On December 22, Congress passed a massive $900 billion FY2021 Omnibus Appropriations and COVID-19 Relief Bill that included historic funding for community development financial institutions (CDFIs). President Trump signed this legislation on December 27. Specifically, the bill provides:
Treasury
$3 billion in emergency assistance to CDFIs through the CDFI Fund. (page 2305/5593 in the bill)
$1.25 billion to the CDFI Fund to respond immediately to the economic impact of the pandemic. No less than $25 million may be used for grants to benefit Native American, Native Hawaiian, and Alaska Native communities.
$1.75 billion to the CDFI Fund to expand lending, grantmaking, or investment activity in low- or moderate-income minority communities.
$9 billion for a new Emergency Capital Investment Program (ECIP), to provide low-cost, long-term capital investments to CDFI banks and credit unions as well Minority Depository Institutions (MDIs). (page 2302/5593)
$270 million in FY2021 appropriations to the CDFI Fund, an $8 million increase from FY2020. (page 501/5593)
A five-year extension of the New Markets Tax Credit (NMTC) Program, the largest extension in the history of credit. (page 4901/5593)
$25 billion in Emergency Rental Assistance through Treasury to provide to state and local government entities, including $400 million for U.S. territories and $800 million for Native Americans, Alaska Natives, and Native Hawaiians. (page 2255/5593)