Over $900 Million in Private Sector Investment to be Leveraged by Capital Magnet Awards
The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) awarded 32 organizations nearly $91.5 million in grants today for the development of affordable housing and community facilities in low-income communities. These awards were made through the fiscal year 2016 round of the Capital Magnet Fund 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 day care centers, workforce development centers and health care clinics.
“Affordable housing remains out of reach for far too many Americans,” said Antonio Weiss, Counselor to Treasury Secretary Jacob J. Lew. “This funding will enable organizations across the country to expand access to affordable housing and help meet the critical needs of thousands of families.”
The 32 awardees will collectively serve 37 states and the District of Columbia. Nine of these awardees will invest 50 percent or more of their awards in non-metropolitan areas. Of the 32 awardees, 23 are Community Development Financial Institutions (CDFIs) and nine are non-profit housing organizations. The 32 awardees were selected after a merit-based competitive review of applications submitted from 125 organizations for awards in this round of the Capital Magnet Fund.
“The impact of this program will be tremendous,” said CDFI Fund Director Annie Donovan. “The program requires recipients to leverage $10 of housing and economic development investments for every $1 of federal funds meaning today’s awards will support over $900 million of investment in low-income communities.”
2016 Capital Magnet Fund Award Resources