Capital Magnet Fund
Program Funding
Annual program obligations reported to SAM.gov.
Program 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, rehabilitation, development or purchase of affordable housing as well as select related economic development and community facilities that serve residents of these communities.
Eligibility
Eligible Applicants
- For-Profit Organization
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.
How to Apply
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.
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.
Program details & compliance
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
Mission Categories
Primary: Economic Development
Other categories:
Construction, Renewal and Operations
Use of Funds
Allowed Uses
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.
Reporting & Compliance
Applicable 2 CFR 200 Subparts
- Subpart B — General Provisions
- Subpart C — Pre-Federal Award Requirements
- Subpart D — Post-Federal Award Requirements
- Subpart F — Audit Requirements