OFN Urges Continued Bipartisan Support for the CDFI Fund Which Advances American Economic and Affordability Priorities
WASHINGTON, April 3, 2026 /PRNewswire/ – Opportunity Finance Network (OFN) released the following statement today in response to the White House’s Fiscal Year (FY) 2027 budget request, which proposes a $204 million cut to the CDFI Fund and the redirection of funding to rural initiatives. The budget request also recommends deep cuts to other federal programs at the Small Business Administration’s Office of Entrepreneurial Development and the Department of Housing and Urban Development (HUD), including HOME Investment Partnerships and Community Development Block Grant.
“There can be no ‘America First’ agenda without investing in communities first. CDFIs drive economic opportunity in communities across America—from rural towns to urban neighborhoods—delivering jobs, affordable housing, and small business growth with proven efficiency and accountability,” said Harold Pettigrew, OFN President and CEO. “The President’s budget proposal is deeply disappointing, and risks weakening HUD, the SBA, and CDFI Fund investment programs at a time when Americans need more access to affordable capital—not less. CDFIs represent one of the most high-impact, market-based tools for advancing the Administration’s housing affordability and job creation agenda, leveraging private investment to expand access to capital and strengthening local economies in places traditional markets often overlook. We urge the Administration and Congress to work together to restore critical investments that support small businesses, expand housing supply, and strengthen communities across America.”
For more than 30 years, the CDFI Fund has supported critical investments in small businesses, affordable housing, and economic opportunity in communities across the United States. The CDFI Fund is a highly effective vehicle for advancing President Trump’s economic agenda: CDFIs leverage an estimated $8 in private sector investment for every $1 in public funding. In 2023 alone, CDFI Program recipients financed 109,151 businesses and 45,255 affordable housing units. The New Markets Tax Credit program has projected 28,957 permanent jobs, 59,244 construction jobs, and 37,409 tenant-based jobs for FY 2021–2023 activities. Cutting the Fund threatens that economic growth and weakens Main Street, jeopardizing thousands of projects that create local jobs, build affordable housing, and drive opportunity in communities across the country that rely on CDFIs as their primary source of affordable capital.
Congress has a strong track record of standing behind the CDFI Fund through budget negotiations. In February, Congress passed, and President Trump signed into law, a bipartisan FY 2026 spending package that provided $324 million for the CDFI Fund. This came despite a White House budget request that proposed cutting CDFI Fund grant programs by nearly 90 percent. OFN will continue to work with Congress to preserve the current federal funding level of $324 million for the CDFI Fund in FY 2027 and share the important role that CDFIs play in their districts.
CDFIs and industry allies also play a vital role in demonstrating the importance of the CDFI Fund. Now is the time to contact your elected officials and share how CDFIs are making a difference in your communities. Take action today through the OFN Policy Action Center.
About Opportunity Finance Network
Opportunity Finance Network (OFN) is the nation’s leading network and intermediary focused on community development investment, managing more than $1 billion in total assets and a membership of more than 490 community development financial institutions (CDFIs), which includes community development loan funds, credit unions, green banks, banks, minority depository institutions, and venture capital funds. Our network of CDFIs works to ensure communities left behind by mainstream finance have access to affordable, responsible financial products and services, with a deep focus on serving rural, urban, and Native communities across the United States. OFN is a trusted investment partner to the public, private, and philanthropic sectors – foundations, corporations, banks, government agencies, and others – and, for more than 40 years, has helped partners invest in communities to catalyze change and create economic opportunities for all.
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SOURCE Opportunity Finance Network
