Today, the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) released the application data for the fiscal year (FY) 2024 round of its Capital Magnet Fund (CMF) program. This is the ninth round of funding for the CMF program. A total of 136 organizations submitted applications requesting more than $1.06 billion in funding.
For the FY 2024 round, these organizations’ requests for funding have exceeded the allotted award amount by 334%. Approximately $246.5 million is available for awards for the FY 2024 round.
“The Capital Magnet Fund is a vital program dedicated to uplifting economically distressed communities by creating and preserving affordable housing,” said CDFI Fund Director, Pravina Raghavan. “Access to affordable housing has lasting positive impacts for low-income families and the American economy as a whole, as evidenced by the high demand received in this funding round.”
Applicants propose to serve all 50 states, the District of Columbia, Puerto Rico, and Guam. In total, 47% of the applicants are Certified Community Development Financial Institutions (CDFIs), and 53% of the applicants are non-profit housing organizations.
Through the CMF, the CDFI Fund competitively awards funds to CDFIs and qualified non-profit housing organizations. These awards can be used to finance affordable housing activities, as well as related economic development activities and community service facilities.
The CMF aims to attract private capital to economically distressed communities, including underserved rural areas. Funding for the CMF comes from allocations made by the Government-Sponsored Enterprises Fannie Mae and Freddie Mac and varies from year to year. The CDFI Fund reserves the right to adjust or modify the total amount available for awards based on funding requested from qualified applicants.
The FY 2024 application period closed on April 16, 2024. The CDFI Fund currently expects to announce the awards in fall of 2024. For more information about the CMF, visit the CDFI Fund’s website at www.cdfifund.gov/cmf.