CDFI Fund: Important Update for FY 2016 Capital Magnet Fund Applicants – Award Amount & FAQs

The Community Development Financial Institutions Fund (CDFI Fund) has determined that there will be $93,472,163 available in awards under the fiscal year (FY) 2016 round of the Capital Magnet Fund. Through the Capital Magnet Fund, the CDFI Fund provides competitively awarded grants to CDFIs and qualified nonprofit housing organizations. Capital Magnet Fund awards finance affordable housing activities, as well as related economic development activities and community service facilities.

Potential fiscal year (FY) 2016 Capital Magnet Fund applicants should remember that the deadline for online submission of the SF-424 through Grants.gov for this year’s round is March 16, 2016. The deadline for online submission of the rest of the application materials through the CDFI Fund’s Awards Management Information System (AMIS) is March 30, 2016. Applications must be filed in both Grants.gov and AMIS in order to be considered complete by the CDFI Fund.

In addition, the CDFI Fund has recently updated the supplemental guidance materials available for the FY 2016 round. An updated Frequently Asked Questions document is now available that covers Capital Magnet Fund activities that are not direct loans or investments to borrowers or properties; leverage ratios; Eligible Project Costs; and other topics.

The updated Frequently Asked Questions document also provides new guidance on how to complete the AMIS application (including selecting your SF-424 in AMIS). The CDFI Fund has made available on its website a recording of the last FY 2016 Capital Magnet Fund AMIS Technical Webinar held on March 3, 2016, which provides a walkthrough of completing the Capital Magnet Fund application in AMIS.

All of the guidance and application materials for the FY 2016 application round are posted on the CDFI Fund’s website at www.cdfifund.gov/cmf under How to Apply Step 2: Apply.

To learn more about the CDFI Fund and its programs, please visit www.cdfifund.gov.