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Department of the Treasury
The FY09 enacted budget provides $1.16 billion for the Treasury Department, not including the IRS. Though the overall appropriation for the department dropped, TBED-related funding increased.
Treasury's Community Development Financial Institutions Fund (CDFI) program account received $107 million to be divided between its associated activities, up from $94 million in FY08. Of that amount $14.7 million may be used for administrative expenses, including the administration of the New Markets Tax Credit. Another $7.5 million may be used for CDFI direct loans. The American Recovery and Reinvestment Act, passed earlier this year, authorized $3 billion in tax credit authority under the New Markets Tax Credit program in addition to the $3.5 billion that had been approved already for 2009. Other CDFI programs include:
- Bank Enterprise Award - $22 million to support FDIC-insured financial institutions that finance and support community and economic development activities;
- Native Initiatives - $8.5 million for technical assistance to Native American, Native Hawaiian and Alaskan Native communities; and,
- Financial Counseling grants - $2 million for a new competitive grant pilot program to provide counseling to perspective homebuyers.