Capital magnet fund award

The Department of the Treasury's Community Development Financial Institutions Fund awarded a $1.8 million Project Grant to Ithaca Neighborhood Housing Services Inc. on February 22, 2021 under the Capital Magnet Fund program (CFDA 21.011). The Capital Magnet Fund aims to create and preserve affordable housing for low-income families, individuals, and economically distressed communities by attracting private capital. Ithaca Neighborhood Housing Services Inc., doing business as Neihborworks Network, will use the grant to support financing that will preserve, rehabilitate and develop affordable housing, consistent with the Capital Magnet Fund's purpose. The $1.8 million in federal funding is expected to leverage substantial additional private investment to expand and sustain the supply of housing affordable to low-income residents in Ithaca, New York.