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Congress Waives Native CDFI Dollar-for-Dollar Match

January 6, 2015

Congress has successfully reinstated language to waive the non-federal dollar-for-dollar match requirement for the Native American CDFI Assistance (NACA) program in the FY 2015 Omnibus Appropriations Bill, now Public Law 113-235. The law appropriates $15 million in funding to NACA for financial and technical assistance, training, and outreach programs without the obligation of meeting the match requirement found in 12 U.S.C. 4707(e).
 
The removal of the dollar-for-dollar match is an important win for Indian Country considering the far-reaching impact and success the CDFI program has had in the past and the difficulties Native CDFIs have encountered in raising private capital. 
 
NAFOA applauds the bipartisan support from the Senate Committee on Indian Affairs with both Chairman Jon Tester (D-MT) and Ranking Member John Barrasso (R-WY) in backing this effort. In addition, Chairman Tom Udall (D-NM) and Ranking Member Mike Johanns (R-NE) of the Senate Appropriations Subcommittee on Financial Services and General Government were instrumental in adding the needed measure, along with Chairman Tim Johnson (D-SD) Committee on Banking, Housing, and Urban Affairs.
 

NAFOA has worked collaboratively with federal partners, Congress, and the Native CDFI Network to ensure the dollar-for-dollar match requirement was waived. NAFOA and our organizational partners will continue to support increased appropriations for the NACA program and continue to request a waiver for the dollar-for-dollar match requirement. 

For more information, please contact Kayla Gebeck, Kayla@nafoa.org or (202) 770-8321.

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