Capital Magnet Fund: Serving Low-income Families and Communities across America

Deadline: 30 March 2016

The Community Development Financial Institute (CDFI), U.S. Department of Treasury is seeking applications from organisations for Capital Magnet Fund to spur investment in affordable housing and related economic development efforts that serve low-income families and low-income communities across America.

The CDFI Fund was established by the Riegle Community Development and Regulatory Improvement Act of 1994, as a bipartisan initiative.

Through the Capital Magnet Fund, the CDFI Fund provides competitively awarded grants to CDFIs and qualified non-profit housing organizations. These awards can be used to finance affordable housing activities, as well as related economic development activities and community service facilities.

Organizations that receive Capital Magnet Fund awards are required to produce housing and community development investments at least ten times the size of the award amount, generating a multiplier effect that means that more low-income people and low-income communities nationwide will have housing options within their financial reach.

Objectives

  • To empower America’s economically distressed communities
  • To increase economic opportunity
  • To promote community development investments for underserved populations and in distressed communities in the United States.
  • To promote economic revitalization and community development through investment in and assistance to community development financial institutions (CDFIs).

Eligibility Criteria

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.

How to Apply

Interested applicants can submit their applications electronically at the address mentioned on the website.

For more information, please visit Capital Magnet Fund.

* indicates required

You have Successfully Subscribed!