Latest news with #FinancialAssistance
CTV News
5 days ago
- Business
- CTV News
N.B. government to spend $1.2 million to support youth in care
New Brunswick's provincial flag flies on a flag pole in Ottawa, Monday July 6, 2020. THE CANADIAN PRESS/Adrian Wyld The New Brunswick government is increasing the monthly financial support received by young people in the Youth Engagement and Young Adult Services program. The province announced Wednesday it would up its overall spending by nearly $1.2 million to support people aged 16 to 26 in care. That translates to a 19 per cent increase per person, or an extra $163 to $259 each month, beginning June 1. 'Every young person deserves the opportunity to succeed,' said Social Development Minister Cindy Miles in a news release. 'This investment is an intentional step to help youth and young adults thrive by giving them the support they need when they need it most – whether that's finishing their education, finding stable housing or entering the workforce.' The province says the program also provides like-skills training, mental health support and housing stability services with a goal of: reducing the number of young people relying on social assistance or experiencing homelessness increasing high school and post-secondary completion helping young people find long-term, meaningful employment 'This kind of investment is foundational for youth who have experienced care to achieve a stable transition to adulthood; it acknowledges the unique barriers they face and helps create a more equitable future,' said Melanie Doucet, director and project lead for the National Council of Youth in Care Advocates. 'Youth in and from care deserve a starting point that is equitable and above the poverty line and allows them to pursue their interests and dreams so that they can grow into thriving adults.' For more New Brunswick news, visit our dedicated provincial page.
Yahoo
14-04-2025
- Business
- Yahoo
Trump Administration's Push To Cut CDFI Funding Faces Bipartisan Backlash as Rural Homebuyers Risk Losing Critical Support
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. The Trump administration recently made a decision that could have negative consequences for a large segment of homebuyers traditionally not reached by big banks. President Donald Trump issued an executive order on March 14 to cut funding for the Community Development Financial Institutions Fund. Per the executive order, the multi-billion dollar program will see 'personnel' and 'function' cuts, reducing them to only what's legally necessary. Don't Miss:Deloitte's fastest-growing software company partners with Amazon, Walmart & Target – CDFI, which was launched 1994, provides funds to rural areas underserved by big banks. These communities are traditionally in lower-income areas of the country. Pravina Raghavan, director of the Community Development Financial Institutions Fund, explains the fiscal 2024 impact to Financial Assistance awards was over $408 million. FA awards provide capital for CDFIs to finance affordable housing and increase homeownership among other services in low-income and distressed communities. After the executive order was issued, there was a swift response from both Democratic and Republican representatives. A letter co-authored by Sens. Mike Crapo (R-ID) and Mark Warner (D-VA), among others to Treasury Secretary Scott Bessent reaffirmed their support for the CDFI Fund, referencing its positive economic impact. Trending: BlackRock is calling 2025 the year of alternative assets. Bessent said during his confirmation hearing earlier this year that he supported CDFIs. He said they played a "very important" role in their target communities. Through the inception of the fund through February, Arkansas and South Carolina, two states that have voted for Republican presidential candidates since 2000, have received $3.2 billion, and $1.7 billion, respectively. Rep. French Hill (R-AR) and Sen. Tim Scott (R-SC) have been strong proponents of the fund in the past. In the letter to Bessent, the Defense Credit Union Council mentioned that a cut to the CDFI would impact 495 CFDI-backed credit unions, providing services for millions of U.S. to the CDFI's annual report for fiscal 2024, funding was the highest it has ever been to date and yet, still did not fulfill all of the requests received. "CDFIs play a key role with FHFA and our regulated entities in efforts to address the nation's affordable housing challenges, working on the ground in their communities to deliver positive outcomes for underserved households," then-Federal Housing Finance Agency Director Sandra L. Thompson said in November. If the executive order stands, there would be an even greater disparity between requests for funding and resources allocated. Read Next: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — , which provides access to a pool of short-term loans backed by residential real estate with just a $100 minimum. Send To MSN: 0 This article Trump Administration's Push To Cut CDFI Funding Faces Bipartisan Backlash as Rural Homebuyers Risk Losing Critical Support originally appeared on
