Luján: President Trump’s Newest Executive Order Could Take Away Millions in Federal Investment From New Mexico’s Small Businesses, Affordable Housing, First-Time Homebuyers

President Trump Signed Executive Order to Dismantle Community Development Financial Institutions (CDFI) Fund

The CDFI Fund Aims to Promote Economic Revitalization in Underserved Communities in All 50 States, Provides Over $480 Million to New Mexico Communities

Washington, D.C. – Today, U.S. Senator Ben Ray Luján (D-N.M.) issued the following statement highlighting the devastating impacts President Trump’s recent executive order to dismantle the U.S. Department of Treasury’s Community Development Financial Institutions (CDFI) Fund will have on New Mexicans. The CDFI Fund aims to promote economic revitalization in underserved communities and has supported New Mexico’s small businesses, expanded access to affordable housing, and helped families buy homes.

“Across New Mexico, the CDFI Fund is used to help small businesses grow on Main Street, support families so they can afford their first home, and expand access to affordable housing,” said Senator Luján. “My colleagues on both sides of the aisle have long supported the CDFI Fund which has boosted community development across the country. Now, the Trump administration has put New Mexico’s Main Street lending on the chopping block – a move that will make it harder for families to buy a home and for small businesses to grow. This is the latest effort by the Trump administration to make it harder for working families to get by and get ahead.”

Since the program’s founding, the CDFI Fund has provided $480,020,846 to communities in New Mexico, including in fourteen different cities and towns. A full list of New Mexico CDFI Fund projects can be found here.

States, community banks, credit unions, and other local financial institutions have used CDFI funding to build affordable housing and create jobs. Meanwhile, CDFI funding has encouraged banks to invest in distressed communities—helping small businesses get off the ground and get the capital they need to thrive. It is a proven bipartisan effort that has empowered private sector entities and underserved communities in all 50 states.

The CDFI Fund provides funding through targeted programs and offers technical assistance to grantees. Since its creation, the CDFI Fund has awarded over $8 billion to CDFIs, $81 billion in tax credit allocation authority to Community Development Entities, and $3 billion in guaranteed bonds.

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