5.28.21
On May 28, the Biden Administration unveiled its $6 trillion budget for 2022. The proposal will nearly double funding for the Treasury Department, the Department of Housing and Urban Development and the Small Business Administration. The budget significantly impacts community development financial institutions (CDFIs) which are private financial institutions whose primary objective is to support community revitalization by providing financing to low-income communities. The budget provides $330 million, an increase of more than 22% compared to 2021. Additionally, the proposal calls for billions in the expansion of programs designed to grow the supply and accessibility of affordable housing.