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.
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