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Capital Magnet Fund Program

Open Date:

2/13/2024

Close Date:

3/14/2024

Eligible Recipients:

  • Non-profit

Program Purpose:

  • Economic Development

Reserved for Energy
Communities?

No

Upcoming Milestones:

Bureau/Office:

Funded by:

U.S. Department of Treasury

Overview

Note on Eligibility: Applicants must be (1) a Treasury certified CDFI; or (2) a nonprofit organization having as one of its principal purposes the development or management of affordable housing. An applicant must provide information necessary to establish that it is an eligible organization in order to apply for assistance. This information is included as part of the application materials.

Description: The CDFI Fund awards Capital Magnet Fund grants to certified Community Development Financial Institutions (CDFIs) and certain nonprofit organizations to finance: (1) the development, preservation, rehabilitation, or purchase of affordable housing for primarily extremely low-, very low-, and low-income families; and (2) economic development activities or community service facilities, such as day care centers, workforce development centers, and health care clinics, which in conjunction with affordable housing activities implement a concerted strategy to stabilize or revitalize a low-income area or underserved rural area. CMF's award ceiling is 15% of Total Program Funding. Additional details on Application requirements are available on the CDFI Fund’s website.

Related Resources

Additional information is available on the Resources page.

Funding Details

Funding Source:
Funding Type:
Grant - no match
Total Amount Available:
$246500000.00
Limit per Applicant:
$36,975,000
Estimated Awards:
55

Applicant Guidance

More information can be found here.

A preapplication webinar on the program can be found here.

Contact Information

CDFI Fund Help Desk

(202) 653-0421

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