The Emergency Economic Recovery Act of 2008 gave the Treasury Department broad authority to support major financial institutions by purchasing distressed assets, bolstering capital and catalyzing lending in response to the current fiscal crisis.
Along with the CDFI Coalition and other national groups, Woodstock Institute proposes that a portion of these funds be set aside to support CDFIs with a proven track record of bringing much needed capital to communities by allocating at least $1 billion of resources available under Emergency Economic Stabilization Act to the Community Development Financial Institutions Fund for distribution to CDFIs.
Woodstock strongly encourages members of the Illinois Congressional delegation to support this set aside and keep this important source of capital flowing.