Janis Bowdler, the U.S. Department of the Treasury’s Counselor for Racial Equity, delivered remarks at the Opportunity Finance Network 2024 Conference. She acknowledged two significant anniversaries: the 30th anniversary of the Community Development Financial Institutions (CDFI) Fund and the 40th anniversary of OFN.
Bowdler highlighted the growth and impact of CDFIs, which now number 1,500 nationwide with assets totaling approximately $452 billion. She emphasized their role in providing financial services to underserved communities, stating that they are crucial in challenging traditional financing models and supporting various community needs.
The counselor noted recent federal legislative efforts such as the American Rescue Plan and Inflation Reduction Act (IRA), which aim to reduce wealth disparities through economic transitions. She mentioned that these initiatives have led to over 2,000 clean energy projects with $380 billion in investments, predominantly benefiting communities with below-average wages and education levels.
Bowdler cited specific programs like IRA “bonus incentive credits” designed to enhance clean energy investments in low-income areas. An example provided was a project at Sun Valley Bus Yard in Los Angeles funded by IRA green credits.
Further discussing partnerships, Bowdler pointed out that CDFIs are vital for implementing federal programs like the State Small Business Credit Initiative (SSBCI). The initiative has already supported more than 3,600 small businesses with $3 billion in new loans and investments.
She also touched on collaborations with private sectors through groups like the Economic Opportunity Coalition (EOC), which aims to deposit substantial funds into CDFIs and Minority Depository Institutions by 2025.
In conclusion, Bowdler called for continued collaboration to ensure economic opportunities reach all communities effectively.
