Project Grant 211CM058846G

Award Date 6/22/22
Completion Date 12/31/25
Dollars Obligated $12M
Federal Grant Program
21.011
Assistance Type
Project Grant
Place of Performance
United States
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The Department of the Treasury Community Development Financial Institutions Fund awarded a $12 million Project Grant to Beneficial State Bancorp, Inc. under the Capital Magnet Fund program (CFDA 21.011). The grant will support the creation and preservation of affordable housing for low-income individuals and families through June 2025.

Through competitive subawards, the Capital Magnet Fund provides capital to finance affordable housing acquisition, development, rehabilitation and homeownership preservation. It is intended to attract private investment towards these activities. Eligible subrecipients include certified community development financial institutions, private nonprofit housing organizations and public nonprofit entities. The funding will ultimately benefit low-income, very low-income and extremely low-income individuals and families as defined by Treasury regulations. No subrecipients were specified for this particular award to Beneficial State Bancorp.

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