# What This Bill Does

This bill would cap the amount of federal money available to the Community Development Financial Institutions Fund at $250 million for the year 2024. The Community Development Financial Institutions Fund is a Treasury Department program that provides money to banks and lending organizations that specifically work in low-income communities where traditional banks often don't operate or won't lend.

# Who This Affects and How

If this bill passes, it would limit how much money the government can spend on this lending program. Community Development Financial Institutions are organizations that make loans to small businesses, help people buy homes, and finance community projects in areas that big banks typically avoid—places like rural towns, inner cities, and economically struggling neighborhoods. By capping the funding at $250 million, the bill would restrict how many loans these institutions can make and how many communities they can serve. Small business owners trying to get loans in underserved areas, people looking to buy homes in lower-income neighborhoods, and community development projects could all face fewer lending opportunities and potentially higher interest rates if there's less money available to lend.

The practical impact depends on what the current funding level is. If the government was planning to spend more than $250 million on this program in 2024, this bill would force a reduction. If it was already planning to spend less, the bill wouldn't change much. Either way, it signals a decision to limit government support for lending in communities that struggle to access traditional banking services.

To provide for a limitation on availability of funds for Department of Treasury, Community Development Financial Institutions, Fund Program Account for fiscal year 2024.

Biggs, Andy

 <p class="MsoNormal" style="line-height: normal;">This bill limits FY2024 funding for the Department of the Treasury's Community Development Financial Institutions Fund.</p>