Fiscal Year 2024 Capital Magnet Fund Program
Closed Posted
- Opportunity number
- CDFI-2024-CMF
- Agency
-
Community Development Financial Institutions Fund
Department of the Treasury
- Applications due
- Award size
- $500,000 to $36,975,000
Opportunity facts
- Assistance listings
-
- 21.011 Capital Magnet Fund
- Funding instrument
- Grant
- Category
-
- Community Development
- Eligible applicants
-
- Other
- Full announcement
Opportunity details come from Grants.gov. Updated .
About this opportunity
The Capital Magnet Fund Program is soliciting applications from certified Community Development Financial Institutions and certain nonprofit organizations. Applicants must use the funding to finance affordable housing development or preservation targeted towards extremely low to low-income families. Concurrent economic or community development projects in underserved areas are also eligible uses of funds. The Department of the Treasury Community Development Financial Institutions Fund will evaluate applications based on criteria on their website, with a deadline of March 14, 2024. Awards are limited to 15% of total program funding. The Capital Magnet Fund seeks to attract private investment to create and preserve affordable housing and economically distressed communities through grants administered by the Department of the Treasury Community Development Financial Institutions Fund.
The Capital Magnet Fund Program has a CFDA number of 21.011 and is assigned under the Capital Magnet Fund program. This program uses private and public sector resources to finance affordable housing and revitalize low-income areas or underserved rural communities.
Synopsis
The CDFI Fund awards Capital Magnet Fund grants to certified Community Development Financial Institutions (CDFIs) and certain nonprofit organizations to finance: (1) the development, preservation, rehabilitation, or purchase of affordable housing for primarily extremely low-, very low-, and low-income families; and (2) economic development activities or community service facilities, such as day care centers, workforce development centers, and health care clinics, which in conjunction with affordable housing activities implement a concerted strategy to stabilize or revitalize a low-income area or underserved rural area. CMF's award ceiling is 15% of Total Program Funding. Additional details on Application requirements are available on the CDFI Fund's website.
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