The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced today that it received a total of 125 applications under the fiscal year (FY) 2016 round of the Capital Magnet Fund. The Capital Magnet Fund offers competitively awarded grants to finance affordable housing solutions and community revitalization efforts that benefit low-income people and communities nationwide.
The Community Development Financial Institutions (CDFIs) and non-profit affordable housing providers that applied under the FY 2016 round are headquartered in 38 states and the District of Columbia. The applicants requested an aggregate total of $609.1 million in Capital Magnet Fund awards, far exceeding the $93.47 million available for awards under the FY 2016 round.
In addition, the CDFI Fund has made an update to its Application Review and Selection Process as originally outlined in Section V of the FY 2016 Capital Magnet Fund Notice of Funds Availability (NOFA). Given that the Capital Magnet Fund application process was new to many applicants, the CDFI Fund has determined that it will forward all eligible applicants to the external qualitative review stage, rather than only those who score sufficiently high in the quantitative review stage. This update to the review process will allow all applicants to receive a full external review.
For more information on the Application Review and Selection process, please review the FY 2016 Capital Magnet Fund NOFA and the application materials on the CDFI Fund’s website at www.cdfifund.gov/cmf under How to Apply Step 2: Apply.
For more information about the Capital Magnet Fund, visit the CDFI Fund’s web site at www.cdfifund.gov/cmf.