Recently, Governor Newsom signed the 2022-23 CA state budget, which includes authorization of $50M to establish the California Investment and Innovation Fund, a state-level Community Development Financial Institution (CDFI) fund. This is a great moment for CDFIs and the communities they serve. This investment will strengthen and further support the work of CDFIs that are actively engaged in supporting, building up and helping low-income under-resourced communities throughout California.
CDFIs are community-based organizations that play a unique role in low-income, rural, urban, Native, and other communities that mainstream finance doesn’t traditionally reach. CDFIs have community development as their primary mission, and have a long history of successfully delivering affordable housing, supporting small businesses, and providing access to health care, and more.