CDFI Fund: Capital Magnet FundDeadline: July 26, 2019
The Capital Magnet Fund (CMF) is administered by the Community Development Financial Institutions Fund (CDFI Fund). Through the CMF, the CDFI Fund provides financial assistance grants to Community Development Financial Institutions (CDFIs) and to qualified nonprofit organizations that have the development or management of affordable housing as one of their principal purposes.
The purpose of the CMF is to attract private capital for and increase investment in the development, preservation, rehabilitation, or purchase of affordable housing for primarily extremely low-income, very low-income, and low-income families, as well as economic development activities, which, in conjunction with affordable housing activities, implement a concerted strategy to stabilize or revitalize a low-income area or underserved rural area. To pursue these objectives, the CDFI Fund has established the following priorities:
- Applications where at least 20 percent of all rental affordable housing units that will be financed and/or supported with CMF awards are targeted to very low-income families and/or at least 20 percent of all homeownership affordable housing units that will be financed and/or supported with CMF awards are targeted to low-income families
- Applications proposing to use the CMF award to leverage private capital to finance and/or support affordable housing activities and economic development activities
Additionally, the CDFI Fund seeks to fund applications serving geographically diverse areas of economic distress, including metropolitan areas and underserved rural areas.
Amount: Up to $130,800,000 is available to make awards ranging from $500,000-$21,400,000 and averaging $3,750,000.
Eligibility: Capital Magnet Fund applicants must be:
- A certified CDFI, or
- A non-profit organization operating with a principal purpose of developing or managing affordable housing solutions
All applicants (regardless of entity type) must demonstrate that they have been in existence as a legally formed entity for at least three years prior to the funding round application deadline.