Legislative Update
A bipartisan coalition of 30 senators, led by Sens. Steve Daines (R‑Montana) and Mark Warner (D‑Virginia), has introduced the Access to Fair Financing for Opportunity and Resilient Development (AFFORD) Act — a bill aimed at strengthening and modernizing the Community Development Financial Institutions (CDFI) Fund. This proposal represents a significant step forward for the community development finance sector and has the potential to deliver meaningful benefits to communities nationwide.
The legislation consolidates several measures that were included in the Senate version of last year’s National Defense Authorization Act but were ultimately removed from the final bill. These include updates to the CDFI Bond Guarantee Program, expanded resources for Native CDFIs, stronger oversight and transparency provisions, and enhanced liquidity for community lenders through elements originally proposed in the Scaling Community Lenders Act. Importantly, the bill would reduce the minimum bond guarantee loan size from $100 million to $25 million and eliminate the annual guarantee cap, making the program more accessible to smaller CDFIs.
The introduction of the AFFORD Act comes as Congress continues broader debates on housing, community development.
Read the press release from Sens. Daines and Warner here
Read the full bill text here
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