The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) released today the application data for the fiscal year (FY) 2017 round of its Capital Magnet Fund program. A total of 120 organizations headquartered in 38 states and the District of Columbia submitted eligible applications requesting nearly $540 million in funding. 54 percent of the applicants are certified Community Development Financial Institutions (CDFIs), and the remaining 46 percent of the applicants are non-profit affordable housing organizations.
Through the Capital Magnet Fund, 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 Capital Magnet Fund aims to attract private capital to economically distressed communities, including underserved rural areas. Funding for the Capital Magnet Fund comes from allocations made by the Government-Sponsored Enterprises Fannie Mae and Freddie Mac and varies from year to year. $119.5 million is available for awards for the FY 2017 round.
The FY 2017 application period closed on August 31, 2017. The CDFI Fund currently expects to announce the awards in early 2018. For more information about the Capital Magnet Fund, visit the CDFI Fund’s website at www.cdfifund.gov/cmf.