The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) awarded 40 organizations $120 million today for the development of affordable housing and related economic development activities in low-income communities. These awards were made through the fiscal year (FY) 2017 round of the Capital Magnet Fund, with funds available from the calendar year 2016 government-sponsored enterprises’ allocations, and will support financing for the preservation, rehabilitation, development or purchase of affordable housing for low-income communities; as well as related economic development and community service facilities such as workforce development centers, day care centers, and health care clinics. The Capital Magnet Fund was established through the HERA Act of 2008. This announcement follows a long evaluation and award process that has now been completed.
The awardees include 25 certified Community Development Financial Institutions and 15 non-profit housing organizations. They will collectively serve 40 states and the District of Columbia. The CDFI Fund selected the awardees after completing a merit-based competitive review of eligible applications submitted from 120 organizations that had requested nearly $540 million for investments in affordable housing.
FY 2017 Capital Magnet Fund Award Resources
About the CDFI Fund
Since its creation in 1994, the CDFI Fund has awarded nearly $2.9 billion to CDFIs, community development organizations, and financial institutions through the CDFI Program, the NACA Program, the Bank Enterprise Award Program, and the Capital Magnet Fund. In addition, the CDFI Fund has allocated $54 billion in tax credit allocation authority to Community Development Entities through the New Markets Tax Credit Program, and $1.36 billion in bonds has been guaranteed through the CDFI Bond Guarantee Program.
To learn more about the CDFI Fund and its programs, please visit the CDFI Fund’s website at www.cdfifund.gov. For more information about the Capital Magnet Fund, please visit the CDFI Fund’s website at www.cdfifund.gov/cmf.