The Department of the Treasury's Community Development Financial Institutions Fund awarded a $12 million Project Grant to the National Housing Trust Community Development Fund through the Capital Magnet Fund program. The grant will support the creation and preservation of affordable housing for low-income individuals and families through increased private investment in acquisition, development, rehabilitation, and preservation of affordable rental and homeownership housing. Activities will be performed through competitive grants providing capital to finance affordable housing and related economic development through June 2025. Intended beneficiaries include certified community development financial institutions, private nonprofit housing organizations, and public nonprofit institutions serving very low-income, low-income, and extremely low-income individuals and families as defined in 12 C.F.R. Part 1807. The Capital Magnet Fund aims to attract private capital for affordable housing and economically distressed communities.
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