May 15, 2023

CDFI Fund: Application Demand Released for FY Round of Capital Magnet Fund

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) 2023 round of its Capital Magnet Fund (CMF) program. A total of 144 organizations submitted applications requesting more than $1.1 billion in funding. The applicants propose to serve 49 states, the District of Columbia, Puerto Rico, and Guam. In total, 42% of the applicants are Certified Community Development Financial Institutions (CDFIs), and 58% of the applicants are non-profit 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. Up to $320.6 million is available for awards for the FY 2023 round. 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 2023 application period closed on March 21, 2023. The CDFI Fund currently expects to announce the awards in fall of 2023. For more information about the Capital Magnet Fund, visit the CDFI Fund’s website at www.cdfifund.gov/cmf

This post was originally published here.