U.S. Department of Treasury: Capital Magnet FundDeadline: July 28, 2017
The Capital Magnet Fund (CMF) is administered by the Community Development Financial Institutions Fund (CDFI Fund). CMF awards can be used to finance affordable housing activities, as well as related economic development activities and community service facilities. The objective is 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.
In the FY 2017 funding round, the CDFI Fund will implement these priorities by funding: (i) applications where a minimum of 20 percent of all affordable housing rental units that will be financed and/or supported with FY 2017 CMF award dollars that are targeted to very low-income families and a minimum of 20 percent of all affordable housing homeownership units that will be financed and/or supported with FY 2017 CMF award dollars are targeted to low-income families; and (ii) applications that leverage a higher amount of 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.
Awards can be used to finance affordable housing activities, as well as related economic development activities and community service facilities. Awardees are able to utilize these funds for financing activities such as affordable housing funds, economic development funds, loan loss reserves, revolving loan funds, risk-sharing loans, and loan guarantees. Recipients are required to leverage private and public funds to finance affordable housing and economic development activities that yield a minimum ratio of 10:1.
Amount: A total of $119,500,000 is available to fund grants of at least $500,000 each.
Eligibility: Applicants must be a certified CDFI or a nonprofit organization operating with a principal purpose of developing or managing affordable housing solutions. Applicants 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.
Notes: The July 28, 2017 deadline is for the mandatory SF-424 form; applications and attachments are due on August 31, 2017.
Three webinars and an in-person workshop will be hosted in July; refer to the website for more details at: https://www.cdfifund.gov/programs-training/Programs/cmf/Pages/apply-step.aspx#step2