{"id":268906,"date":"2025-11-03T12:23:33","date_gmt":"2025-11-03T17:23:33","guid":{"rendered":"https:\/\/ncrc.org\/?p=268906"},"modified":"2025-11-03T12:31:25","modified_gmt":"2025-11-03T17:31:25","slug":"ncrc-urges-the-omb-and-treasury-to-reinstate-full-staff-at-the-cdfi-fund","status":"publish","type":"post","link":"https:\/\/ncrc.org\/ncrc-urges-the-omb-and-treasury-to-reinstate-full-staff-at-the-cdfi-fund\/","title":{"rendered":"NCRC Urges the OMB and Treasury to Reinstate Full Staff at the CDFI Fund"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"268906\" class=\"elementor elementor-268906\" data-elementor-post-type=\"post\">\n\t\t\t\t<div class=\"elementor-element elementor-element-1829b143 e-flex e-con-boxed e-con e-parent\" data-id=\"1829b143\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element 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href=\"#elementor-action%3Aaction%3Doff_canvas%3Aopen%26settings%3DeyJpZCI6ImZlYmIxODYiLCJkaXNwbGF5TW9kZSI6Im9wZW4ifQ%3D%3D\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Download<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-205e9938 elementor-widget elementor-widget-text-editor\" data-id=\"205e9938\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p style=\"font-weight: 400;\">October 29, 2025<\/p><p style=\"font-weight: 400;\">The Honorable Scott Bessent<br \/>Secretary<br \/>U.S. Department of Treasury<br \/>1600 Pennsylvania Ave, NW<br \/>Washington, D.C. 20220<\/p><p style=\"font-weight: 400;\">The Honorable Russell Vought<br \/>Director<br \/>The Office of Management and Budget<br \/>725 17th Street, NW<br \/>Washington, D.C. 20503<\/p><p style=\"font-weight: 400;\">Dear\u00a0Secretary\u00a0Bessent and Director Vought:<\/p><p style=\"font-weight: 400;\">The National Community Reinvestment Coalition (NCRC) and our undersigned member organizations urge you to reinstate full staff at the Community Development Financial Institutions (CDFI) Fund under the Department of Treasury. The CDFI Fund has delivered promising results for the US economy as a whole, generating\u00a0<a href=\"https:\/\/www.crapo.senate.gov\/media\/newsreleases\/community-development-finance-caucus-co-chairs-reaffirm-support-for-cdfi-fund\" target=\"_blank\" rel=\"noopener\">$8 of private investment for every $1 of public funding<\/a>. With no staff at the CDFI Fund, CDFIs will be unable to receive the federal funds and certification necessary to create small business and affordable housing growth in their communities.<\/p><p style=\"font-weight: 400;\"><a href=\"https:\/\/ncrc.org\/\">The National Community Reinvestment Coalition<\/a>\u00a0is a network of more than 700 community-based organizations dedicated to creating a nation that not only promises but delivers opportunities for all Americans to build wealth and attain a high quality of life. NCRC is comprised of 127 CDFIs across the country, many of which are small,\u00a0locally-rooted\u00a0CDFIs with strong ties to their neighborhoods. Our CDFIs provide low-interest loans and technical assistance to small businesses and affordable housing developers in underserved urban, rural, and Native American communities.<\/p><p style=\"font-weight: 400;\">We appreciate Secretary Bessent for defending the CDFI Fund and its statutory obligations in response to President Trump\u2019s executive order in March to eliminate the agency. Secretary Bessent released\u00a0<a href=\"https:\/\/cdfi.org\/2025\/03\/19\/the-latest-on-the-effort-to-support-the-cdfi-fund\/\" target=\"_blank\" rel=\"noopener\">the following statement<\/a>\u00a0on the importance of the CDFI Fund:<\/p><p style=\"font-weight: 400;\">\u201c<em>This Administration recognizes the important role that the CDFI Fund and CDFIs play in expanding access to capital and providing technical assistance to communities across the United States. CDFIs are a key component of President Trump&#8217;s commitment to supporting Main Street America in the pursuit of job growth, wealth creation, and prosperity.\u201d<\/em><\/p><p style=\"font-weight: 400;\">Today, we hope Secretary Bessent and Director Vought can work together to deliver on this promise to support Main Street and protect the CDFI Fund. According to\u00a0<a href=\"https:\/\/www.richmondfed.org\/region_communities\/regional_data_analysis\/cdfi_survey\/survey_results\/cdfi_survey_key_findings_2025?from=\/region_communities\/regional_data_analysis\/surveys\/cdfi\/survey_results\/cdfi_survey_key_findings_2025#04da27a4be9a4c249f1afbfede0198ef\" target=\"_blank\" rel=\"noopener\">a survey by the Richmond Federal Reserve<\/a>, 74% of the 400 CDFI respondents expanded their capacity to serve more small businesses with federal funds such as the CDFI Fund\u2019s grants.<\/p><p style=\"font-weight: 400;\">Furthermore, the CDFI Fund has consistently received bipartisan support because its impact is felt in all districts across the country. Without the CDFI Fund in full operation, CDFIs in many districts will not receive their funds or certification, which may decrease the flow of capital to small businesses and ultimately disrupt local economic growth.\u00a0<a href=\"https:\/\/www.politico.com\/news\/2025\/03\/19\/trump-cut-cdfi-bipartisan-lending-00237599?utm_source=chatgpt.com\" target=\"_blank\" rel=\"noopener\">92% of all Congressional districts have at least one CDFI located within<\/a>, and 60 percent of the 5,900 headquarters and branches of community lenders\u00a0<a href=\"https:\/\/www.washingtonpost.com\/business\/2025\/03\/18\/trump-targets-banks-republican-districts-crapo\/?utm_source=chatgpt.com\" target=\"_blank\" rel=\"noopener\">are located in Republican congressional districts<\/a>. Most recently,\u00a0\u00a0recognizing the impact on communities, 105 Republicans in Congress signed on to a\u00a0<a href=\"https:\/\/www.cdbanks.org\/sites\/default\/files\/pdfs\/2025-10-23%20Letter%20to%20Sec%20Bessent%20and%20Dir%20Vought.pdf?mc_cid=b1e4820bc1&amp;mc_eid=39c76f8ad8\" target=\"_blank\" rel=\"noopener\">recent letter<\/a>\u00a0defending the CDFI Fund.<\/p><p style=\"font-weight: 400;\">Our partners in the private sector have also spoken out about the importance of the CDFI Fund. Several banking and private institutions receive tax credits in exchange for equity investments in CDFIs through the New Markets Tax Credit (NMTC) program, which was permanently reauthorized in the One Big Beautiful Bill. This program has distributed\u00a0<a href=\"https:\/\/nmtccoalition.org\/\" target=\"_blank\" rel=\"noopener\">$138 billion into underserved areas since 2003, creating more than 1.2 million jobs<\/a>. The private sector will no longer have access to these benefits\u00a0as a result of\u00a0a shuttered CDFI Fund.<\/p><p style=\"font-weight: 400;\">Terminating all staff at the CDFI Fund will fail the American promise to make Main Street a revitalized hub for small business growth, the creation of jobs, and economic opportunity for all. We ask you to reinstate staff at the CDFI Fund and ensure that all appropriated funding is released so that CDFIs across the country can continue to serve their communities.<\/p><p style=\"font-weight: 400;\">Sincerely,<\/p><p style=\"font-weight: 400;\">Jesse Van Tol, President &amp; CEO, National Community Reinvestment Coalition<br \/>Adelante Mujeres<br \/>Affordable Housing Centers of Pennsylvania<br \/>Affordable Housing Partnership<br \/>African American Alliance of CDFI CEOs<br \/>American Financial Solutions<br \/>Arizona Native Asset Coalition Corporate<br \/>ASIAN, Inc.<br \/>Association for Neighborhood and Housing Development<br \/>Atlanta Neighborhood Development Partnership<br \/>Avenue Community Development Corporation<br \/>Baltimore Community Lending<br \/>Bridge Investment Community Development Corporation<br \/>Bridge Investment Community Development Corporation<br \/>CASA of Oregon<br \/>Central States Development Partners, Inc.<br \/>Chicago Community Loan Fund<br \/>Coalition for Non-Profit Housing and Economic Development<br \/>Community Financial Resources<br \/>Community Investment Corporation<br \/>Divine Direction<br \/>Economic Growth Corporation<br \/>Empire Justice Center<br \/>Exodus Lending<br \/>Fair Finance Watch<br \/>Fair Housing Center of Central Indiana<br \/>Georgia WAND Education Fund Inc<br \/>Habitat for Humanity St. Tammany West<br \/>Hawaiian Community Assets<br \/>Hip Hop Caucus<br \/>Homestead Resources<br \/>Housing Action Illinois<br \/>Housing Alliance of Pennsylvania<br \/>Housing Development Fund LLC<br \/>Housing Oregon<br \/>HousingWorks RI<br \/>Human Relations Council<br \/>ICON CDC<br \/>LaCasa of Goshen, Inc.<br \/>Lawrence\u00a0CommunityWorks<br \/>LISC Milwaukee<br \/>Living Cities<br \/>Local First Arizona<br \/>Local Initiatives Support Corporation (LISC)<br \/>Long Island Housing Services, Inc.<br \/>Massachusetts Association of Community Development Corporations<br \/>Merced Housing Texas<br \/>National Coalition for Community Capital<br \/>Neighborhood Housing Services of New York City<br \/>Neighborhood Partnership Housing Services<br \/>NWCS, Inc.<br \/>PACDC<br \/>People\u2019s Opportunity Fund<br \/>Piedmont Housing Alliance<br \/>Proud Ground<br \/>Rise Economy<br \/>River Cities Development Services<br \/>River City Housing<br \/>Scale Link<br \/>Southwest Georgia United Empowerment Zone Inc<br \/>Southwest Solutions dba\u00a0MiSide<br \/>The Food Trust<br \/>The Hispanic and Immigrant Center of Alabama<br \/>The Housing Fund, Inc<br \/>TMC Community Capital<br \/>Tolson Center Inc<br \/>United South Broadway Corporation<br \/>Universal Housing Solutions CDC<br \/>Urban Land Conservancy<br \/>Utah Housing Coalition<br \/>Victoria Castillo<br \/>Westchester Residential Opportunities<br \/>Woodstock Institute<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Complete the form to download the pdf: Yes, send me updates by email about NCRC research, events and news. Download Now Complete the form to download the pdf: Download October 29, 2025 The Honorable Scott BessentSecretaryU.S. Department of Treasury1600 Pennsylvania Ave, NWWashington, D.C. 20220 The Honorable Russell VoughtDirectorThe Office of Management and Budget725 17th Street, [&hellip;]<\/p>\n","protected":false},"author":3745,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_angie_page":false,"content-type":"","_uag_custom_page_level_css":"","_monsterinsights_skip_tracking":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"_EventAllDay":false,"_EventTimezone":"","_EventStartDate":"","_EventEndDate":"","_EventStartDateUTC":"","_EventEndDateUTC":"","_EventShowMap":false,"_EventShowMapLink":false,"_EventURL":"","_EventCost":"","_EventCostDescription":"","_EventCurrencySymbol":"","_EventCurrencyCode":"","_EventCurrencyPosition":"","_EventDateTimeSeparator":"","_EventTimeRangeSeparator":"","_EventOrganizerID":[],"_EventVenueID":[],"_OrganizerEmail":"","_OrganizerPhone":"","_OrganizerWebsite":"","_VenueAddress":"","_VenueCity":"","_VenueCountry":"","_VenueProvince":"","_VenueState":"","_VenueZip":"","_VenuePhone":"","_VenueURL":"","_VenueStateProvince":"","_VenueLat":"","_VenueLng":"","_VenueShowMap":false,"_VenueShowMapLink":false,"page_builder":"","footnotes":""},"categories":[1046],"tags":[],"class_list":["post-268906","post","type-post","status-publish","format-standard","hentry","category-testimony"],"acf":[],"uagb_featured_image_src":{"full":false,"thumbnail":false,"medium":false,"medium_large":false,"large":false,"1536x1536":false,"2048x2048":false},"uagb_author_info":{"display_name":"NCRC","author_link":""},"uagb_comment_info":0,"uagb_excerpt":"Complete the form to download the pdf: Yes, send me updates by email about NCRC research, events and news. 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