October 29, 2025
The Honorable Scott Bessent
Secretary
U.S. Department of Treasury
1600 Pennsylvania Ave, NW
Washington, D.C. 20220
The Honorable Russell Vought
Director
The Office of Management and Budget
725 17th Street, NW
Washington, D.C. 20503
Dear Secretary Bessent and Director Vought:
The National Community Reinvestment Coalition (NCRC) and our undersigned member organizations urge you to reinstate full staff at the Community Development Financial Institutions (CDFI) Fund under the Department of Treasury. The CDFI Fund has delivered promising results for the US economy as a whole, generating $8 of private investment for every $1 of public funding. With no staff at the CDFI Fund, CDFIs will be unable to receive the federal funds and certification necessary to create small business and affordable housing growth in their communities.
The National Community Reinvestment Coalition is a network of more than 700 community-based organizations dedicated to creating a nation that not only promises but delivers opportunities for all Americans to build wealth and attain a high quality of life. NCRC is comprised of 127 CDFIs across the country, many of which are small, locally-rooted CDFIs with strong ties to their neighborhoods. Our CDFIs provide low-interest loans and technical assistance to small businesses and affordable housing developers in underserved urban, rural, and Native American communities.
We appreciate Secretary Bessent for defending the CDFI Fund and its statutory obligations in response to President Trump’s executive order in March to eliminate the agency. Secretary Bessent released the following statement on the importance of the CDFI Fund:
“This Administration recognizes the important role that the CDFI Fund and CDFIs play in expanding access to capital and providing technical assistance to communities across the United States. CDFIs are a key component of President Trump’s commitment to supporting Main Street America in the pursuit of job growth, wealth creation, and prosperity.”
Today, we hope Secretary Bessent and Director Vought can work together to deliver on this promise to support Main Street and protect the CDFI Fund. According to a survey by the Richmond Federal Reserve, 74% of the 400 CDFI respondents expanded their capacity to serve more small businesses with federal funds such as the CDFI Fund’s grants.
Furthermore, the CDFI Fund has consistently received bipartisan support because its impact is felt in all districts across the country. Without the CDFI Fund in full operation, CDFIs in many districts will not receive their funds or certification, which may decrease the flow of capital to small businesses and ultimately disrupt local economic growth. 92% of all Congressional districts have at least one CDFI located within, and 60 percent of the 5,900 headquarters and branches of community lenders are located in Republican congressional districts. Most recently, recognizing the impact on communities, 105 Republicans in Congress signed on to a recent letter defending the CDFI Fund.
Our partners in the private sector have also spoken out about the importance of the CDFI Fund. Several banking and private institutions receive tax credits in exchange for equity investments in CDFIs through the New Markets Tax Credit (NMTC) program, which was permanently reauthorized in the One Big Beautiful Bill. This program has distributed $138 billion into underserved areas since 2003, creating more than 1.2 million jobs. The private sector will no longer have access to these benefits as a result of a shuttered CDFI Fund.
Terminating all staff at the CDFI Fund will fail the American promise to make Main Street a revitalized hub for small business growth, the creation of jobs, and economic opportunity for all. We ask you to reinstate staff at the CDFI Fund and ensure that all appropriated funding is released so that CDFIs across the country can continue to serve their communities.
Sincerely,
Jesse Van Tol, President & CEO, National Community Reinvestment Coalition
Adelante Mujeres
Affordable Housing Centers of Pennsylvania
Affordable Housing Partnership
African American Alliance of CDFI CEOs
American Financial Solutions
Arizona Native Asset Coalition Corporate
ASIAN, Inc.
Association for Neighborhood and Housing Development
Atlanta Neighborhood Development Partnership
Avenue Community Development Corporation
Baltimore Community Lending
Bridge Investment Community Development Corporation
Bridge Investment Community Development Corporation
CASA of Oregon
Central States Development Partners, Inc.
Chicago Community Loan Fund
Coalition for Non-Profit Housing and Economic Development
Community Financial Resources
Community Investment Corporation
Divine Direction
Economic Growth Corporation
Empire Justice Center
Exodus Lending
Fair Finance Watch
Fair Housing Center of Central Indiana
Georgia WAND Education Fund Inc
Habitat for Humanity St. Tammany West
Hawaiian Community Assets
Hip Hop Caucus
Homestead Resources
Housing Action Illinois
Housing Alliance of Pennsylvania
Housing Development Fund LLC
Housing Oregon
HousingWorks RI
Human Relations Council
ICON CDC
LaCasa of Goshen, Inc.
Lawrence CommunityWorks
LISC Milwaukee
Living Cities
Local First Arizona
Local Initiatives Support Corporation (LISC)
Long Island Housing Services, Inc.
Massachusetts Association of Community Development Corporations
Merced Housing Texas
National Coalition for Community Capital
Neighborhood Housing Services of New York City
Neighborhood Partnership Housing Services
NWCS, Inc.
PACDC
People’s Opportunity Fund
Piedmont Housing Alliance
Proud Ground
Rise Economy
River Cities Development Services
River City Housing
Scale Link
Southwest Georgia United Empowerment Zone Inc
Southwest Solutions dba MiSide
The Food Trust
The Hispanic and Immigrant Center of Alabama
The Housing Fund, Inc
TMC Community Capital
Tolson Center Inc
United South Broadway Corporation
Universal Housing Solutions CDC
Urban Land Conservancy
Utah Housing Coalition
Victoria Castillo
Westchester Residential Opportunities
Woodstock Institute
