Capital Magnet Fund
Active
- Assistance listing
- 21.011
- Agency
-
Community Development Financial Institutions Fund
Department of the Treasury
- Grant awards
- 381 $1,888,141,123 in federal obligations
Program facts
- Also known as
- CMF
- Assistance type
-
- Project Grant
- Treasury account
-
- 20-8524-0-7-451
- More information
Program details come from SAM.gov Assistance Listings. Updated . Grant award figures come from USAspending.gov.
About this program
The Department of the Treasury Community Development Financial Institutions Fund awards Capital Magnet Fund grants (Assistance Listing 21.011) to finance affordable housing development, preservation, rehabilitation, and purchase for extremely low-, very low-, and low-income families, with the most recent grant awards made on October 15, 2024.
The program has remained active with consistent award volume: 48 grants in 2024, 52 in 2023, 59 in 2022, 48 in 2021, and 38 in 2020, with 381 total awards since the program began in 2010. All awards in the portfolio are Project Grants. The combined federal dollars obligated total $1.89 billion, with the Treasury CDFI Fund as the sole funding source. Recent award magnitudes range from $2 million to $18 million per grant; typical awards cluster in the $9 million to $18 million range. Representative recent awards include $18 million to finance affordable rental housing and homeownership (241CM066058G, October 15, 2024), $15 million for acquisition and development of affordable housing (241CM066019G, October 15, 2024), and $13.2 million for affordable housing financing (241CM066084G, October 15, 2024).
Eligible applicants are Treasury-certified Community Development Financial Institutions (CDFIs) or nonprofit organizations with affordable housing development or management as a principal purpose. Recipients must commit all funds to eligible uses within two years, identify specific projects within three years, begin initial expenditure within three years, and complete projects within five years of the assistance agreement effective date.
The most recent grant opportunity, Fiscal Year 2024 Capital Magnet Fund Program (CDFI-2024-CMF), was posted February 13, 2024, with a due date of March 14, 2024. The program accepts applications for competitive grants that finance not only affordable housing but also economic development activities or community service facilities—such as day care centers, workforce development centers, and health care clinics—when paired with affordable housing activities to implement a concerted revitalization strategy in low-income or underserved rural areas. Individual award ceiling is 15 percent of total program funding.
Objective and description
- Objective
The Capital Magnet Fund helps to create and preserve affordable housing for low-income families, individuals, and economically distressed communities by attracting private capital. Grants are used to support financing for the preservation, rehabilita
- Description
To attract financing for and increase investment in affordable housing for low-income, very low-income, and extremely low-income people and certain related economic and community development activities
Eligibility
- Applicant eligibility
Applicants must be either (a) a Treasury certified CDFI; or (b) a nonprofit organization having as one of its principal purposes the development or management of affordable housing.
- Beneficiary eligibility
Low income, very low-income, and extremely low-income people as set forth in 12 C.F.R. Part 1807.
- Uses of assistance
The CDFI Fund awards Capital Magnet Fund grants to certified Community Development Financial Institutions (CDFIs) and eligible nonprofit housing organizations to finance: (A) the development, preservation, rehabilitation, or purchase of affordable housing for primarily extremely low-, very low-, and low-income families; and (B) 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 Award dollars must be used to finance and/or support physical structures. The CMF Award must be used to support a portfolio of projects whose aggregate costs are at least 10 times the grant amount.
- Length and time phasing of assistance
Recipients must commit all funds to an eligible use within two years and to specific projects within three years; begin initial expenditure of funds within three years; and complete the projects within five years after effective date of the assistance agreement.
How to apply
- Criteria for selecting proposals
Applicants are evaluated based upon criteria set forth in the Interim Rule (effective June 25, 2024), the Notice of Funds Availability (NOFA), and application materials.
- Award procedure
The CDFI Fund reviews applications and makes awards based on an established awards review process set forth in the NOFA and application materials.
- Time to approval or disapproval
Award approval/disapproval determinations are generally made within 210 days after the application deadline. The application deadline is generally 60 days subsequent to the NOFA publication date.
Grant opportunities
| Opportunity | Status | Posted | Applications due |
|---|---|---|---|
| Fiscal Year 2024 Capital Magnet Fund Program | Closed | ||
| Fiscal Year 2021 Capital Magnet Fund Program | Closed | ||
| Fiscal Year 2020 Capital Magnet Fund Program | Closed | ||
| Fiscal Year 2019 Capital Magnet Fund Program | Closed | ||
| Fiscal Year 2018 Capital Magnet Fund Program | Closed | ||
| Fiscal Year 2017 Capital Magnet Fund Program | Closed |
Grant awards
Latest 10 of 381 listed here. See the rest on GovTribe.
Top recipients by federal obligations
| Rank | Recipient | Federal obligations | Share |
|---|---|---|---|
| 1 | Ohio Capital Finance Corporation | $56,400,000 | 3% |
| 2 | Massachusetts Housing Finance Agency | $50,050,000 | 3% |
| 3 | Preservation Of Affordable Housing, Inc. | $49,300,000 | 3% |
| 4 | Cinnaire Lending Corporation | $46,450,000 | 2% |
| 5 | The Community Builders, Inc. | $46,000,000 | 2% |
| 6 | United Bank | $45,000,000 | 2% |
| 7 | Legacy Bank & Trust Company | $44,025,000 | 2% |
| 8 | Greater Minnesota Housing Fund | $44,000,000 | 2% |
| 9 | Colorado Housing And Finance Authority | $42,600,000 | 2% |
| 10 | Bluehub Loan Fund Inc. | $40,700,000 | 2% |
10 of 155 recipients listed here. See the rest on GovTribe.
Federal obligations by fiscal year
| Fiscal year | Federal obligations |
|---|---|
| FY2026 | -$1,365,405 |
| FY2025 | $492,770,000 |
| FY2024 | $321,235,225 |
| FY2022 | $336,421,250 |
| FY2021 | $174,763,752 |
| FY2020 | $129,633,872 |
| FY2019 | $142,916,610 |
| FY2018 | $119,543,656 |
| FY2017 | $92,222,163 |
| FY2011 | $80,000,000 |
Quick answers
What is Assistance Listing 21.011?
Assistance Listing 21.011 is Capital Magnet Fund, a federal grant program run by Community Development Financial Institutions Fund (Department of the Treasury).
What is the CFDA number for Capital Magnet Fund?
Its CFDA number is 21.011: Assistance Listing numbers were called CFDA numbers before 2018.
How much funding has Assistance Listing 21.011 awarded?
381 grant awards under 21.011 have obligated $1,888,141,123 in federal funds to 155 recipients.
Who receives the most funding from 21.011?
The recipients obligated the most under Capital Magnet Fund are Ohio Capital Finance Corporation ($56,400,000), Massachusetts Housing Finance Agency ($50,050,000) and Preservation Of Affordable Housing, Inc. ($49,300,000).
How much did 21.011 obligate in fiscal year 2025?
Grants under 21.011 obligated $492,770,000 in federal funds in fiscal year 2025.
Are there open grant opportunities under 21.011?
No opportunity listed under 21.011 is open now. The latest, Fiscal Year 2024 Capital Magnet Fund Program, was posted on February 13, 2024.
On GovTribe
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