March 16, 2018
The U.S. Department of
the Treasury's Community Development Financial Institutions Fund (CDFI Fund)
awarded 40 organizations $120 million today for the development of affordable
housing and related economic development activities in low-income communities. These
awards were made through the fiscal year (FY) 2017 round of the Capital Magnet
Fund, with funds available from the calendar year 2016 government-sponsored enterprises' allocations, 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 workforce development
centers, day care centers, and health care clinics. The Capital Magnet
Fund was established through the HERA Act of 2008. This announcement follows a long
evaluation and award process that has now been completed.
The awardees include 25
certified Community Development Financial Institutions and 15 non-profit
housing organizations. They will collectively serve 40 states and the District
of Columbia. The CDFI Fund selected the
awardees after completing a merit-based competitive review of eligible applications
submitted from 120 organizations that had requested nearly $540 million for
investments in affordable housing.
FY 2017 Capital Magnet
Fund Award Resources
About the CDFI Fund
Since its creation in 1994, the CDFI Fund
has awarded nearly $2.9 billion to CDFIs, community development organizations,
and financial institutions through the CDFI Program, the NACA Program, the Bank
Enterprise Award Program, and the Capital Magnet Fund. In addition, the CDFI
Fund has allocated $54 billion in tax credit allocation authority to Community
Development Entities through the New Markets Tax Credit Program, and $1.36 billion
in bonds has been guaranteed through the CDFI Bond Guarantee Program.
To learn more about
the CDFI Fund and its programs, please visit the CDFI Fund’s website at www.cdfifund.gov. For more
information about the Capital Magnet Fund, please visit the CDFI Fund’s website
at www.cdfifund.gov/cmf.
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