made through the NMTC
program by $1.5 billion in both calendar
years 2009 and 2010. The 2008 funding is
reserved for qualified CDEs that submitted
an application in 2008, but did not receive
an allocation.
To learn
more about the U.S. Department of Treasury’s
CDFI Fund, visit
http://www.cdfifund.gov/index.asp.
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