On June 15, the House Appropriations Committee, Subcommittee on Agriculture, Rural Development, Food and Drug Administration, and Related Agencies marked up its Fiscal Year (FY) 2023 bill. For 2023, the bill provides funding of $27.2 billion– an increase of $2.075 billion, 8 percent over the 2022 funding level. This includes $150 million for Section 515 Rural Rental Housing Program (a $100 million increase over FY22) and $1.494 billion for Section 521 Rural Rental Assistance program renewals (a $44 million increase over FY22). It would also raise the Rural Community Development Initiative capacity building program from 2022’s allocation of $6 million to $8 million in FY23.
On June 16, the House Committee on Financial Services’ Subcommittee on Financial Services and General Government marked up its FY 2023 bill. Overall, the FY23 bill—which provides annual funding for a number of federal agencies, including the U.S. Treasury and Small Business Administration—includes $29.8 billion in funding, an increase of $4.3 billion (or 17%) over FY22 enacted level. Specifically, the legislation allocates $336 million for the Community Development Financial Institutions (CDFI) Fund, an increase of $41 million above FY22 enacted level. This includes $217 million for financial and technical assistance grants and $10 million to increase the availability and affordability of small-dollar loans.