Last week, the Treasury Department announced the release of approximately $289 million of congressionally approved Fiscal Year 2025 funds to Community Development Financial Institutions (CDFIs) that were set to expire September 30. In response, the National Community Reinvestment Coalition's (NCRC) President and CEO Jesse Van Tol and NCRC Executive Vice President, Chief Operating Officer and Interim Executive Director of NCRC Community Development Fund (CDF) Gregory Dyson made the following statement:

"The release of these CDFI Fund awards is welcome news for communities across the country. Twenty-nine NCRC member CDFIs received $22.1 million, meaning nearly one in four of our 125 CDFI members received awards this year.

"We are glad Treasury ultimately obligated these congressionally appropriated funds before they expired. But CDFIs and the communities they serve should not have to wait until the end of the fiscal year to know whether federal funding will actually reach them. Appropriated funds should not be withheld," said Dyson .

"That same principle applies to HUD housing counseling funds now targeted for rescission. The $56 million program supports nonprofit housing counselors that help families navigate homeownership and avoid foreclosure. It should not take a last-minute scramble or a lawsuit from housing counseling organizations for communities to receive funding they were already promised. Treasury got the CDFI money out the door. HUD should do the same with housing counseling funds," added Van Tol .