Yesterday, September 23, 2024, we recognized not only a special day but an important milestone for America. We celebrated the 30th anniversary of the creation of the Community Development Financial Institutions Fund (CDFI Fund).
On September 23, 1994, President Clinton signed into law H.R. 3474, the Riegle Community Development Act, the bipartisan legislation that created the Fund.
The CDFI Fund has been foundational to community development finance; since its inception, the Fund has awarded more than $7 billion to CDFIs and $76 billion tax credits to capitalize community development projects and community investment.
Today, there are more than 1,400 certified CDFIs. Since 2015, CDFIs have invested at least $216 billion in communities across the country, helping to create or retain 5.3 million American jobs.
As we celebrate 30 years of the CDFI Fund’s impactful investment, it’s also my honor to share my election as Chair of the Community Development Advisory Board, a 15-person federal advisory committee to the CDFI Fund. I thank my fellow Advisory Board members for their support and look forward to collaborating with them to provide key insights to the CDFI Fund for the continued success of CDFIs, the industry, and more importantly, the communities we serve. Read the announcement here: https://lnkd.in/geR4Sqzu
U.S. Secretary of the Treasury Janet Yellen joined the Community Development Advisory Board meeting last week and spoke of the deep impact of, and need for, the CDFI Fund and community development finance. Read her remarks here: https://lnkd.in/gHjf__eF
The future of the industry could not be more bright, and I could not be more excited for the future of the CDFI Fund under the leadership of Pravina Raghavan in charting the next 30 years.
The creation of the CDFI Fund is a key moment for America and the history of our industry, a history that has made us for this moment and the road ahead. We appreciate the critical partnership of the CDFI Fund in advancing opportunity in communities that need it most.
Opportunity Finance Network
#OFN40 #CDFIFund #CDFI #CDFIs #ImpInv #ImpactInvesting
