Honorable Andrea Stewart Cousins Temporary President and Majority Leader, ny State Senate 188 State Street area 907, Legislative Office Building Albany, NY 12247
The undersigned 65 organizations respectfully request your help for the $25 million appropriation to invest in this new York State Community developing lender Fund (NYS CDFI Fund). In 2007, nyc State established a CDFI Fund in line with the effective CDFI that is federal Fund offer funds and assets to New York CDFIs, which provide New Yorkers and smaller businesses in economically troubled communities through the state. brand New YorkвЂ™s ended up being the first state based CDFI Fund in the united kingdom. Unfortuitously, the NYS CDFI Fund has yet to get any money through the state. Support for CDFIs is really a for sure strategy for building strong regional and local economies and ensuring use of noise and affordable monetary solutions throughout nyc State.
While you understand, traditional banking institutions aren’t adequately fulfilling the economic solutions requirements of New YorkвЂ™s income that is low immigrant communities and communities of color.