Hickenlooper, Daines, Warner Introduce Bipartisan Bill to Bolster CDFI Fund, Strengthen Underserved Communities

WASHINGTON - U.S. Senators John Hickenlooper, Mark Warner, and Steve Daines, along with 27 of their Senate colleagues introduced the bipartisan Access to Fair Financing for Opportunity and Resilient Development (AFFORD) Act. The legislation would strengthen capital access and economic development in rural, tribal, and other underserved communities in Colorado and provide more transparency over Community Development Financial Institution (CDFI) Fund operations.

"CDFI funding opens multiple doors for small businesses and underserved communities," said Hickenlooper, a member of the Senate Committee on Small Business & Entrepreneurship and a former small business owner. "We need to make sure communities all across Colorado have access to capital and deliver more small businesses, more jobs, and a stronger economy."

"CDFIs help hardworking families and small business owners in Montana gain access to the opportunities and capital they need for financial success, especially in Montana's rural and tribal communities. It's critical we improve transparency surrounding the operations of the CDFI Fund to ensure its programs continue to serve the vital role of increasing economic development and helping Montana communities thrive. I'm glad to introduce the AFFORD Act, which will do just that," said Daines.

"CDFIs are critical in bringing capital and financial services to rural, tribal, and underserved communities, and they can be significant partners for local governments to battle rising costs and affordability. I'm proud to be introducing the AFFORD Act, which will expand the capacity of CDFIs so they can reach more communities across Virginia," said Warner.

Established in 1994, the CDFI Fund helps CDFIs leverage private capital alongside federal support to build housing, expand access to credit, and drive job growth in underserved areas.

Last year, the Trump administration caused significant delays in awarding and obligating $324 million to the more than 1,400 certified CDFIs that rely on the Fund for program continuity and impact. Hickenlooper called out this delay and urged the Trump administration to release funding.

Hickenlooper also sent a bipartisan letter to the Trump administration voicing strong support for the CDFI Fund and its critical role investing in communities that face barriers accessing traditional capital. The letter followed an executive order President Trump signed directing the federal government to effectively eliminate the CDFI Fund.

Hickenlooper sits on the Senate Committee on Small Business & Entrepreneurship, where he has led legislation to increase access to capital in underserved communities, including his bipartisan CDFI Bond Guarantee Program Improvement Act, Investing in all of America Act, and Supporting Community Lenders Act.

Specifically, the AFFORD Act would:

• Extend and enhance the CDFI Bond Guarantee Program to enable participation by smaller CDFIs.

• Reauthorize the CDFI liquidity enhancement program to increase CDFI lending capacity and reach more communities.

• Bolster the role of Native CDFIs by expanding a USDA CDFI relending program that partners with Native CDFIs to deploy mortgage loans to eligible Native borrowers.

Read the bill text HERE.

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