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Palazzo Recognized as 2019 Community Development Financial Institutions Champion

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Washington, October 22, 2019 | comments

Washington, DC - Congressman Steven Palazzo (MS-4) today was recognized by the Opportunity Finance Network as a 2019 Community Development Financial Institutions (CDFI) Congressional Champion for his work on the House Appropriations Committee to protect critical funding for the CDFI Fund Program that provides financial services to low-income communities. 

Community development financial institutions are private sector financial institutions that invest, lend, and deliver responsible, affordable financial products and services to disadvantaged communities across the country.

“There is no doubt of the important role that community development financial institutions have in our nation. For Mississippi, CDFIs are there to ensure that capital investments and economic opportunities find their way into underserved communities. I am grateful to receive this recognition from the Opportunity Finance Network and appreciate the work they’re doing to invest in our nation,” Palazzo said.

During the FY19 appropriations process, Palazzo was successful in restoring a $25 million cut to the CDFI Funds Program. Cuts to the program threaten job creation, economic development, and capital investment opportunities in underserved rural, urban and Native communities. 

The state of Mississippi is home to 81 CDFIs and in 2019 received 33% of CDFI awards nationwide.
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