Washington, DC – Today, in response to the release of President Trump’s proposed budget calling for massive spending cuts that would have a devastating effect on low- and moderate-income communities and communities of color, NCRC President and CEO John Taylor made the following statement.
“Across the board, President Trump’s budget does not respond to the real needs of working families and communities, and threatens to tear the fabric of American life. The drastic cuts in funding, or elimination altogether, of programs mentioned in the budget will devastate rural and urban communities alike. Notably, many of the areas that voted overwhelmingly for the President will be hit hard.
“If this budget were to be enacted, it would cause immense destruction to the economic opportunities that help to revitalize our communities. Among our many concerns, the budget would lead to a plummet in the availability of affordable housing for low- and moderate-income individuals; severely limit access to lending and support for small businesses and minority-owned businesses, slowing job creation and stalling the economic growth they bring to our country; and, by cutting the Community Development Financial Institutions Fund (CDFI), eliminate the tools needed to lift up distressed communities.
“As the budget now moves to Congress, we urge them to consider how critical these programs and investments are across the country, and how destructive their eliminations would be, and reject these cuts.”
NCRC and its grassroots member organizations create opportunities for people to build wealth. We work with community leaders, policymakers and financial institutions to champion fairness in banking, housing and business development.