NALCAB Annual Advocacy Day in Washington, D.C.
Today, the National Association for Latino Community Asset Builders (NALCAB) is hosting its annual Advocacy Day. NALCAB members from across the country are in Washington, D.C. to advocate on behalf of the community and economic development programs that are critical to Latino communities.
Earlier this year, President Trump released his Fiscal Year 2019 budget proposal which cuts programs that are important to the NALCAB Network, including:
- Fewer resources for small businesses: The U.S. Small Business Administration is cut by 25%. This decrease means the American dream of entrepreneurship will be harder to attain and that our nation’s job creators will not have the resources they need to spur economic growth.
- Less investment in low income neighborhoods and communities: The budget proposal slashes the U.S. Department of Housing and Urban Development’s budget by more than 14% and eliminates new funding for programs designed to increase the supply of affordable housing.
- Rural programs are also in jeopardy. The U.S. Department of Agriculture is facing a $4.7 billion budget cut under President Trump’s federal spending blueprint. These funds are critical investments in rural communities.
- Restricting Access to Credit: The budget proposal eliminates the Treasury Department’s Community Development Financial Institutions (CDFI) Fund grants, which support community banks and credit unions that help thousands of small businesses and first-time homebuyers.
The programs being cut or eliminated help fuel low income and Latino neighborhoods with the tools needed to climb the economic ladder. The President’s budget is only a starting point for negotiations; Congress can still act to protect these critical programs. While the U.S. House and Senate Appropriations Committees are currently working on the Fiscal Year 2019 budget NALCAB members will be on Capitol Hill telling them how important these resources are to Latino neighborhoods across the country and to the economy.