Statement by Secretary of the Treasury Janet L. Yellen on 30th Anniversary of Community Development Financial Institution Fund

WASHINGTON – Today, U.S. Secretary of the Treasury Janet L. Yellen released the following statement on the 30th anniversary of the Community Development Financial Institution (CDFI) Fund.“Thirty years ago, President Clinton worked to establish the Community Development Financial Institution (CDFI) Fund with bipartisan congressional support to promote economic development in communities that had been overlooked and left behind. In its first 30 years, the CDFI Fund has had a significant impact on communities nationwide. Since its creation, the CDFI Fund has awarded more than $7 billion to CDFIs and community lenders and $76 billion in tax credits to community development entities. Every dollar the CDFI Fund invests is estimated to catalyze at least eight dollars in private-sector investment, magnifying its impact.