US EditionUnder threat in Washington, an obscure fund has a big Virginia impact
- The Treasury Department's Community Development Financial Institutions Fund , a federal program that steers private funds into overlooked communities by offering credit and advice, is facing potential cuts under President Donald Trump, who issued a March 14 executive order, titled 'Continuing the Reduction of the Federal Bureaucracy', calling on the Treasury to justify the fund's cost.
- Between 2010 and 2021, CDFIs in Virginia made 10,767 loans totaling $1.8 billion, according to the Virginia CDFI Coalition's last survey, which financed 1,545 microenterprises and small businesses, 14,783 affordable housing units, and created 13,837 permanent jobs along with 1,766 education and child care slots.
- The CDFI Fund aimed to leverage $348 million in grants to generate billions of dollars in private sector investment for underserved communities, as exemplified by the CDFI-funded conversion of the century-old Phelps School in Madison Heights into a 41-unit apartment complex, a $7 million project that has sparked further housing investment.
- Virginia's U.S. Senator Mark Warner, who was finishing lining up a bipartisan letter with 23 senators urging the Trump administration not to cut the program, stated that cutting the program does not make sense, emphasizing the importance of preserving businesses, protecting jobs, and ensuring vital community services thrive, while also describing CDFIs as "a quintessentially Republican idea: getting entrepreneurs to make things better."
Insights by Ground AI
Does this summary seem wrong?
Coverage Details
Total News Sources4
Leaning Left0Leaning Right0Center2Last UpdatedBias Distribution100% Center
Bias Distribution
- 100% of the sources are Center
100% Center
C 100%
Factuality
To view factuality data please Upgrade to Premium
Ownership
To view ownership data please Upgrade to Vantage
