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Department of the Treasury
There are only four programs in the Treasury Department that SSTI monitors for the tech-based economic development community. Similar to the Administration's FY 2006 budget request, all are slated for termination or phase out in FY 2007. Congress restored 98.9 percent of the funding in its final FY06 appropriations.
The programs slated for termination include the Community Development Financial Institutions (CDFI) Programs (appropriated $30.9 million in FY06), the Bank Enterprise Award ($13.4 million), and the CDFI Native Initiatives ($5.8 million).
The Administration's FY07 request includes $4.3 million for CDFI to administer the New Market Tax Credits, a 1.4 percent increase over the FY06 appropriation of $4.25 million. The New Market Tax Credits provide credit against federal income taxes to taxpayers making qualified equity investments in designated Community Development Entities in order to attract private capital investments in low-income communities.
The budget request also provides $3.5 million to phase out the existing CDFI portfolio of outstanding obligations from the programs slated for elimination.