The Senate Appropriations Committee approved a stimulus package that includes a line proposed by Sen. Durbin (D-IL) for $250 million for the CDFI Fund. If included in the final Senate bill and conference report with the House (which did not include a CDFI Fund allocation in its stimulus package), this could help get credit flowing to families and businesses in lower-income communities. The US Senate is expected to vote on the stimulus package on Feb. 2. For more information, go to www.cdfo.org.
The House Judiciary Committee passed a bill that would allow judges in bankruptcy proceedings to modify mortgage loans to prevent foreclosures, which is not allowed under current law. The Senate is considering a similar provision. If approved, this would help stabilize families and communities by keeping families in their homes.
Much work remains to be done, but this is a good start.