U.S. Department of the Treasury, Community Development Financial Institutions
Capital Magnet Fund
Key facts
- Open now
- None right now
- Type of help
- Project grant
- Typical award
- The range of CMF Awards for the FY 2023 funding round were from $1,500,000 to $12,000,000 and obligations were made in FY 2024. The average Award in the FY 2023 funding round was $6,177,600. The range of CMF Awards...
What it pays for
The Capital Magnet Fund helps to create and preserve affordable housing for low-income families, individuals, and economically distressed communities by attracting private capital. Grants are used to support financing for the preservation, rehabilitation, development or purchase of affordable housing as well as select related economic development and community facilities that serve residents of these communities.
Who can apply
Applicants must be either (a) a Treasury certified CDFI; or (b) a nonprofit organization having as one of its principal purposes the development or management of affordable housing.
How applications are judged
Applicants are evaluated based upon criteria set forth in the Interim Rule (effective June 25, 2024), the Notice of Funds Availability (NOFA), and application materials.
Match
None required (federal program listing).
Examples of funded projects
Fiscal year 2017: Please visit the CDFI Fund website for examples of funded projects. The information can be accessed via www.cdfifund.gov/cmf.
Fiscal year 2021: Please visit the CDFI website for information on program accomplishments. The information can be accessed via www.cdfifund.gov/cmf.
Fiscal year 2022: Visit the CDFI Fund website for examples of funded projects. The information can be accessed via www.cdfifund.gov/programs-training/Programs/cmf.